Is Solana (SOL) Ready to Rise?
In the past 24 hours, SOL’s price has dropped 15%, now standing at $178.11. Despite this decline, trading volume has surged by 29% to $9.19 billion, indicating strong interest from large investors focusing on Solana’s potential.
Based on my analysis, Solana’s key support level is at $214.08, while resistance lies at $260.93. If the price breaks above this resistance, a strong bullish trend could emerge.
What’s next? A spot Solana ETF approval could push the price between $300 and $1,000. However, regulatory uncertainty from the SEC might delay this process until mid-2025. Recent leadership changes and the resignation of the SEC Chair, though, have increased the chances of approval.
From my perspective, these developments present exciting opportunities. Keeping an eye on Solana’s long-term potential and making strategic moves at the right time could yield significant gains.
Remember, every dip is a potential setup for a major rally!