Solana shows a 2022-like pattern, is a big bull run coming?

Asset management company VanEck applied to sell shares of the Solana (SOL) exchange-traded fund (ETF), the first such registration in the United States, just six days after 3iQ applied for a similar product in Canada.

The S-1 registration form filed with the U.S. Securities and Exchange Commission (SEC) helped the SOL token's 24-hour gain reach nearly 8%. The CoinDesk 20 Index (CD20), which measures the overall performance of the cryptocurrency market, rose 1.8%.

Solana (SOL) has developed a noteworthy chart pattern that is reminiscent of the pattern that preceded the 2022 breakout. This technical setup previously foreshadowed a sharp price increase, leading to a SOL breakout and subsequent bullish movement.

The pattern resembles a descending triangle, which is often seen as a continuation pattern for a downtrend, but in some cases, it can signal a reversal. Currently, Solana’s market behavior is showing similar characteristics, which suggests that the cryptocurrency may be approaching a tipping point where its price may bottom and potentially break out to the upside. If this pattern holds true again, it could mean a reversal of SOL’s recent downtrend.

At the time of this article’s publication, Solana price briefly breached $150 and is currently trading at $147.38. The market is closely watching for a breakout above the upper trendline, which could confirm a bullish reversal and signal the start of a new uptrend. Conversely, a failure to breakout could indicate continued consolidation or a potential decline.

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