Current State of Solana (SOL) Price Amidst ETF Filing
Despite Canadian crypto asset manager “3iQ” filing for a new Solana ETF in Canada, SOL price has displayed negative price action this week, indicating a declining interest from investors in this altcoin.
Investors are questioning the future of Solana with queries like “Is Solana Crypto dead?” and “Will SOL Price ever recover?” The filing for Solana ETFs may act as a potential catalyst in restoring its lost value in the near future.
SOL Coin Price Analysis
SOL Coin Price Forms A Bearish Pattern:
- The most volatile altcoin, SOL, has experienced a 2.32% decline in the past day with a +6.10% change in trading volume.
- Over the past seven days, SOL has corrected by 10.29%, and over the past month, it has declined by 27.29%.
- A rounding top pattern has formed in the 1D timeframe, indicating increasing bearish pressure for Solana in the cryptocurrency market.
The Simple Moving Average (SMA) has consistently acted as resistance for SOL since the beginning of the month, emphasizing a strong bearish sentiment.
The Relative Strength Index (RSI) has been unable to surpass its neutral point and is on a declining trend, moving towards oversold territory. This suggests escalating selling pressure in the crypto market.
Short-Term Price Targets for SOL
Will SOL Rise Again?
- If SOL maintains its price above the crucial support level of $127, it could regain momentum and test resistance around $155.
- If bullish sentiment strengthens, SOL may rise towards its upper resistance level of $181.50.
- Conversely, continued bearish dominance could lead SOL to break below its crucial support and decline towards the lower trendline support at $100.
