Solana ETF Approval Sparks Crypto Market Uncertainty Amid Geopolitical Shifts

The digital currency landscape has been stirred by recent developments, with the approval of the Solana ETF by the issuer company. The SEC is reportedly preparing for moves that could significantly alter the crypto landscape, causing mixed reactions among market participants. This news comes amidst a backdrop of geopolitical shifts, with Canada backtracking on its digital tax following statements by Donald Trump, while the UK maintains its stance. These rapid changes have left analysts anticipating significant upcoming events in the digital markets.

A critical juncture concerning tariffs is approaching. An EU official is set to visit the USA for discussions, after which the European Union is expected to take a definitive position. Despite having a retaliation strategy, Trump’s refusal to back down is evident. Both sides must find common ground to avoid economic harm to their respective nations.

Currently, the ETH price remains below $2,500, and the weakness in altcoins has yet to reverse. The decision-making phase is crucial as negative on-chain signals escalate fears. Kyle highlighted unusual Binance entries, suggesting an imminent significant event. “Something is definitely happening on the Ethereum front. Ether inflows into Binance have been increasing for five consecutive days – like giant warning flares. There is a sense of a major move in preparation. Or perhaps it’s just hidden exit liquidity. It’s hard to say just yet, but I’m keeping a close watch.”

Roman Trading, who correctly predicted the June downturn, indicated that the primary movement might begin following a test of the $100,000 zone. Various analysts today also shared forecasts of a drop to $100,000, provided there is no closure above $109,000. An analyst pointed out that due to the 4th of July, this is a holiday week in the USA, and he does not anticipate major movements. He expects support to be tested before any decisive action, save for potential fake downward or upward moves.

Concerning altcoins, HYPE Coin stands out. During bullish periods, it experienced rapid rallies, and if the crypto market sees an uptrend again, HYPE could be among the favorable choices. Altcoin Sherpa favors it as one of the best projects in the sector, and he emphasizes the significance of the $37,169 support, indicating potential short-term reaching of $45.