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The recent 3-day rally in Solana (SOL) seems to have ended the long-standing downtrend. The rise in SOL began on July 12, and in the last 2 days, SOL has increased by 13%. Solana, the 5th largest cryptocurrency by market value (4th if USDT is not counted), continues to trade at the level it was on June 27 when asset manager VanEck applied to launch a Solana exchange-traded fund (ETF).
Current Status of Solana
Solana‘s 3-day price rally has also had a significant impact on the charts. It did not go unnoticed that an important moving average level was surpassed on the charts. The altcoin made investors happy after rising above its 50-day simple moving average (SMA) yesterday. Before this event, on July 6, it was seen that it had risen above the 20-day exponential moving average (EMA).
On the other hand, at the time of writing, SOL’s Relative Strength Index (RSI) indicated 59.26, showing that it was far from neutral in the buying zone. This RSI value can be interpreted as increasing pressure from buying investors.
Future of Solana (SOL)
The indicators from the last 7 days showed that SOL had risen by 8%. While there could be many reasons for the price increase in SOL, the increasingly strong discussion of a potential ETF approval could have an impact on this.
First, after the application made in Canada, the Chicago Board Options Exchange (CBOE) recently requested permission from the U.S. Securities and Exchange Commission (SEC) to list potential spot Solana ETFs from VanEck and 21Shares.
The Elder-Ray Index, calculated from SOL’s 24-hour chart (below), continues to show the strength of the bulls. At the time of writing, the indicator’s value was 16.05 and remained above 0. This indicator reveals the strength of buyers and sellers in the market. A positive value reflects the strength of the bulls, which can contribute to the price increase.
On the other hand, SOL’s Awesome Oscillator (above) is showing an upward green bar at the time of writing. The presence of green bars indicates that the upward momentum is increasing. If the buying pressure on SOL continues, the price could exceed $153. However, if the upward trend in the market reverses and affects SOL, the price could drop to $146.
