Traders Anticipate Solana Breakout Targeting $250 Amid ETF Speculation
Solana (SOL) is gaining attention as bullish momentum returns in the crypto market. After reaching $212, it has stabilized around $209, leading to optimism among traders.
- Analysts predict a potential rally towards $250, driven by institutional flows and discussions around a Solana spot ETF.
- ETF conversations are heightening interest due to a favorable regulatory environment in the U.S., according to Bitget Wallet’s CMO Jamie Elkaleh.
- A Solana ETF could significantly boost adoption and position SOL favorably among institutional products.
Solana ETF Buzz Fuels Momentum for Altcoins
- Other digital assets like XRP and Cardano are also in focus as Wall Street analysts expect broader ETF approvals beyond Bitcoin and Ethereum.
- Assets such as Solana and XRP may qualify under existing listing rules, with anticipated institutional demand once funds launch, according to Bloomberg’s James Seyffart.
- Approval of a Solana ETF could trigger increased demand and new inflows, enhancing its long-term market structure.
Why Traders Are Watching SOL Closely
- Solana's on-chain growth is notable, with Real World Assets surpassing $500 million, indicating institutional adoption of traditional asset tokenization.
- Daily DEX volume on Solana reached nearly $7.93 billion, exceeding that of Ethereum.
- SOL is trading around $209.30, above key moving averages, with immediate support from a 7-day SMA at $206.70.
Traders are monitoring the $218 resistance level, as a breakout could lead to targets between $230 and $250. The RSI at 56.27 indicates sustainable momentum, allowing for further upside before overbought conditions arise.
Short-term signals show a slightly bearish MACD histogram, but confidence remains in Solana’s strengthening fundamentals and ETF anticipation fueling future rallies.
