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Solana‘s (SOL) price slightly dropped by 0.4% in the last 24 hours, trading around $148. Despite this minor pullback, Solana rose by 8.3% last week, driven by high expectations surrounding spot ETF applications. In contrast, Bitcoin (BTC) lost some of its weekend gains, falling below the $61,000 threshold, currently exerting downward pressure on SOL’s price.
Solana Price Analysis: Potential Scenarios for Significant Gains
Solana’s network fundamentals and recent price movements reflect a positive trend. The price recently broke out of a Descending Channel Formation and is currently trading above the 50-day and 200-day Simple Moving Averages (SMA), indicating a bullish momentum is forming.
From a broader perspective, Solana is trading below a descending trend line. Although this is not a bullish signal, a breakout above this trend line (a 32% probability scenario) could lead to a sharp upward movement.
The 14-day Relative Strength Index (RSI) for SOL is slightly above the midpoint at 52 and above its Moving Average (MA). This indicates significant room for upward movement, potentially entering the Overbought (OB) region. If this occurs, trading volume and bullish momentum are expected to increase, supporting this journey. According to data from the crypto data and price platform CoinMarketCap, Solana’s trading volume has already increased by 41% in the last 24 hours, indicating growing investor interest.
Future Expectations for Solana
Based on current technical indicators, Solana’s price could potentially rise by 16% in the coming days, reaching $173 if it maintains above the current trend line. Alternatively, in a bearish scenario, SOL could fall to around $131 (200-day SMA) or $120, finding support at one of these levels.
As is well known, Bitcoin’s price movements significantly impact Solana’s performance. The largest cryptocurrency is currently trading at $60,900 after rising to $63,794 over the weekend. If Bitcoin continues its upward trend but falls below $60,000, it could negatively affect SOL and other altcoins, potentially pulling back to the Fair Value Gap (FVG) around $46,000.
Currently, the Solana ecosystem is bolstered by news of ETF applications submitted to the U.S. Securities and Exchange Commission (SEC) by VanEck and 21Shares. If the SEC approves any of these ETFs, it would greenlight the first spot Solana ETF, potentially driving SOL’s price up to $1,000.
