The Solana cryptocurrency has been gaining traction, with its price remaining under a decisive level of resistance, driven by a recently introduced stock market fund that continues to attract investors and experience transaction growth accelerations.
Introduction to Solana’s Price Movement
Solana (SOL) is currently trading near $193, slightly below its recent high of $210, but still more than twice its 2024 low. This surge in price can be attributed to the growing demand for a new Solana ETF, which underlines the increasing investor appetite for the token. The 24-hour volume has risen to $3.6 billion, indicating a significant interest in the cryptocurrency.
Staked Sol ETF Inflows Increase
The recently launched Rex-Osprey Sol + Staking ETF, with the ticker symbol SSK, has seen a net inflow of over $25.8 million last week, compared to $3.5 million the previous week. This marks the seventh consecutive week of inflows, with a total of $164 million, bringing the ETF’s assets to over $183 million. This makes it one of the best-performing Altcoin ETFs.
The current SSK-TF inflows signal a strong demand from American investors, which could be a sign that these participants will be willing to invest in Spot Sol ETFs if the SEC approves them later. The SSK ETF differs from traditional ETFs, as investors can benefit from Solana’s price movement and staking. According to StaKingwards data, Solana’s staking yield has risen to 7.52%.
Solana’s Network Performance
Solana’s network is performing well, with the range of stablecoins increasing by 6.2% in the past 30 days to reach $11.6 billion. The adjusted transaction volume has also increased by 6% to $186 billion. Solana’s transactions have continued to grow, making it one of the most active chains in the crypto industry. The monthly transactions rose by 31% to 2.44 billion, while the number of active addresses increased to over 90 million.
Technical Analysis of Solana Price
The daily chart shows that the SOL price has been in a strong upward trend over the past few months, rising from a low of $95.42 in April to the current $193. Solana has formed an ascending channel and is slightly below its top, with a golden cross pattern formed when the 50-day and 200-day moving averages crossed each other.
Sol price diagram | Source: crypto.news
Given the technical analysis, the Solana price is likely to continue increasing, with an initial target of $210. A move above this level could indicate further gains, potentially reaching the all-time high of $295.
For more information on Solana’s price movement and the growing demand for its ETF, visit https://crypto.news/solana-price-targets-ath-sol-etf-winning-streak/
