Solana Price Surges 7% in 24 Hours
The Solana price has surged by 7% in the past 24 hours, reaching $46.46 at 6:30 am EST. The cryptocurrency has seen a significant increase of almost 113% over the past month. This surge is attributed to bullish speculation surrounding the potential approval of spot Bitcoin ETFs. Bloomberg Intelligence ETF analyst James Seyffart suggested that there is an eight-day window for the US Securities and Exchange Commission (SEC) to approve a spot BTC ETF, beginning today.
Bitcoin Price Reaction and Solana Volatility
The news of potential approval for spot Bitcoin ETFs has sparked activity from traders, causing the Bitcoin price to surpass the $36,000 level and trade at $36,618. Despite this bullish news, a correction could still occur as Bitcoin tests a key barrier at $36,579 on the weekly timeframe. Meanwhile, two themes speculate expected volatility for Solana’s price in the coming days, with odds pointing to SOL’s upside potential.
Solana Price To Benefit From November Conferences and Events
Analysts anticipate volatility in Solana’s price due to the cryptocurrency’s historical reactivity to conferences and events. The recent Solana Breakpoint Conference in Amsterdam delivered a 20% gain for investors. Another anticipated bullish theme is related to the South Korean exchange, Upbit, which is expected to impact Solana’s price before or during its upcoming conference.
Solana Price Tests A Three-Day Supply Barrier
Solana’s price is currently trading with a bullish bias, recording a 106% rise since October 18. With strong momentum indicators, SOL gains could extend past the supply zone from $42.16 to $46.60. However, if rejected from this supply zone, SOL’s price could slide south before testing support levels at $40.00 and $35.00.
Promising Alternative To Solana
Investors are also looking at Bitcoin Minetrix (BTCMTX), which offers a cloud-mining ecosystem that simplifies BTC ownership. The token features among the top five crypto presales to buy and has the potential for a 10X return for early entrants.
Hot Take
As bullish sentiment surrounds speculation that spot Bitcoin ETFs will be approved soon, now might be an opportune time to invest in Solana or consider other promising alternatives like Bitcoin Minetrix.
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