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An important development occurred for Solana (SOL) as its first spot ETF was approved in Brazil in August, causing a significant impact on the market. This development is expected to be implemented within three months. It is also speculated that economic giants like the USA and the UK might follow suit by approving SOL spot ETFs, paving the way for its trade. Additionally, Solana is known to lead the DePIN sector with 78 projects, surpassing other blockchain networks. Furthermore, it is considered one of the top blockchains for development and might even surpass Ethereum (ETH) in this area. The SOL/ETH price has also reached a historic peak.
Will Solana’s Price Increase?
Since May, Solana has been trading in a range from $122 to $186, with a midpoint of $154, despite a recent dip. As of the time of writing, Solana’s price remains just below the mid-range resistance level. Additionally, it was observed that SOL’s 50-day moving average was recently visited at $160.
The RSI, which indicates buying and selling pressure, remains just below the neutral 50, suggesting a potential momentum shift. This indicates that buyers have not been dominant in recent months. In the coming days, a move towards the $190 resistance region could occur.
The Future of Solana
Looking at the last three months, the $164 level can be considered a potential short-term target. Beyond that, the regions of $171 to $174 and $185 to $189 are reflected in the charts as the next liquidity pools. More importantly, the liquidity pool between $185 and $189 appears to be larger.
Considering Solana’s tendency to initiate upward movement at the range’s extremes, traders might see $154 as a buying opportunity and target the $185-$189 region.
Finally, looking at recent developments for Solana, it was noted that a Solana ETF was approved in Brazil. Following this, an unnamed official from the investment giant VanEck stated that Solana ETFs in the USA are inevitable, generating significant excitement.
Despite this price outlook, it is important to remember that economic events similar to the recent crisis in Japan and geopolitical uncertainties in the Middle East could impact cryptocurrencies and potentially trigger declines.
