CashNews.co
The market has received news of the possible Solana ETF very optimistically, placing SOL at the top of long-term investments. Currently, the price of SOL has retreated from $263 in November 2024 to $224, but the current technical setup presents the best opportunity for a rebound.
While SOL’s 50-day moving average was above the 200-day moving average, the trend for the cryptocurrency pair remained upwards. The RSI has settled at 52, indicating balanced momentum, which leaves room for increases without entering overbought territory.
Although trading volumes are off from the previous month, institutional interest remains high on speculation over the ETF. Key support is seen around $215, while resistance sits around $240. Breaking above the resistance could pave the way for a retest of $263 and beyond. The MACD is in a good position for a bullish crossover, further giving confidence for any upside potential.
With Solana stepping into real-word application, the potential Solana ETF approval in early 2025 might be a big catalyst for a $1,000 SOL price. Continued momentum, however, depends on broader market stability and network upgrades. Sentiment within the Solana community remains bullish, with 86% expressing optimism about its future.