đđđ Solana ($SOL ) Eyes a Potential Bullish Target
Solana (SOL), the fifth-largest altcoin by market cap, has extended its modest gains, reaching $148 after a 2.67% increase in the past 24 hours. Although it has struggled to hold above $150, SOL has demonstrated a brief bullish rally, surpassing previous resistance levels.
The token opened the trading day at $143 and broke through the $145 resistance, peaking at $148.65. SOLâs daily trading volume has surged over 12%, now approximately $2.17 billion. As of the latest data from CoinMarketCap, SOL is trading at $146.63.
Anticipation is building around the potential launch of a Solana spot exchange-traded fund (ETF). #VanEck is progressing with its plan to launch a SOL ETF despite recent changes to its regulatory filings. VanEckâs head of digital assets research, Matthew Sigel, confirmed on X that the ETF launch is still on track, even after the 19b-4 filing was removed from Cboe Global Marketsâ regulatory documents. However, SOL exchange-traded products (ETPs) saw record outflows of $39 million last week, according to CoinShares.
On-chain data reveals that a large whale has sold 20,000 SOL, worth about $2.9 million, in the last 24 hours. Since January 15, the whale has offloaded 614,000 SOL, valued at around $89 million. Additionally, Solana has faced a $7.17 million liquidation in the past 24 hours, as reported by Coinglass.
Will SOL Hold Its Current Level?
- Over the past week, SOL has shown moderate performance with a 2.13% increase. At the beginning of the week, it traded around $145, with subsequent fluctuations leading to a high of $151 and a low of $137.
- If SOL can break above $150, it may soon test the $161 resistance level. Conversely, a drop below $142 could lead it to test the $130 support level.
Source - thenewscrypto.com
