Yesterday, Bitcoin, Ethereum, and other crypto assets skyrocketed, showing significant gains of 3% to 8% in a single day — something that had not been seen for quite a long time.

A sharp inflow into spot ETFs for Bitcoin and Ethereum and talks about upcoming approvals of new tools for other asset classes, such as Solana and Ripple, are creating additional noise and serve as a reason for opening long positions.

According to the data, total open interest in SOL futures on the CME exchange has grown tenfold in just two months. Clearly, issuers are preparing for possible approval of a spot SOL ETF as soon as next week. This unprecedented surge in interest indicates that major market players likely have information that is not yet available to the broader public. It is possible that there are active consultations with regulators happening behind the scenes, and the chances of success are significantly higher than previously expected.

It is worth noting that the approval of a SOL ETF would be an important milestone for the crypto market. Such approval would open the door to institutional investments in Solana, which could in turn lead to further price increases and expansion of its ecosystem. Furthermore, success with SOL could set a precedent for approving similar instruments for other promising blockchains, such as Avalanche, Cardano, and Polkadot.

After the Securities and Exchange Commission approved general listing standards for crypto ETPs and multiple revised Solana fund forms have been submitted, many expect a wave of new crypto ETFs is about to peak. According to market rumors, the real approval date for the Solana ETF could be as soon as next week.

It remains unclear whether issuers expect approved spot SOL ETFs to include staking. However, the last S-1 amendment package did address staking. The main stumbling block for an optimistic approval timeline is the possibility of a shutdown of the U.S. government.

Trading recommendations:

As for the technical picture on Bitcoin, buyers are currently targeting a return to the $119,300 level, which opens the way directly to $120,900 and from there, it is only a short distance to $123,000. The most distant target is the maximum in the $124,400 area. Breaking above this level would indicate further strengthening of the bull market. In the case of a decline in Bitcoin, buyers are expected at the $117,100 level. If the trading instrument falls below this zone, BTC could quickly move to the $115,100 area. The most distant target is the $113,000 area.

As for the technical picture on Ethereum, a solid consolidation above the $4,441 level opens a direct route to $4,533. The most distant target is the maximum in the $4,616 area. Surpassing this would mean further strengthening of the bull market and increased buyer interest. In case of a drop in Ethereum, buyers are expected at $4,331. If the trading instrument falls below this area, ETH could quickly move to the $4,235 region. The most distant target is the $4,132 area.

What is on the chart:

- Support and resistance levels highlighted in red, from which either a slowdown or active price growth is expected;

- 50-day moving average in green;

- 100-day moving average in blue;

- 200-day moving average in light green;

A crossover or price test of the moving averages usually either stops or triggers an impulse in the market.