Solana Rally in Sight? Traders Eye Breakout That | Crypto News
Solana (SOL) is once again back in the highlight as bullish momentum returns to the crypto market. After briefly touching $212 last week, the altcoin retraced to around $209 but has held strong, sparking renewed optimism among merchants.
Analysts now see a potential rally toward the $250 stage, supported by growing institutional flows and hypothesis around a Solana spot ETF.
Bitget Wallet’s CMO Jamie Elkaleh famous that “ETF conversations around SOL are further amplifying interest,” pointing to the more favorable regulatory tone rising in the U.S.
Market watchers consider a Solana ETF may drive adoption at scale, positioning SOL as one of the strongest altcoins to buy forward of the next wave of institutional merchandise.
Solana ETF Buzz Fuels Momentum for Altcoins
Solana isn’t the only digital asset grabbing consideration. Wall Street analysts more and more count on the U.S. SEC to broaden ETF approvals past Bitcoin and Ethereum. Among the top contenders are Solana, XRP, and Cardano, three cash that already boast high liquidity and established derivatives markets.
Bloomberg’s James Seyffart steered that belongings like Solana and XRP are “well-positioned to qualify under existing listing rules,” with institutional demand seemingly to surge once funds launch.
If authorized, the introduction of a Solana ETF may set off a demand shock, unlocking new inflows and strengthening its long-term market construction.
Why Traders Are Watching SOL Closely
Beyond ETF hypothesis, Solana’s on-chain growth continues to seize consideration. The community lately hit a milestone with Real World Assets (RWAs) surpassing $500 million, underscoring growing institutional adoption of tokenized conventional belongings.
At the same time, Solana has maintained strong trading exercise, with daily DEX quantity reaching almost $7.93 billion, even outpacing Ethereum.
On the technical entrance, SOL is exhibiting indicators of resilience. Trading at around $209.30, the token sits comfortably above key shifting averages, with the 7-day SMA at $206.70 offering fast help.
Analysts are watching the $218 resistance stage intently, as a breakout may open the door to greater targets between $230 and $250. The RSI at 56.27 factors to sustainable momentum with room for additional upside before reaching overbought territory.
While short-term indicators like a barely bearish MACD histogram counsel warning, merchants stay assured that Solana’s strengthening fundamentals, mixed with ETF anticipation, may fuel the next major rally.
Cover image from ChatGPT, SOLUSD chart from Tradingview
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