- Solana breaks its 30-day downtrend, targeting key resistance levels for potential further growth.
- A break above $159-$167 resistance could push Solana’s price towards $180-$200 in the coming days.
- The approval of Solana’s Spot ETFs raises concerns over demand, similar to Ethereum’s slow ETF uptake.
Solana (SOL) has rebounded impressively in the last week, which may indicate the possibility of a greater rise. The cryptocurrency did break a 30-day downtrend, but remains difficult to change the low-timeframe trend into a bullish one. Market analysts are keenly watching major resistance points that will determine the direction of Solana.
Daan Crypto Trades highlighted that Solana is approaching the critical price range. The 200-Day Moving average (200MA/EMA) price, located in the $159 to $167 market area, is another crucial resistance level. A long-term rally beyond this level may create an atmosphere to drive higher. In case of a break, traders are aiming at the next stage of growth at a price of between $180 and $200.
Source: X
Solana’s Bullish Trend Breakout
The Spot ETFs developed by Solana are nearing approval, and they are likely to be launched soon. There is uncertainty about the demand that these ETFs will create. The launch of Ethereum’s own Spot ETF also experienced weak inflow momentum, with substantial demand not showing up until almost a year later. This poses concerns over the rate at which ETFs will follow in SOL.
Crypto Patel revealed that Solana could be on the verge of a major rally. The cryptocurrency has successfully fallen out of its downtrend, and the bullish MACD crossing shows a change in trend. The next areas of resistance that SOL can face are at $167, $179, and $190. Nonetheless, it would continue being bullish when the price maintains a higher position compared to that of $140, since a decline would indicate a change in trend.
Source: X
Also Read: Solana (SOL) Eyes $327 as Analyst Predicts Major Breakout
Bullish sentiments about SOL are also created with weekly statistics. Jip Molenaar highlighted that a positive situation of weekly statistics is usually suitable to buy, but mid-week pullbacks often allow going long. This is a strategy that has already served traders successfully and is closely monitored.
Source: X
Solana’s ETF Launch Impact
As the SOL spot ETFs are about to be launched and the coin has been on an upward trend lately, traders are becoming less cautious. The future trend looks promising, but the question is whether SOL will continue advancing and breaching resistance levels. When it does so, the cryptocurrency can be poised to grow even more.
SOL is shaking up the market because it is bouncing back up after its slide. The potential release of ETF and the bullish price dynamics of the cryptocurrency give hope to traders, as it can lead to a long-lasting rally. These coming weeks will, however, be critical in establishing whether SOL will be able to surpass major resistance levels and consolidate its growth trend.
Also Read: Solana Breaks Out of Bullish Pattern, Eyes $174 Price Target
