Solana Price Holds Steady at $145 Following ETF Approval, Indicating Potential Bottom Formation
With strong resistance at the $145 level, Solana price maintains its support despite increased volatility following its ETF approval. This opens up the possibility of bottom formation. The $145 level has been defended for over a week, indicating strong buyer demand. Solana’s ETF recorded inflows of $9.7 million, investing on seven consecutive days of investment, which could trigger a rally towards $200.
Key Technical Points and Market Analysis
Solana (SOL) price action has been consolidating around the $145 level for over a week, with this level acting as a support zone on the high time frame. This region coincides with a previous capitulation low that has now become a demand area. The continued defense of this level suggests growing buyer confidence, especially after the recent approval of the Solana ETF, which saw strong investor inflows.
The critical support at $145 serves as high time frame support, which has been defended repeatedly since the recent selloff. ETF inflows of $9.7 million were recorded, marking seven consecutive days of demand. Multiple retests of support and increasing ETF interest suggest a bottom structure is forming.
SOLUSDT (6H) chart, source: TradingView
Technical Indicators and Price Structure
From a technical perspective, Solana’s price structure exhibits characteristics of accumulation. After the capitulation that drove prices towards the $145 mark, there were multiple rejections of lower prices – each followed by strong buybacks of the wicks. This behavior typically indicates demand absorption, a sign that sellers may be exhausted. The 0.618 Fibonacci retracement aligns closely with current support and creates a technical confluence that strengthens this area as a possible reversal point.
Additionally, several candles have closed above this area, reinforcing the possibility that buyers are gradually regaining control. The immediate resistance to watch remains at $180-$200, where the high of the value range and the 50-day moving average intersect. A decisive recovery from this range, supported by sustained volume, could trigger a momentum-driven rally targeting higher resistance levels near $220.
ETF Approval and Institutional Interest
Solana spot ETFs saw $9.7 million in inflows yesterday, with BSOL adding $7.5 million and GSOL adding $2.2 million. That’s about seven consecutive days of inflows. Solana’s ETF approval has added fundamental strength to the bullish outlook. Data shows that Solana ETFs have recently attracted over $9.7 million in net inflows, marking seven consecutive days of investor participation. This continuous inflow reinforces institutional interest and increases the credibility of the current price defense.
The consistency of these inflows highlights investors’ growing confidence in Solana’s long-term viability as a blockchain ecosystem. If these inflows continue alongside improving technical structure, Solana could position itself as one of the leading assets in the next bullish cycle.
Upcoming Price Development and Outlook
If Solana maintains its support at $145 and continues to attract ETF inflows, a short-term reversal rally towards $180-200 could develop. However, a loss of this support would invalidate the bullish scenario and expose $120 as the next key downside target. For the latest updates and analysis on Solana and other cryptocurrencies, visit https://crypto.news/solana-price-defends-145-level-following-etf-approval/
