The US SEC approved a 21Shares ETF filing for a spot Solana ETF. The asset manager will have custody over the ETF, which is registered on the Cboe BZX Exchange.
The decision sparked bullish sentiments in the market, with many traders anticipating a massive Solana rally that could potentially push the price to $300.
While the government shutdown greatly affected the pace of approvals for new ETFs, further progress could help push multiple coins into the green after weeks of subpar performance.
Meanwhile, presale projects are receiving increased attention as investors bet on massive gains. Even though there are many projects to choose from, DeepSnitch AI raised over $435K in record time, positioning it for a sizable pump upon launch.
In addition to the upside opportunity, the trading suite centered around five autonomous agents sparked talks that DeepSnitch AI could be the best crypto to buy now.
Is a new ETF wave coming?
A Form 8-A filed by 21Shares for the custody of a Solana spot ETF was approved by the U.S. SEC, with the ETF registered on the Cboe BZX Exchange. This filing represents the last step in the process, indicating that the asset gained regulatory approval.
Although the news sparked bullish sentiments, causing SOL to be one of the trending coins this week, the ChinaAMC SOL ETF in Hong Kong is technically the first ETF for the coin, having been approved on October 16.
Meanwhile, additional Solana ETFs may also launch in the coming months, with the ongoing government shutdown halting SEC reviews. Both Bitwise and Grayscale delayed amendments, which could mean that the applications will become effective after 20 days.
According to Nate Geraci, a noteworthy ETF analyst, he anticipates that ETFs that include staking could be approved by the end of October, including those filed by Fidelity, CoinShares, Grayscale, and Canary Capital.
Meanwhile, multiple ETFs for other cryptocurrencies are stuck in approval limbo as a result of the shutdown. Along with Solana, Dogecoin, and Litecoin, Dogecoin applications also await approvals.
Although the timeline for the end of the shutdown is unknown, the launch of new ETFs could spark bullish sentiment in the market, which is why traders eagerly await the SEC to take action.
Since the crypto sector lost some of its momentum in mid-October, with major coins suffering noticeable price corrections, investors are looking to enrich their portfolios with new crypto coins that could be more immune to erratic price swings.
Top cryptocurrencies to buy today
- DeepSnitch AI: A presale for 100x gains?
Despite the cautious market attitude, DeepSnitch AI raised over $435K in the second stage, which surprisingly started days after the crash on October 10.
Because investors continued aping into the project, many now believe DeepSnitch AI could be the next crypto to 100x, citing resilience as one of the contributing factors.
However, while a strong ROI is certainly helpful, DeepSnitch AI primarily stands out due to its utility, centered on a trading suite that uses five AI agents to generate actionable analytics from various areas of the market.
All the complex on-chain data will be available in the centralized dashboard, with the users having the ability to spot market shifts, track whale wallets, and discover new, high-potential coins.
Furthermore, DeepSnitch AI will also warn of insider trading, rug pulls, and FUD storms.
This is only a fraction of what the project aims to achieve, as the trading suite will effectively scan all on-chain and off-chain corners to accurately and preemptively provide you with data on the emotional sentiment of the market.
Since it primarily caters to traders, DeepSnitch AI extends beyond the usual reach of AI projects that are generally aimed at developers. As such, mainstream adoption is possible, which could pump the token by 100x after it lists on exchanges.
This means that a small $300 investment could yield $30K if the project succeeds. This is an incredible upside that is close to impossible to achieve with major coins in such a short time.
For example, getting the same results from SOL would either require you to pour in $15K and wait for SOL to double in price, or invest a smaller amount and hope that SOL reaches ETH-level prices.
The current DSNT price $0.01915 is set to increase as the demand grows, meaning that October is the best time to invest in DeepSnitch AI to ensure the maximum ROI.
- Solana: A clear $300 target in Q4
On October 17, Solana traded in the $180 area, according to CoinMarketCap.
Looking at the monthly charts, analysts identified that the crucial demand zone is $175, so closing above this area is bullish. Momentum indicators generally strengthen the momentum, with the RSI forming above the 30 bottom.
The MACD histogram also pointed to an increase in buying pressure.
Although it seems like a far-fetched target, $300 is reasonable considering the multitude of SOL ETF approvals. If bulls flip the resistance into support, the coin may eventually pump toward $500.
In the long term, Solana’s growing importance in the stablecoin market, corporate treasuries, and a surge in institutional demand could lead to Solana hitting $1K at some point in the future.
- XRP: Could $1 $1B acquisition help XRP pump to $3?
According to CoinMarketCap, XRP made a small recovery on October 17, settling in the $2.30 zone.
However, Ripple’s $1B acquisition of GTreasury exposed the company to a $120T treasury payments market, which may help XRP gain momentum.
Analysts say that XRP has been stuck in a 12-month ascending triangle. Fortunately, a double bottom formed on its $2.30 trendline, which may present a powerful reversal structure.
Breaking out above $3.40 and flipping the resistance into support opens up the possibility of a rally toward $3. Bears will likely push back around $2.70.
In the long term, if XRP closes above $3.40, it could eventually pump to as high as $8.
Final words: ETF-fueled rallies
ETF filing approvals are exactly what the markets need to wrestle out of a week-long deadlock. Once this happens, investments are likely to keep pouring in, and investors, big and small, will benefit from purchasing new tokens.
The best crypto to buy now, at least according to community members, is DeepSnitch AI.
A balanced combination of AI utility, affordability, and organic community-building helped the project raise over $435K, setting it up for a potential 100x when the token launches.
Get on board DeepSnitch AI before the price pumps.
