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Analyst Ali Martinez has identified a bullish cup and handle pattern in Solana's chart, suggesting a potential price surge to $4,000, requiring a 1,734% increase from its current price of $218. Despite recent fluctuations, Solana has established support at $204 and surpassed resistance levels at $210 and $212. The Bitwise investment team anticipates significant growth for Solana by 2025, projecting a price target of $750 as more projects adopt the network. On-chain data indicates a recovery in staking activity, with over 400 million tokens staked, reflecting strong network confidence.
David Sacks, a venture capitalist and former PayPal executive, has been appointed by President Trump as the White House AI & Crypto Czar, a role aimed at positioning the U.S. as a leader in these fields. His appointment is celebrated in the crypto industry, which hopes for clearer regulations and a more favorable environment after years of regulatory challenges. Sacks will lead a council to develop policies and legal frameworks for crypto businesses, working closely with the SEC and CFTC.
The SEC plans to reject applications for spot Solana ETFs and pause new crypto ETF approvals, impacting several asset managers, including Grayscale Investments, which recently filed to convert its Solana Trust into a spot ETF. The agency's restrictive stance under Chair Gary Gensler has raised concerns about the classification of Solana and other cryptocurrencies as securities. With Gensler's departure imminent, there is speculation that a new SEC chair could change the outlook for Solana and XRP ETFs.
Bitcoin approached the $100,000 mark this week, trading around $95,600 after a brief dip to $90,702.27, as investors took profits amid concerns that the psychological barrier may hinder further gains. Analysts suggest that the recent surge could mislead investors, with some viewing it as a return play rather than a reflection of intrinsic value. Meanwhile, the U.S. is considering looser chip export restrictions, and China is tightening tungsten exports, impacting global markets.
Goldman Sachs has disclosed $718 million in Bitcoin ETF holdings, marking a significant shift from its previous skepticism towards digital assets. The largest investment is in BlackRock’s iShares Bitcoin Trust ETF, totaling approximately $461 million, with a 71% increase in holdings since last quarter. This change reflects a reevaluation of the bank's strategy amid growing institutional interest in Bitcoin.
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