Solana has remained flat in the past 24 hours, with its current price of $126 representing a 12% decline in the past week.
SOL is also down by 35% in the past month and by 27% in a year, with the alt suffering heavily in the wake of an 11 million token unlock and a downturn in the meme token market.
But while the current period may be a difficult one for Solana, the next few months may turn more positive, with the coin looking forward to the possibility of spot ETFs in the US.
Indeed, the arrival this Monday of SOL futures on the Chicago Mercantile Exchange raises the probability of SOL ETF approvals, something which will only boost Solana’s long-term price prediction.
Is a Solana ETF Coming Soon? CME Futures Signal Big Move for SOL
On February 28, CME Group announced that it would be launching SOL futures on March 17, with the group saying at the time that it aims to cater to the demand from institutional investors for regulated cryptocurrency derivatives.
The significance of this move is that the respective launches of BTC and ETH futures were precursors to the eventual approval of spot ETFs for both cryptocurrencies, with something similar potentially applying to Solana.
Indeed, speaking at the time, Bitwise President Teddy Fusaro said, “With the introduction of Bitcoin and Ether futures, CME Group paved the way for the broader institutionalization of crypto as an asset class and set the stage for more regulated financial products such as ETFs to enter the market.”
Solana has actually witnessed several spot ETF applications in the past few months, with the most recent being one from Franklin Templeton, which it filed on Wednesday.
As such, the prospects for a Solana ETF this year look pretty good, although you wouldn’t be able to tell this from its chart today.
Its indicators are all falling to new bottoms, although the implication of this is that a rebound should be on its way.
For instance, SOL’s relative strength index (purple) has begun rising again after touching 25 at the end of last month, while its 30-day average (orange) looks very close to bottoming out itself.
When it does so, we could see the Solana price recovering, potentially returning to $150 by the end of the month and to $200 by May.
Presale Coins Can Beat Bear Markets
As good as Solana looks, it may have to wait for a market uplift before it can recover fully, something which frustrate more impatient investors.
However, there are options even in bearish markets, with presales often providing a way of turning a fast profit.
This is particularly the case with the bigger and more popular sales, which can often generate enough momentum to rally upon listing.
One example with a very good chance of doing this is Solaxy (SOLX), a Solana-based token that has now raised in excess of $26 million.
Solaxy has proven wildly popular because it’s about to launch Solana’s first fully fledged layer-two network.
As such, it will provide Solana users with lower fees and faster transactions, while also facilitating instant bridging between itself and its parent chain.
What’s also interesting is that its team plans to expand its compatibility over time, meaning that it will link with other chains.
This could make demand for SOLX considerable, given that you will need the token to pay Solaxy’s fees.
It will also be open to staking, making it potentially very profitable for long-term holders.
While its sale doesn’t have long left to run, you can still join by visiting the Solaxy website.
SOLX currently costs $0.001662, although this price will rise later today and will continue to rise until the sale ends.
The post Is a Solana ETF Coming Soon? CME Futures Signal Big Move for SOL appeared first on Cryptonews.
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