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Solana experiences a brief surge following ETF filing news: CryptoPH Events Coverage Weekly Recap

Weekly Crypto News Recap: Solana ETF Filing, Maya Crypto App Issues, and More!

In the world of cryptocurrency, Solana (SOL) experienced a significant price surge of nearly 9% following the filing of ETFs by two firms, VanEck and 21Shares. This news has sparked excitement in the crypto community as it could potentially increase Solana’s investment appeal and liquidity.

The filing of ETFs for Solana is a significant development as it could pave the way for more mainstream adoption of the cryptocurrency. The ETFs will be listed on the Cboe BZX Exchange and will track Solana’s price by holding SOL tokens. However, it is predicted that the approval process for these ETFs could take some time, possibly until 2025, depending on regulatory factors.

Despite the price surge, analysts caution that Solana is still in a broader bearish correction and needs to break past key resistance levels to confirm a sustained uptrend. If Solana maintains its momentum, it could reach $160, but a failure to do so might see it drop back to around $135.

In other news, Maya Crypto App users have been facing issues with accessing their funds for over a week, causing frustration among customers. Additionally, the local crypto industry has seen developments such as ReQuest winning 2nd place at the Solana APAC Summit and Paytaca unveiling a new merchant partner in Cebu City for Bitcoin Cash payments.

Overall, the cryptocurrency market continues to see fluctuations, with Bitcoin up 4.2% and Solana experiencing a notable price increase due to the ETF filings. Stay tuned for more updates on the evolving crypto landscape.

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