There are currently high bets on PolyMarket, showing a great deal of investor interest in a Solana ETF by 2024's end.
Despite bettors staking $200,000, they only see a 7% chance of a Solana ETF approval
Solana's price has been down recently, but technical analysis shows an incoming bounce back from current support levels.
Chart indicators also indicate that we might be seeing a possible breakout for Solana above $170.
Speculation around ETFs has been all the rage this year, especially since the launch of the 11 spot Bitcoin ETFs in January.
With the Ethereum S-1 approvals underway, investors are now turning their sights towards a possible Solana ETF.
So much so, that on PolyMarket, bettors are starting to place stakes on the chances of seeing a Solana ETF before the end of 2024.
Will we see anything of the sort, or will hundreds of thousands of betting dollars go down the drain?
According to data from PolyMarket, bettors have wagered an impressive $200,000 in bets so far, on the outcome of a Solana ETF this year.
PolyMarket Solana ETF bets
This trend in Solana bets comes right after remarks from the current SEC Chair, Gary Gensler about the Ethereum ETFs gaining possible approval before the end of the summer.
This seeming openness to the ETF market by the SEC and its chairperson has now opened the doors of possibility for other cryptocurrencies, with investors starting to speculate on Solana, XRP, Polkadot and even Cardano ETFs.
However, while the $200,000 in bets are impressive, investors only see a 7% chance of a Solana ETF happening.
However, the landscape might be set for changing, considering Republican presidential candidate Donald Trump’s advocacy for crypto.
Over the last few months, the presidential candidate has made increasingly pro-crypto statements, in contrast to Biden and the Democrats’ push for tighter regulation.
According to data from Coingecko, Solana is no better than the rest of the market in terms of price action.
Solana’s price action
The cryptocurrency is down by around 3% over the last day and by 11.5% over the last week.
According to insights from analyst, Mister Crypto, Solana is “Currently sitting on a major level of support” and should be ready to bounce soon.
The analyst attached a snapshot of Solana’s price action, showing a symmetric triangle, as well as a possible break above $170.
In sum, the charts show us that Solana is testing the base of this symmetric triangle around $139, and should be in for a rebound from here, anytime soon.
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