Can Solana price rally as SOL Strategies plans Nasdaq listing?
Solana price has remained under pressure this weekend as sentiment in the crypto industry remained muted. Still, the upcoming SOL Strategies listing and ETF approvals may trigger more gains, potentially to the all-time high.
- Solana price may benefit ahead of the SOL Strategies Nasdaq listing.
- SOL Strategies has become one of the top Solana accumulators.
- The SEC will likely approve SOL ETFs in October.
Solana (SOL) was trading at $200 today, Sep. 6, down by 7.6% from its highest point this month. This price is about 100% above the lowest point this year.
SOL Strategies Nasdaq listing and Solana ETF approvals
One of the top catalysts for Solana price is the upcoming listing of Sol Strategies on the Nasdaq, a move that will see it move from the over-the-counter market. It will start trading on Sep. 9 under the ticker symbol STKE.
SOL Strategies has become one of the biggest accumulators of SOL tokens. It holds 435,064 SOL tokens worth over $87 million. It has also announced plans to raise $500 million to accumulate these coins.
SOL Strategies will list at a time when treasury companies have fallen out of favor from investors. Strategy stock has dropped into a bear market, while Japan’s Metaplanet has lost over 50% of its value in the past few months.
The SOL Strategies listing could boost Solana by providing a platform to raise more funds for its accumulation.
The most important catalyst for Solana is the upcoming approval of several SOL ETFs by the SEC. It has set October 16 as the final deadline for the Bitwise and 21Shares SOL ETFs. Other ETFs by companies like Canary, Franklin Templeton, and Fidelity also come out in October.
Solana price is expected to soar ahead of the deadline, as most analysts anticipate the SEC, under Paul Atkins, will approve these funds, with Polymarket odds exceeding 80%.
Solana price technical analysis
The daily timeframe chart shows that the SOL price has rebounded in the past few months. It jumped from the April low of $95 to a high of $218.
The coin formed a golden cross pattern as the 50-day and 200-day moving averages crossed each other. It is now trading at the ultimate resistance of the Murrey Math Lines tool.
Therefore, the token will likely have a bullish breakout to the year-to-date high of $295, up by 47% from the current level.
