Overview

The recent announcement regarding Solana’s ETF briefly boosted the cryptocurrency’s price by 5%, but subsequent trends indicate a reversal. Solana’s price is now at a crucial support level, with traders cautious as they evaluate the implications of market conditions.

Solana ETF Driven Surge Meets Immediate Resistance

The ETF announcement ignited interest in Solana, but the price surged momentarily before facing a significant resistance at $160. This resistance coincides with a historical supply zone, making it formidable for bulls.

“The ones that pumped 10x already won’t do it again. Altseason rewards those who spot new narratives, not those who chase old ones.”
— VirtualBacon

Key Support and Resistance Levels After Solana ETF News

Solana is currently testing a key support range between $144.5 and $147.7. If it fails to hold, the next substantial support level could drop to $124, with a potential psychological level at $100 looming.

What’s Next for SOL?

Recent evaluations suggest that the main determinant of Solana’s price movement lies with Bitcoin. If Bitcoin maintains or rallies, Solana could recover. However, a downtrend could mislead prices into deeper territories.

Key Takeaways

• Solana surged by 5% on the ETF news but is now experiencing selling pressure.
• The bullish momentum is limited, with general altcoin performance lagging as Bitcoin remains volatile.

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