Brazil Approves First Solana-Based ETF Amid Growing Crypto Adoption
- The Brazilian Securities and Exchange Commission (CVM) has approved the first Solana-based ETF in Brazil.
- Solana’s price, currently trading at $155.40, could see a bullish rally if it breaks the $195 to $210 range.
The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF), marking the first of its kind in Brazil and one of the first globally. The ETF, managed by QR Asset and overseen by Vortx, is still in the pre-operational stage and awaits approval from the Brazilian stock exchange, B3.
This product will follow the CME CF Solana Dollar Reference Rate. Moreover, it was produced by CF Benchmarks with the support of the Chicago Mercantile Exchange (CME). The move highlights Brazil’s growing role in regulated crypto investments, with previous listings of Bitcoin and Ethereum ETFs on B3.
Furthermore, with the launch of Solana ETFs, it is now easier for seasoned investors to explore SOL in a trusted manner.
Amidst the growing interest in ETFs, Franklin Templeton has emphasised SOL’s notable progress and increasing acceptance, positioning it alongside Bitcoin and Ethereum. In a recent post on digital assets, Franklin Templeton highlighted that, in addition to Bitcoin and Ethereum, other significant developments are driving the crypto space.
It underscored Solana’s substantial adoption and ongoing advancement, overcoming technological challenges and demonstrating the potential of high-throughput, unified architectures.
This positive outlook has sparked investor interest in Solana ETFs, which could boost SOL’s price momentum if they become a reality.
Will Solana Price Break Above $200 Amidst ETF Craze?
Solana’s price touched a high of $209.90 in March 2024 and from then it was trading in a price range of $190 to $121.
SOL price touched a high of $209.90 in March 2024 and from then it was trading in a price range of $190 to $121. Recently SOL retested a level of $122.00 and bounced back strongly from there breaking above the 200 SMA curve and showcasing bullishness.
Furthermore, according to Tradingview’s technical summary out of 26 indicators, 9 are on the selling side, 9 are on the neutral side and 8 are on the buying side showcasing a neutral outlook.
At the time of writing, Solana was trading at $155.40 with an intraday drawdown of 4.79% showcasing a bearish session. Currently, it has a market cap of 72.35 Billion with a 24-hour trading volume of 4.63 Billion.
If Solana’s price breaks the range of $195 to $210 in future sessions it could start a new bullish rally.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
