Spot Bitcoin and Ethereum ETFs have played a crucial role in driving widespread adoption by providing a simple way for investors to gain exposure to the two largest cryptocurrencies without the complexities of managing a crypto wallet.

However, new reports suggest that Solana may not follow this path to accessibility due to regulatory obstacles.

Solana ETFs Set to Be Rejected?

Spot Solana ETFs are set to face disappointment, with the US Securities and Exchange Commission (SEC) notifying at least two of the five prospective issuers about the rejection of their 19b-4 filings.

FOX Business’s Eleanor Terrett confirmed that sources suggest the securities regulator is not inclined to approve any new cryptocurrency ETFs under the current administration. This approach aligns with the SEC’s handling of Bitcoin ETFs, where approvals were coordinated across multiple issuers, avoiding selective approval.

Earlier this year, in January, the SEC approved eleven spot Bitcoin ETFs, followed by a series of spot Ethereum ETFs in July. As such, a Solana ETF would further diversify the selection of crypto spot ETFs accessible to investors.

So far, multiple asset managers have sought to secure approval for Solana-based investment products, the most recent being Grayscale. According to a filing on Tuesday, the crypto asset manager is looking to convert its $120 million Grayscale Solana Trust (GSOL) into a spot ETF on NYSE Arca,

With this, Grayscale became the fifth asset manager to apply for a spot in Solana ETF this year. Other large asset managers, such as VanEck, 21Shares, Bitwise, and Canary Capital, have similarly applied, reflecting significant industry enthusiasm amid a market-wide resurgence, with SOL alone rising by over 200% this year.

However, concerns regarding SOL’s classification persist. The SEC rejected Cboe BZX’s proposals for two spot Solana ETFs in August this year, citing doubts over whether SOL qualifies as a security.

Atkins’ SEC Appointment Sparks Hope

The recent appointment of pro-crypto advocate Paul Atkins as SEC chair, however, has sparked renewed optimism for a more favorable regulatory environment for digital asset products, including Solana ETFs.

Nate Geraci, President of the ETF Store, echoed this sentiment in a tweet, stating that the SEC will not approve any ETF filings until Atkins officially takes charge as SEC Chair in January. As the current administration winds down, industry veterans anticipate that regulatory changes, including potential approvals for crypto ETFs, will only accelerate once new leadership takes the helm.

Ethereum has been exhibiting strong upward momentum, with a recent surge pushing the price toward the crucial $4K resistance region.

As it approaches this major resistance, there is potential for further gains, although short-term corrective consolidations are likely due to the overbought conditions.

Technical Analysis

By Shayan

The Daily Chart

After successfully reclaiming the $3.5K resistance level, Ethereum has continued its bullish trend, reaching the significant $4K resistance region. This price range coincides with ETH’s yearly high and is crucial as it has acted as strong resistance in previous attempts. This price range likely contains substantial selling pressure, which may prevent the asset from pushing higher in the short term.

However, a break above this level would indicate the continuation of the bullish trend and potentially lead to a new all-time high. Considering the market’s overbought state and the strong impulsive move, a consolidation period within the $3.5K-$4K range is expected before any further upward movement. The RSI indicator also confirms this scenario, as the overbought conditions highlight a potential consolidation or corrective stage soon.

The 4-Hour Chart

On the 4-hour chart, ETH’s price is still making higher highs and higher lows, confirming the prevailing bullish trend. However, the RSI is showing a bearish divergence, signaling a loss of bullish momentum. This could lead to a short-term pullback or consolidation, especially near the $4K resistance region.

As Ethereum tests the $4K resistance, the possibility of a temporary rejection becomes high. A retest of the $3.5K support level, where buying pressure has been strong in the past, is likely. If ETH finds support at this level, it could lead to another attempt at breaking the $4K resistance.

Onchain Analysis

By Shayan

Examining Ethereum’s futures market metrics provides valuable insight into market sentiment, complementing price analysis. One key metric to focus on is the Taker Buy Sell Ratio, which reveals the aggressiveness of buyers versus sellers in executing their orders.

As shown in the chart, as Ethereum’s price approaches the significant $4K resistance level, a notable increase in market sell orders is observed. This surge in sell orders has driven the Taker Buy Sell Ratio to its lowest point in several months.

This shift suggests that future market participants may lock in profits or prepare for a potential price correction. The drop in the Taker Buy Sell Ratio implies a possible slowdown in upward price movement as more market participants take a risk-off approach. This aligns with anticipating a price pullback or a correction phase, making it crucial for traders to monitor the futures market for further developments.

Sui and Fantom are soaring right now.

These cryptos are suddenly hot again, and some are pointing to renewed interest in the altcoin market as the reason.

Bitcoin whales are also getting in on the action, which could set the stage for big price swings in the year’s final weeks.

In the middle of all this, the new Best Wallet token has hit $2.5 million in presale – positioning itself as a high-potential play for 2025.

Sui and Fantom Explode – What’s Behind the Altcoin Surge?

SUI and FTM have been on fire in the past 24 hours.

They’ve been making serious gains, helping the broader crypto market flip green again.

SUI is now at $4.12, an 11% jump from Thursday morning.

The token was even up by 21% earlier today before pulling back slightly.

Since yesterday, tons of traders have been seeking exposure, pushing its spot trading volumes over $4 billion.

SUI’s market cap has also broken $12 billion.

Fantom is doing well too, now hovering around the $1.29 level.

That’s a 9% increase from Thursday, and almost $1 billion worth of FTM has been traded in the last 24 hours alone.

Nobody’s really sure why SUI and FTM are doing so well, given neither token has had any major news or announcements.

Their surges may simply be down to positive market sentiment.

Bitcoin Whale Buying Helps Fuel Altcoin Rally

Things in the altcoin market seem to heat up whenever large Bitcoin whales begin to make moves.

And there’s some serious BTC buying going on right now.

BlackRock’s Bitcoin Trust now holds $46.9 billion in Bitcoin, adding another 7,750 BTC earlier this week.

But they’re not alone since Marathon Digital Holdings also added to their BTC stash.

On-chain data shows that Marathon Digital(@MARAHoldings) acquired another 1,423 $BTC($139.5M) in the past 6 hours!

This comes after #MARA announced yesterday the closing of its second $850M convertible note offering, primarily aimed at purchasing #Bitcoin and partially… pic.twitter.com/t2sjjzhDNW

— Lookonchain (@lookonchain) December 6, 2024

One anonymous whale even scooped up 600 BTC (worth around $58 million) when the coin’s price dipped yesterday.

All of this Bitcoin buying is likely contributing to the positive market sentiment, especially for altcoins like Sui and Fantom.

It makes sense, though.

When big players start buying Bitcoin, it usually means they’re bullish on the entire crypto market, making others more comfortable investing in altcoins.

If the whales keep loading up on BTC, Sui and Fantom could keep benefiting from the bullish conditions.

Best Wallet Token Presale Takes Off & Hits $2.5M – What is Its Outlook for 2025?

All of this excitement around altcoins has people looking for the next big thing, and many eyes are on Best Wallet and its native BEST token.

The project’s presale is gaining traction, having now raised over $2.5 million – with hundreds of thousands rolling in each day.

Early investors can still grab BEST tokens for just $0.022975, which a lot of people think is a steal.

Even big names like Austin Hilton are urging their followers to get involved.

I am blown away by what @BestWalletHQ has built for us #crypto holders!

BEST WALLET – Presale https://t.co/HF2MURQ2mP pic.twitter.com/g5fsAguceN

— Austin Hilton (@austinahilton) November 30, 2024

So, why all the excitement around Best Wallet?

The main reason is that it takes a different approach from the established wallet apps like MetaMask.

Best Wallet works with over 60 blockchains, has its own built-in DEX, and even a custom staking app for the BEST token.

This staking app currently offers annual yields of 1,265%.

And if that wasn’t enough, the team has made Best Wallet extremely easy to use, regardless of whether you’re a crypto veteran or just starting out.

Looking ahead, Best Wallet’s team has big plans, like adding an NFT gallery and launching a crypto debit card.

The project’s whitepaper even mentions providing derivatives trading options.

So, as more people look for easy ways to manage their crypto, Best Wallet could be well-positioned to meet some of this demand.

That’s why the BEST token might be one to watch for 2025.

Visit Best Wallet Token Presale

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