🌟 Solana (SOL), the world’s fifth-largest cryptocurrency by market cap, surged 6.6% within an hour and is up almost 9% in the last day, currently just below $150. This spike follows VanEck's Thursday morning announcement of a Solana ETF filing.
📈 VanEck, a prominent investment management firm, filed an S-1 registration statement for its "VanEck Solana Trust," marking the first public attempt to launch a spot Solana ETF in the U.S. The firm already offers a spot Bitcoin ETF and an Ethereum futures ETF.
📊 Before the announcement, Solana was showing signs of an upward trend, recovering from a drop to $123 on June 24. The coin stabilized between $135 and $140, switching indicators from bearish to bullish for intraday traders. The post-announcement spike broke the $140 resistance, offering a positive outlook for scalpers and day traders.
📉 In the 24-hour candlestick charts, Solana's price moved above the EMA10 mark for the first time since June 7, potentially encouraging swing traders. However, it's still in a bearish correction, with the EMA 55 above the EMA 10, meaning holders need to wait longer to realize gains.
🚀 Solana is battling to break past the strong resistance near $150. If successful, it would confirm a bullish bounce, with the RSI at a nearly perfect equilibrium at 51 points. Indicators suggest a bullish momentum following a major bearish impulse.
🔝 If Solana maintains its bullish trend, immediate resistance could be near $160. If it fails, it could drop to around $135, near the EMA10, before either bouncing back or continuing its bearish momentum.
Top comments (0)