Solana (SOL) is facing negative sentiment due to its upcoming $3 billion token unlock, leading to a 1% decline in its price. The unlocks will be the largest supply injection since Solana's launch and could negatively impact the token's price if demand does not catch up. On the positive side, Franklin Templeton has filed for a Solana Trust in Delaware, indicating its interest in a Solana exchange-traded fund (ETF). The SEC has acknowledged filings for Solana spot ETFs by several firms, including 21Shares, Bitwise, Grayscale, and VanEck, setting a positive tone for a potential SOL ETF approval in the future. The increasing interest in a Solana ETF suggests rising interest from institutional investors. Bloomberg analysts predict a 70% chance of a Solana ETF approval in 2025. In terms of price action, SOL saw a rejection near the $206 resistance level but could rally 35% if it breaks above the upper boundary of a descending channel. However, a close below $163 could invalidate the bullish thesis and push SOL towards $115.



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