Solana Breaks Downtrend with 13% Price Increase Amid ETF Application News
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Solana (SOL) has seen a notable price surge over a three-day period, ending a prolonged downtrend. Starting on July 12, the cryptocurrency rose by 13%, reaching levels last seen on June 27.
This rise coincided with VanEck’s application to launch a Solana exchange-traded fund (ETF), which has kept trading interest strong.
The three-day rally has significantly impacted Solana’s technical charts. Solana moved above its 50-day simple moving average (SMA), which is a bullish signal for investors.
On July 6, SOL had already climbed above its 20-day exponential moving average (EMA). This further supports a positive outlook for Solana. Solana’s Relative Strength Index (RSI) showed a reading of 59.26, indicating strong buying pressure.