- Solana (SOL) stands at $148.37 with a 3.2% weekly increment despite a flat broad market.
- The first US Solana ETF with staking debuts trading on July 2, in a signal of growing institutional demand.
- SOL has finished its 30-day downtrend; major resistance levels are at $167, $179, and $190.
Solana (SOL) remains steadily building a bullish trend even when the overall crypto market remains in a process of consolidation. SOL noted a decline of 1.78% in the previous 24 hours, yet in the previous week, it noted an upward spike of 3.2%, a sign of strength beneath the surface.
Presently, SOL is trading at $148.37, with support coming in the form of a huge 83.91% spike in daily volumes that now sit at $5.37 billion. Its market capitalization remains at $79.32 billion, securing it a place among top-performing crypto coins.
This gradual yet consistent uptrend has drawn attention among technical analysts as well as players in the market. More importantly, the price movement appears to conform to larger swings that can become catalysts for further increases.
Also Read: Solana Bullish Breakout: Will ETFs Push Prices Beyond $200?
Historic Solana ETF Launch Marks Major Milestone
One of the key triggers of this bullish sentiment is the imminent release of America’s first-ever Solana ETF that will mark its market debut on July 2.
Co-headed by Rex-Osprey, a joint venture of REX Shares and Osprey Funds, this ETF has been making waves not just for being the first product but also for offering staking services.
Unlike traditional crypto ETFs that offer only price exposure, this product will allow investors to enjoy passive returns through staking and combine a core blockchain element with a financial product.
Therefore, this can be termed a historic step in bridging traditional finance and decentralized technology. Besides this, Robinhood’s announcement to support staking of SOL has further fueled market euphoria and has made Solana even more attractive to retail and institutional investors.
Solana MACD Crossover Signals Bullish Momentum
In addition to strong fundamentals, technical indicators for Solana are also falling into line to support a possible breakout. As analyst Crypto Patel noted, SOL has now emerged from its 30-day downtrend in a move that has been underpinned by a bullish MACD crossover of an indicator that is most commonly used to identify trend reversals.
The candlestick chart shows that SOL has now been trading in the range of $140 and $150, with the point of $140 being a significant support area. On continuation of this support base, traders expect upward movement toward further resistance levels of $167, $179, and finally $190.
Secondly, a rise in trading volume of 14.30% also verifies this same bullish mood, with an indication that buying interest continues to regain dominance in the market.
Soon, Solana’s chart will look rosier. There are plans for an upcoming ETF offering with staking integration alongside growing institutional demand and positive technicals to herald a potential bull leg in the near term.
Also Read: REX-Osprey to Debut First Staked Solana ETF on Wednesday; SOL gains 5%
