Solana’s price has regained its upward momentum, crossing the crucial $220 threshold and reaching an intra-day high of $226.7, amidst growing investor optimism. At the time of writing, SOL is trading at $225.39, marking a 7.62% increase over the past week and a 6.86% surge in the last 24 hours.
Resurgence of Solana’s Price
The daily chart reflects a strong bullish conviction, with a robust candle closing above the previous resistance level, accompanied by a significant increase in trading volume. This upward trend is further reinforced by the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators, which signal a bullish dynamic with room to run before reaching overbought levels.
Solana price diagram | Source: crypto.news
ETF Optimism Drives Market Dynamics
The ongoing price rally of Solana (SOL) is taking place amidst growing optimism surrounding the introduction of a Solana Exchange-Traded Fund (ETF). Bloomberg ETF analyst Eric Balchunas recently increased the likelihood of a Solana ETF to 100%, citing new generic listing standards adopted by the US Securities and Exchange Commission. These optimized regulations have eliminated many of the traditional obstacles that delayed ETF registrations.
Eight asset managers, including Franklin Templeton, VanEck, and 21Shares, have submitted SOL ETF applications, with several issuers already submitting revised applications in accordance with the new SEC guidelines. The first decision date is set for October 10 for Grayscale’s SOL ETF, while most others are scheduled for October 16. If approved, the listing of new capital and the Solana price could reach new heights.
Technical Analysis and Future Prospects
To sustain the rally, buyers must overcome the immediate resistance at $230, the upper limit of the latest trading range in Solana. A successful breakout could lead to an ascent to the $240-$245 region, which is aligned with the top level of September. On the other hand, the $220 zone now acts as the first support line, with stronger demand expected near $210 if profit-taking increases.
While the dynamics are clearly building up, a significant part of the rally depends on Sol ETF approval and continued market interest. As the cryptocurrency market continues to evolve, investors are eagerly awaiting the outcome of the ETF decisions, which could have a significant impact on the price of Solana and other digital assets.
For more information on the Solana price and ETF developments, please visit https://crypto.news/solana-price-breaks-220-amid-etf-buzz-can-the-rally-hold/
