Solana
Could the launch of the Solana ETF in Canada propel the price of SOL to $150?
Solana price held firmly above the $122 level over the weekend after the bears threatened to collapse when the crypto market faltered on June 18. On-chain data analysis explores how investors positioning themselves for the imminent launch of the SOL ETF in Canada could trigger a bullish trend reversal. in the coming week.
Solana ETF approval in Canada spurs bullish reversal
Over the past month, Solana Price suffered a major blow as investors flocked to Ethereum markets in search of short-term profits after the US SEC’s ETH spot ETF approval verdict.
However, as short-term reactions fade, on-chain data now reveals that Solana’s core investors have spent the volatile market phase positioning themselves for potential long-term gains from new market developments .
Even more, on June 21, an investment company of 3iQ announced that it had filed a successful application to launch Solana ETFs in Canada. Since the confirmation, Solana bulls have shown strong resilience amid a month-long downtrend, preventing a fall below the critical price level of $122.
Solana Price Action | SOLUSD | Trading View
As seen in the chart above, Solana price is holding precariously above the critical $122 support level highlighted by the Lower Boundary Bollinger Band indicator.
But after succumbing to a 32% decline over the past 33 days dating back to May 21, 2024, the stage now appears set for bulls to re-enter the fray and reclaim the decline.
As the new trading week begins on Monday, June 24, investors will be paying attention to new developments surrounding the filing of Solana ETFs in Canada. He holds on precariously. This move now appears poised to trigger a major bullish reversal in the coming weeks.
While there are positive movements around the impending approval of the Solana ETP in Canada, the outlook for hedge funds, family offices, pension funds, etc. Deep-pocketed Canadians funneling funds into Solana Markets are expected to spark bullish activity among retail investors and crypto-native whales.
After avoiding a breakdown below $122, this move could now play a central role in SOL market trends in the coming week.
Solana Price Prediction: Imminent rebound towards $150?
Solana price has seen a considerable downward trend over the past 30 days. However, RSI data now indicates that Solana is currently in an oversold state, at 31.59.
This could attract buyers looking to capitalize on a potential rebound. If the bullish momentum picks up, the immediate resistance level to watch is the 20-day SMA at $149.74.
A break above this level could pave the way for a move towards the upper Bollinger band at $176.64, an important resistance level which, if breached, could mark the start of a sustained uptrend .
Investors will closely monitor developments regarding the Solana ETF in Canada. Positive news could lead to a significant influx of capital from institutional investors, further strengthening Solana’s price.
If the price manages to stay above $122, it could consolidate and provide a base for a potential rally. Conversely, failure to maintain this support level could lead to further decline, testing lower levels.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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