XRP News Today: Solana Surges 2.5% on US ETF Approval Hopes

Solana (SOL) has experienced a 2.5% increase in the past week, driven by the approval of the REX-Osprey Solana exchange-traded fund (ETF), the first of its kind in the United States. This development has boosted investor confidence and triggered a surge in the price of multiple meme coins within its ecosystem. The leadership change within the Securities and Exchange Commission (SEC) has significantly raised the odds that more altcoin-linked ETFs will receive approval this year, contributing to a bullish Solana price prediction.

On Monday, the SEC reviewed and rejected an application from Fidelity Investments for a Solana ETF, requesting public commentary on certain characteristics of the vehicle’s design to prevent fraud and manipulation. Despite this temporary setback, the agency has a deadline until October 10 to make a financial decision. ETF experts believe that the SEC will approve the instrument after the prospectus is amended.

James Seyffart, a top ETF analyst, gives all Solana ETFs a 95% chance of approval this year. He also anticipates that other similar vehicles for tokens like XRP (XRP), Litecoin (LTC), Cardano (ADA), and even Dogecoin (DOGE) will receive the green light in October. According to the analyst's forecast, once all of Solana ETFs are listed, the token could receive a liquidity boost as institutional money flows into these instruments. Although this altcoin offers some promising upside potential, the best crypto presales like SUBBD (SUBBD) could deliver much higher gains to early buyers who take advantage of its discounted price.

Looking at the daily chart, Solana has broken its descending price channel but quickly rejected a move above its 200-day exponential moving average (EMA). The price seems to have entered a brief stage of consolidation as the 9-day and 21-day EMAs show signs of compression after this bullish move. Ideally, the price should rise above the $170 level to confirm a bullish outlook. If that happens, a plausible Solana price prediction would see the token rising to $190 in the near term ahead of the approval of these ETFs. Once all of Solana ETFs are listed, the token could receive a liquidity boost as institutional money will flow to these instruments. Maybe SOL will not get to $500 this year but $300 seems quite feasible.