Key Takeaways
- Solana’s price remains bullish, trading above $200, as crypto analysts speculate it could hit $380 to $500.
- Solana’s price trading above its 50-day and 200-day EMAs is good for bulls as the price could look to build on momentum to the upside.
- Solana’s ETF approval means the price could get more of a boost to rally to the upside and gain much adoption in the US.
CBOE BZX exchange has filed for Solana ETF application for Bitwise, VanEck, and 21Shares, which failed in 2024 despite the serious push for Solana ETF approval. This is coming as a boost and good news for Solana, revving the initiative for US SEC approval and adoption by traditional financial markets, making Solana spot exchange-traded funds available to US investors.
This renewal application, if approved by the US SEC, would make Solana available as exchange funds in the US, which could boost its price in the long term, following in Bitcoin’s footsteps.
This news is a welcome one for the Solana ecosystem, especially now with market uncertainty. The price of Solana has struggled to find its uptrend after falling from its high of $295, creating a new all-time high.
The price of Bitcoin looked promising after a hawkish FOMC (Federal Open Market Committee) and US Federal Reserve Interest rate meeting. The financial market, including Bitcoin, reacted favorably to the upside, rallying towards $105,000, as the market, including Solana, saw some price bounce.
Solana Market Sentiment
Solana’s market trend on a higher timeframe remains bullish despite market uncertainty forcing the price of Solana to trade towards its key support region of $200 as crypto analyst MartyParty has speculated the price of Solana could be on the verge of breakout above its previous high, which could see the price of Solana rally to $380.
The current price action for Solana suggests that its price could still remain bullish. However, it is facing a decline towards $180 as this region has many whale orders pending. If the price of Solana drops towards $180, we could see whales buying it up, followed by a price rally to a high of $350 and possibly $500.
Technical Analysis For Solana Price
Source – SOL 1D Price Action From TradingView
The price of Solana has shown incredible strength, holding off sell orders as it continues to trade above its 50-day and 200-day Exponential Moving Averages (EMAs), which act as support for the price as it trades above $220.
There is a high possibility of Solana’s price trading back into a region of $180 after forming a sweep of liquidity on the daily timeframe, as the price would fill pending orders before subsequent price rallies to its upside of $300 and higher.
Overall, the market tends to favor Solana if its price fails to trade below $150. If it breaks below this region, we could see bears dominate the price of Solana and push it to lower regions of $100.
