Analysts Call Solana Price Reversal: SOL USD Shoots High For $160

Thai authorities have ordered the digital identity project World, backed by Sam Altman, to cease operations in the country and delete all user identification data collected from residents, as announced by the Ministry of Digital Economy and Society.

The Dogecoin ETF has had a disappointing launch, failing to meet market expectations and underperforming compared to the XRP and Solana ETFs, which have seen significant inflows. The Dogecoin ETF only managed to generate $1.41 million in trading volume on its debut day, raising concerns about its attractiveness to investors.

Crypto exchange-traded funds (ETFs) have seen a significant rebound with combined inflows of $260 million, indicating a renewed interest among investors in cryptocurrency products. This resurgence follows a period of substantial outflows, particularly for Bitcoin and Ether ETFs, which faced billions in redemptions.

Grayscale has filed a proposal with the US Securities and Exchange Commission to convert its Zcash Trust into the first Zcash exchange-traded fund (ETF), potentially bringing the privacy-focused cryptocurrency into mainstream financial markets. This filing follows a significant rally in Zcash's price, which has surged over 1,000% recently.

Institutional investors have recently shifted their focus from Bitcoin, Ethereum, and Solana to XRP, resulting in significant outflows from the former and inflows into the latter. A CoinShares report highlighted that Bitcoin, Ethereum, and Solana experienced outflows totaling $1.27 billion, $589 million, and $156 million respectively, while XRP saw a notable increase in investments.

Upexi has successfully raised $23 million to expand its treasury holdings in Solana (SOL), aiming to acquire additional SOL tokens and enhance its digital asset portfolio. This strategic move reflects Upexi's commitment to strengthening its position in the cryptocurrency market.

CME Group has announced that spot-quoted futures for XRP and Solana will launch on December 15, pending regulatory approval. This development signals a significant step towards integrating these cryptocurrencies into mainstream financial products, potentially attracting institutional investors.

Solana's price has plummeted over 56% from its all-time high of $294 in January, currently facing significant resistance that prevents recovery attempts. The cryptocurrency's recent performance reflects a broader downturn in the market, with fears of a potential crash to $100 as selling pressure continues.