Brazilian Approval of Solana ETF

The Brazilian Securities and Exchange Commission (CVM) approved the launch of the first spot Solana ETF. The country's CVM gave a go-ahead signal to investment firm QR, which Vortx will manage. The approval of the spot Solana ETF in Brazil could trigger a similar move in the United States.

Moreover, the US SEC has toned down on its crypto crackdown amid significant court losses. Additionally, VanEck and other investment firms have filed with the US SEC to issue a spot Solana ETF, which experts believe could be approved early next year.

Approving a spot Solana ETF in Brazil could trigger a similar move in the United States.

Following a rebound in the past few days, Solana's SOL price against Ethereum is at a new all-time high.

Solana's Price Surge

Amid the ongoing crypto rebound in the past 24 hours fueled by the final ruling of the SEC vs Ripple lawsuit, Solana's (SOL) price rallied nearly 7 percent to trade at about $155 on Thursday during the early Asian session.

The large-cap altcoin, with a fully diluted valuation of about $90 billion and a daily average traded volume of around $6.9 billion, has significantly rebounded from the recent crypto crash.

The Solana price has been attempting to regain the 50- and 200-day Moving Averages (MAs) as crucial support levels to guarantee further bullish momentum.

Furthermore, the Solana token has established a solid support level of around $120, which has remained stable even after the recent crypto crash.

The Solana network has continued to draw more retail and institutional investors worldwide, overtaking the Binance coin (BNB) to rank fourth by market cap, preceded only by USDT, ETH, and BTC.

Crucial Support Levels

However, a consistent close below $137 could further erode the bullish momentum and trigger heightened selling pressure. This makes the $137 mark crucial to watch for investors and traders closely tracking Solana's performance.

Solana's ongoing rally and developments like the ETF approval in Brazil demonstrate the growing confidence and interest in this altcoin. As market dynamics continue to evolve, Solana remains a significant player in cryptocurrency.