As the crypto market moves sideways, Solana (SOL) compresses between two key levels. Some analysts suggest that the cryptocurrency is about to break out and reclaim a crucial resistance level, which could trigger the long-awaited retest of the $200 barrier. Solana Holds Key Support After recovering from last month’s downtrend, Solana has been attempting to reclaim the crucial $160 level to continue its bullish rally. The cryptocurrency traded between the $140-$180 range for two months, but briefly lost its post-breakout range in late June. Two weeks ago, SOL fell below the $130 area, hitting a two-month low of $126 on June 22. Since then, the altcoin has recovered, fueled by last week’s launch of a Solana staked crypto Exchange-Traded Fund (ETF) in the US by Rex Shares. Following the news, Solana’s price jumped toward the $160 resistance level but was rejected, hovering between the $145-$155 price range for the past week. On Tuesday, SOL fell below the $150 level, hitting the $147 support before bouncing. Analyst Ali Martinez noted that the $147.59 area is one of the most important support levels for Solana, as losing this level could trigger a pullback to the next key zone around the $141 mark. Similarly, market watcher Man of Bitcoin affirmed that SOL’s key support to maintain is around $141.91, adding that “a sustained break below this level would suggest that wave-C of (ii) is already underway.” The analyst previously warned that there is a potential scenario “with one more low in wave-5,” if the cryptocurrency doesn’t hold about the $148 mark. However, maintaining this support would build a base to target the local highs. SOL About To Retest $160? Analyst Carl Runefelt from The Moon Show affirmed that SOL is “about to break off” a triangle formation and test the $162 resistance. As the price compresses between the upper and lower boundaries, the analyst suggested that the cryptocurrency’s breakout is around the corner. Notably, Solana has been forming a one-week symmetrical triangle pattern in the daily chart. If the cryptocurrency successfully breaks above the $152-$153 zone, it could see a 10.87% jump toward the technical target of $167. The Cryptonomist highlighted that SOL broke out of a multi-day diagonal resistance on Sunday, which was retested and confirmed as support after bouncing around the $147 twice since the breakout. The analyst considers that the cryptocurrency is preparing for a continuation of its rally, targeting the one-week high and resistance of $160. Meanwhile, Crypto Jelle noted that despite the April downside deviation, Solana continues to trade within its $125-$180 Macro Range, currently hovering around the mid-range. To him, “it looks like it’s just waiting for BTC to break out. Once it reclaims $160, $200 should come quickly. Above there, new all-time highs are within reach.” As of this writing, Solana is trading at $151.51, a 3.6% increase in the weekly timeframe.

REX-Osprey’s Solana ETF launched on July 2, with SOL now the third crypto asset to have a spot ETF in the US after Bitcoin and Ethereum. Bloomberg analysts Eric Balchunas and James Seyffart have now suggested that an XRP ETF could be the next to launch.  XRP ETF Next As Solana ETF Goes Live In an X post, Bloomberg analyst James Seyffart suggested that an XRP ETF may be next following the launch of a Solana ETF. This is based on Seyffart and his colleague Eric Balchunas’ prediction that the XRP fund has a 95% chance of approval this year. They had also predicted that a SOL ETF had a 95% chance of approval and that this fund has now launched.  Although not through the conventional structure, REX-Osprey launched the first Solana staking ETF on July 2. This is simply a spot SOL ETF, which will also provide staking rewards to investors. Additionally, the Grayscale Digital Large Cap Fund, which also had a 95% approval odds, has also been approved by the SEC, which puts the XRP ETF in pole position to be next.  Following the approval order for the conversion of Grayscale’s fund into an ETF, market expert Nate Geraci declared that a spot XRP ETF is up next for the SEC’s approval. He predicts that other altcoin ETFs for Cardano and Litecoin will also get the nod from the commission. However, based on Seyffart and Balchunas’ prediction, a Litecoin ETF is the only one that could come before an XRP ETF.  The approval odds for a Litecoin ETF also stand at 95%. Furthermore, the final SEC deadline for the LTC ETF is October 2, just days ahead of the XRP ETF’s final deadline, which is October 17.  Traders Expect XRP ETF Next Polymarket data shows that traders are expecting an XRP ETF before a Litecoin ETF or any other altcoin ETF. Data from the prediction market shows that there is an 87% chance that the XRP fund gets approved by December 31. On the other hand, there is an 86% chance the SEC will approve an LTC ETF by year-end.  Other altcoin ETFs have lower odds of approval by year-end. Seyyfart and Balchunas predicted that there is a 90% chance that Cardano, Dogecoin, Hedera, Avalanche, and Polkadot ETFs get approved this year. Polymarket traders say that there is an 83% and 76% that the Commission approves an ADA and DOGE ETF, respectively.  Meanwhile, Ripple’s decision to drop the cross-appeal against the SEC and potentially end the XRP lawsuit is another reason why experts like Geraci are confident that an XRP ETF will come soon.  At the time of writing, the XRP price is trading at around $2.26, up over 3% in the last 24 hours, according to data from CoinMarketCap.