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Solana (SOL) Surges Amid Bitcoin ETF Approvals in Hong Kong and Successful Network Congestion Fix
According to Cointelegraph: Solana's (SOL) price has seen an uptick today, backed by multiple favourable factors: the Hong Kong regulator's approval of spot Bitcoin and Ether ETFs and an effective fix to Solana's network congestion issues.
SOL/USD vs. TOTAL crypto market's year-to-date performance chart. Source: TradingView
After one of the most bearish weeks in the crypto market since June 2023, triggered by geopolitical tensions in the Middle East, Solana and the rest of the crypto market are witnessing a robust recovery.
Source: X
Intriguingly, SOL's price surged to an impressive $156 on April 15, marking an increase of around 8% within 24 hours and a substantial rise of 31.35% from its low of about $120 merely two days ago.
Source: X
Some major catalysts behind this upward momentum include the Hong Kong regulator's approval for the launch of Bitcoin and Ether ETFs, as well as bullish sentiment around the forthcoming Bitcoin Halving in April.
Solana daily transactional volume. Source: Defi Llama
The spot Bitcoin ETF approval in the U.S. has already resulted in a 30.5% boost to the altcoin market since January 11. This could herald the entry of more institutional investors and pave the way for ETF approvals for other cryptocurrencies, such as Solana.
On the technical side, the Solana network successfully launched an update aimed at addressing network congestion issues that led to a 75% transaction failure rate in March. The update is the first in a series of planned enhancements that have been favourably received by the market.
Solana memecoins' hourly, daily, and weekly performances. Source: CoinGecko
Looking from a technical analysis perspective, Solana's price trajectory suggests a continued recovery trend, targeting the 50-day exponential moving average (50-day EMA) at around $160.75. If SOL breaks above its 50-day EMA, market sentiment indicates it could ascend toward its 1.618 Fibonacci retracement level, potentially reaching around $255 by June.
SOL/USD daily price chart. Source: TradingView
SOL/USD vs. TOTAL crypto market's year-to-date performance chart. Source: TradingView
After one of the most bearish weeks in the crypto market since June 2023, triggered by geopolitical tensions in the Middle East, Solana and the rest of the crypto market are witnessing a robust recovery.
Source: X
Intriguingly, SOL's price surged to an impressive $156 on April 15, marking an increase of around 8% within 24 hours and a substantial rise of 31.35% from its low of about $120 merely two days ago.
Source: X
Some major catalysts behind this upward momentum include the Hong Kong regulator's approval for the launch of Bitcoin and Ether ETFs, as well as bullish sentiment around the forthcoming Bitcoin Halving in April.
Solana daily transactional volume. Source: Defi Llama
The spot Bitcoin ETF approval in the U.S. has already resulted in a 30.5% boost to the altcoin market since January 11. This could herald the entry of more institutional investors and pave the way for ETF approvals for other cryptocurrencies, such as Solana.
On the technical side, the Solana network successfully launched an update aimed at addressing network congestion issues that led to a 75% transaction failure rate in March. The update is the first in a series of planned enhancements that have been favourably received by the market.
Solana memecoins' hourly, daily, and weekly performances. Source: CoinGecko
Looking from a technical analysis perspective, Solana's price trajectory suggests a continued recovery trend, targeting the 50-day exponential moving average (50-day EMA) at around $160.75. If SOL breaks above its 50-day EMA, market sentiment indicates it could ascend toward its 1.618 Fibonacci retracement level, potentially reaching around $255 by June.
SOL/USD daily price chart. Source: TradingView
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
SOL
162,83
+2.18%
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