The first spot Solana exchange-traded fund is reportedly set to go live in Brazil soon. This update comes on the heels of approvals from the Brazilian Securities and Exchange Commission (CVM). The news has brought excitement within the crypto community, with the hope that it would propel SOL to an astronomical height. Brazil's first Solana ETF QR Asset Management will offer the first Solana ETF fund on its platform, with Vortx serving as the manager. QR Asset is among the leading asset managers in Brazil with assets under management (AUM) worth over R$876 million (about $155 million) and over 100,000 customers. The spot Solana ETF is expected to begin trading as soon as approval is obtained from the Brazilian stock exchange B3. The CME CF Solana Dollar Reference Rate index will drive the fund's pricing. Created by CF Benchmarks, this index will provide a credible valuation of Solana from compiled transaction data from top crypto exchanges. Overall, the approval of the Solana ETF solidifies Brazil’s position as a leader in the crypto ETF market. Brazil is among other countries pushing crypto advancements and the adoption of a clear regulatory framework in the ecosystem. Uncertainty in US Solana ETF launch While Brazil has gained regulatory approval for a spot Solana ETF launch, the U.S. still lags in this regard. Hopes for a spot Solana ETF launch in the U.S. remain uncertain due to regulatory obstacles. This fear comes despite applications for a Solana-based ETF from asset managers VanEck and 21Shares. Meanwhile, BlackRock, a major asset manager in the U.S., has dismissed the idea of floating a Solana-based ETF. The lack of interest from this major asset manager in the crypto space threatens the approval of a Solana ETF in the U.S. This is because BlackRock holds a huge amount of influence in the financial and crypto ecosystem.

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Given that open interest in SOL perpetual futures has returned to all-time highs in dollar terms, Solana is expected to see significant price action. This is important because significant price movements either upward or downward are frequently preceded by open interest reaching such high levels. The total number of outstanding derivatives contracts — such as futures — that have not yet been settled is known as open interest. A high open interest rate usually means that traders and investors are very interested in the asset. Peak levels in open interest indicate that many traders are holding positions that have the potential to increase volatility when they unwind. The recent increase in open interest, from Solana's perspective, is a definite indication that significant changes may be approaching. As traders rush to cover short positions or increase their long positions, accumulated open interest could drive a sizable price rally if SOL breaks through its resistance levels. In contrast, there may be a significant sell-off as leveraged positions are liquidated if SOL is unable to sustain its current levels. SOL has since retraced to about $170 after making an attempt to break through the $190 barrier. The fact that the cryptocurrency has recovered above important support levels indicates that bullish momentum may yet hold. Given that market conditions stay favorable, the 50, 100 and 200 EMAs are all aligned in a way that suggests a possible upward trend. In general, Solana's ecosystem looks pretty strong and may in fact be the go-to pick among cryptocurrency investors. Luckily, there is some traction on Solana on the market, which opens up a way for a potential price reversal.

Solana appears to be forming a bullish pattern as the market awaits upward movement. Renowned crypto analyst Jelle has highlighted a breakout scenario for the coin. He tweeted that Solana has broken out from the reaccumulation structure. The analyst further explained that the SOL price is now prepared to push higher. He predicted that once Solana starts this upward movement, it will then enter a mania-like phase, and the market will witness one of the biggest rallies. He also explained that the market will be scaling out aggressively once SOL breaks above its all-time highs (ATHs). Jelle concluded his tweet by predicting that the final target of Solana will be the $600 mark. This will indeed be a major milestone for Solana. How can Solana achieve this target? Based on rough estimates, the SOL price will have to rally above 200% from its current levels to claim the $600 price target. While it may seem a daunting task, historic patterns suggest that it can be achieved. For instance, the Solana price has rallied around 642.79% in the past year, according to CoinMarketCap data. Consequently, a 200% price rally does not seem a far-fetched idea, and it is likely to be achieved in the future. Meanwhile, Solana is currently trading at $182.04, after an increase of 0.83% in the last 24 hours. The price has rallied 29.16% to achieve the current levels over the last 30 days. These price movements suggest that SOL has remained in a bullish trend, and despite the ongoing volatility in the market, it has managed to sustain it. Since it has broken out from the reaccumulation phase, as revealed by Jelle, it is likely that Solana is heading toward higher levels. While Jelle’s Solana price prediction may sound outlandish, all these figures really support this narrative. It may take some time, but it is likely that the SOL price is now eyeing a new all-time high. Only time will reveal when and how it is going to happen.

Bears are coming back to the game, according to CoinMarketCap.Top coins by CoinMarketCap Solana is one of the biggest losers today, falling by 6.36%.Image by TradingView On the daily chart, the rate of SOL is falling after a false breakout of the resistance level of $188.89. If buyers cannot seize the initiative, one can expect a test of the $170-$175 range by the end of the week. SOL is trading at $181.15 at press time.