Currently, Solana (SOL) is up over 3%, trading near the 240 USD threshold. This price increase comes after Grayscale Investments filed with the SEC to convert Grayscale Solana Trust into a spot ETF. Other large asset management firms like VanEck, 21Shares, Canary Capital, and Bitwise Asset Management are also pursuing the launch of spot Solana ETFs.
Recently, Solana has completed a price correction in an ABC wave structure, with the price dropping to an important support zone. There are signs that this correction is coming to an end, with the possibility that Solana will reverse and start to increase in price. Currently, the price structure suggests that the fifth wave of decline in the correction sequence has been completed.
The next notable resistance level for Solana is at 246 USD. If the price breaks above this level, the next target could be 260 USD. In the event that Solana continues to break through the 260 USD threshold, it could aim for a larger resistance at 313 USD.
On the contrary, if Solana faces selling pressure and declines, the first important support zone lies between 232 and 233 USD. If the price breaks below this level, the next support zones will be 222 USD and 205 USD. However, if the price rises above 246 USD, this level could become new support, reinforcing the growth outlook.
The price action of Solana tends to reflect the volatility of major coins like Bitcoin and Ethereum. Therefore, monitoring the price trends of these two coins will help better predict the next direction for Solana.
Additionally, there is a possibility that Solana is forming a "bull flag" pattern, a strong bullish signal. If this pattern is confirmed, the price could continue to rise, potentially reaching higher milestones around Christmas or the New Year. With potential changes in cryptocurrency regulations, some analysts predict Solana could reach the 300 USD mark, or even 400 USD in the near future.
