Solana ETF approval could lead to another upswing: ”Recent sell-off was an overreaction”

Recently, Solana (SOL), a cryptocurrency that had been bearish for a long time, recovered the $142 line for the first time in two weeks. The risk of a recession has decreased and the cryptocurrency market has turned upward overall.
In addition, the growing possibility of Solana's exchange-traded fund (ETF) being approved is also believed to have had an impact. However, despite the recent rally, Solana is still at an all-time high.
It is trading at a whopping 52% below $295, a steep decline compared to other major crypto assets, with XRP trading 28% below its all-time high and BNB trading 20% below.
This has led to market analysis that Solana's recent decline has been too large. Cointelegraph wrote, "The recent sell-off in Solana raises the question of whether investors are overreacting."
"Solana is the second largest blockchain in terms of total deposited assets (TVL) size," it said.