SOL Potential: Can It Hit $150 Amidst Spot BTC ETF Buzz?

Solana Price Prediction: SOL is currently experiencing a temporary decline before embarking on a surge towards $150. Want to know the ideal entry point?

In the face of recent market volatility surrounding the potential approval of a spot Bitcoin ETF, Solana's price has experienced a significant correction over the past two weeks. After reaching a new local high of $126.36, the coin has witnessed a sharp decline of nearly 25%, currently trading at $94.58. However, a closer look at the daily chart reveals the formation of a bullish Flag pattern, suggesting that the asset may soon rebound and aim for higher price targets.

The retracement to the 38.2% Fibonacci level indicates that the overall trend for Solana remains bullish. If the price successfully breaks out of the flag pattern in a bullish manner, it would suggest that the correction phase is coming to an end.

With a 24-hour trading volume of $3.3 billion, Solana has seen a 12% gain, indicating growing investor interest. The recent pullback from the all-time high of $126 in late December found support at the 38.2% Fibonacci retracement level of $85.