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Solana (SOL), the sixth-ranked cryptocurrency asset, has climbed by over 1.10% in price as a bullish indicator appeared on the daily chart. The chart indicates a golden cross formation as SOL’s price breached the $200 mark once again.
Solana ETF debuts despite government shutdown
Notably, the printing of a golden cross happens when a short-term moving average crosses above a long-term moving average. Solana’s 9-day and 26-day moving averages have crossed with broader market events, signaling a possible rally in the making.
The golden cross comes just as the crypto community anticipates the launch of a spot Solana exchange-traded fund (ETF). This could further serve to catalyze the price outlook for the altcoin.
As of press time, the Solana price was changing hands at $200.19, which represents a 0.21% increase in the last 24 hours. The coin had previously hit a peak of $203.83 amid a bullish surge triggered by the golden cross. Meanwhile, trading volume has slipped and is down by a significant 9.02% to $6.04 billion.
As per a post by renowned journalist Eleanor Terrett, the market is anticipating the launch of the Solana ETF on the New York Stock Exchange on Oct. 29, 2025. For clarity, Bitwise’s Solana Staking ETF (BSOL) will debut on the NYSE on Oct. 28, while Grayscale’s Solana Trust (GSOL) will convert into an ETF on the 29th.
These crypto products offer direct Solana exposure with staking rewards to users. With an expected yield of about 7%, it could increase SOL’s price outlook as adoption grows.
These developments have been welcomed by crypto investors, considering the U.S. government shutdown. Normally, ETF approvals require the approval of the U.S Securities and Exchange Commission (SEC).
However, Bitwise and Grayscale are leveraging a legal clause in their S-1 filing that states registration will be "automatically effective" after 20 days. This is regardless of SEC action and the ongoing government shutdown. This implies that the Solana ETF is set to go live even without the SEC actively approving it.
Experts tip Solana to dominate digital economy by 2030
Interestingly, within the last 48 hours, Solana joined Bitcoin and Ethereum to register increased trading volume. SOL recorded over 97% as buyers appeared to have control of the crypto space.
In the interim, the founder of SkyBridge Capital, Anthony Scaramucci, has made a bullish prediction about the future trajectory of the blockchain. Scaramucci believes that Solana could overtake Ethereum and dominate the digital economy by 2030.
He rests his projections on the utility of Solana in real-world asset tokenization, stablecoins and more. Additionally, major traditional financial institutions are looking to adopt Solana’s technology.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team