The TradingView chart above also shows that the daily peak of the $151.02 recorded on Thursday is the highest SOL’s has traded in 10-days dating back to June 17.
More so, VanEck, as part of its application also made bold claims that Solana is not a commodity, contrary to SEC’s claims in a lawsuit filed against Binance and Coinbase in 2023. This has emerged another key factor that drove the Solana’s bullish price reaction on Thursday.
Sigel claimed that SOL should be considered a commodity due to its similarities with Bitcoin and Ethereum. However, the SEC classified SOL as a security in its charges against the crypto exchange Binance last year.
The debate over whether specific cryptocurrencies fall under the SEC’s jurisdiction as securities or the Commodity Futures Trading Commission’s (CFTC) jurisdiction as commodities continues.
“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Sigel stated on Thursday.
Solana Price Forecast: VanEck ETF Filing Could Propel SOL Price to $200
Solana price surged 8% on Thursday June 27, breaking above the $151 mark for the first time in 10 days. However, technical indicators suggest that more upside could follow and trigger a retest of the $200 territory in the days ahead.
Looking at the chart below, Solana has broken through several key resistance levels within the daily timeframe.
The Auto Fib Extension tool highlights a significant resistance zone around $158.39 and $161.66, which corresponds to the 38.2% and 50% Fibonacci retracement levels.
