š„ According to NewsBTC: SOL Price Rebounds With 7% Surge
After unveiling updates to enhance network efficiency, the Solana price has surged by over 7%. This surge has helped offset the ongoing downtrend experienced by Solana, which amounted to nearly 21% over the past month.Ā
In addition, the Hong Kong SFC hasĀ officiallyĀ approvedĀ several spot Bitcoin and Ethereum ETFs, including asset managers such as China Asset Management, Bosera Capital, HashKey Capital Limited, and an in-principle approval for Harvest Global Investments.Ā
This regulatory approval has not only positively impacted the prices of Bitcoin and Ethereum but has also instilled a sense of positivity in the overall cryptocurrency market. As a result, theĀ top 10 cryptocurrenciesĀ have witnessed significant uptrends, riding on the wave of these developments.
Despite the recent surge in Solanaās price, SOLās trading volume has decreased by -44.70% in the last 24 hours, indicating a recent decline in market activity, according to CoinGeckoĀ data.Ā
Solanaās current trading price of $151.40 presents the first obstacle in the cryptocurrencyās path toward further price gains. If this hurdle is surpassed, the next significant resistance lies at $170, which would signify a recovery of SOLās gains recorded over the past month.Ā
On the other hand, the $130 mark has proven to be a strong support level for Solana, representing the foundation of SOLās one-month bullish structure, which propelled its price rally to nearly three-year highs of $210 on March 18.