Solana is about to join the ranks of Bitcoin and Ethereum with its own spot exchange-traded fund (ETF).

This could allow the altcoin to exit bearish territory in the short term and achieve the recovery it has been attempting for weeks.  

SOL rose nearly 8% after VanEck and 21Shares confirmed the filing of the Solana spot ETF application with the Chicago Board Options Exchange (CBOE).

Continued participation from large issuers and approval of the SOL spot ETF could validate a short-term surge above $200, $400 and $1,000 by mid-2025.  

SOL technicals turn bullish 

After facing resistance at $202, Solana’s price has fallen by nearly 37% in 3 months. Currently trading at $144, SOL has held up well amid the volatility and has not lost its strength from the lows. There was a downward trend in June, forming a descending wedge pattern but found support at the $127 and $131 area. This area was a reversal zone that pushed the price higher, leading to a retest of the $154 level.  

In the current SOL/USDT 4-hour chart, the MACD formed a bullish crossover above the zero line and the histogram showed a green line above.  

Solana Price Prediction.  

Also, the Solana funding rates are currently in the positive territory, indicating mixed sentiment among traders. These mixed funding rates mean that short positions are waiting for a slight increase in the price. This could lead to another retest or a rally above $160 in the price.  

Also, the current price action shows that the price of Solana is challenging the SMAs and EMAs, so $150 is a critical breakout area. This will push Solana to continue rising until the $156 resistance turns into support.  

On the contrary, if the $126 support level is broken, SOL could experience a significant decline. As it will take another 7 months for the spot ETF to be approved, the market dynamics remain unfavorable.  

Traders need to keep a close eye on the $126 to $154 area.

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