Solana (SOL) is experiencing a significant price increase today, trading at approximately $134, marking a more than 6% rise in the last 24 hours. This surge is attributed to the overall recovery of the cryptocurrency market and growing anticipation surrounding potential spot Solana ETFs. The altcoin has pumped over 20% from its local bottom of just under $112, which it reached on March 11. This rebound is a reflection of continuing investor confidence.
Market Recovery and Technical Indicators
The signs of recovery across the broader cryptocurrency market is having an effect and helping to push Solana’s prices further into the green. SOL’s recent low of $112 looks to have established a local bottom for the altcoin. This recent development has paved the way for its recent boom.
According to technical analysis, there are still signs of bullish momentum. All the while, since March 10, the daily relative strength index (RSI) never once printed a lower high with divergence. This positive trend indicates that the increase is going to keep going in that direction.
The next short-term resistance for SOL price is placed at $140. A successful break above this level could propel the price higher, towards the $165 to $190 supply zone, where major moving averages are concentrated.
Spot Solana ETF Applications Fuel Optimism
Investor enthusiasm is being further fueled by optimism surrounding the pending approval of spot Solana ETFs. In fact, some of the most notable issuers—including Grayscale, Franklin Templeton, and VanEck—have all recently filed applications to launch these ETFs.
Yet the SEC has yet to approve any spot Solana ETFs. The applications represent a trend of building institutional interest on Solana. Volatility Shares is entering the Solana investment space with two new ETFs: SOLZ, which tracks Solana futures, and SOLT, which offers 2x leveraged exposure.
The TradFi gates are opening wide. - crypto analyst Kolin
Future Outlook for Solana
With the crypto market on the mend, we’re seeing bullish signs across several key technical indicators. This combination, paired with the likelihood of spot Solana ETFs, paints an incredibly exciting picture of Solana’s future. If SOL manages to flip the $140 ceiling, it is on track to retest the $165 to $190 supply zone.
We think this would give a considerable boost to price if a spot Solana ETF gets approved. SEC’s decision is still the most important thing to see. With the delay comes extended uncertainty.
