- Solana (SOL) experienced a significant price surge of around 9% in the last 24 hours, following VanEck’s filing for a spot Solana ETF in the US.
- VanEck’s move marks the first public attempt to launch a spot Solana (SOL) ETF in the United States, after previously offering a spot Bitcoin ETF and an Ethereum futures ETF.
- The price surge broke the $140 resistance level, indicating a potential bullish trend, with resistance levels around $150 and $160.
Solana (SOL) has experienced a significant price surge in the last 24 hours after VanEck filed for a Solana ETF. The cryptocurrency is up by almost 9% and could be starting a bullish rebound from its recent bearish trend.
VanEck Files for Solana ETF
On Thursday morning, VanEck filed for a “VanEck Solana Trust,” marking the first attempt to launch a spot Solana ETF in the US. VanEck already offers Bitcoin and Ethereum ETFs, so Solana was seen as a likely next step by experts.
Solana’s Price Rebound
Even before the announcement, Solana was recovering from a brief bearish correction and stabilizing between $135-$140. The post-announcement spike broke above $140 resistance, switching intraday indicators from bearish to bullish. This could encourage short-term traders to go long.
In the 24-hour charts, Solana moved above its 10-day average price for the first time since June 7. This could signal a rebound from its bearish trend, though longer-term indicators remain bearish.
Potential for Continued Bullish Momentum
If Solana breaks past resistance around $150, it would confirm a bullish bounce. The RSI is at equilibrium, and some indicators suggest bullish momentum following bearish impulse.
Immediate resistance if the rally continues could be around $160. Support remains around $135. A failure to maintain upside momentum could lead to a drop back into its bearish trend.
Conclusion
Solana’s significant price surge follows VanEck’s Solana ETF filing. If the bullish momentum continues, it could mark a shift in trend after its recent correction. However, the cryptocurrency remains at a critical point between bearish and bullish outlooks.
