The key question for Solana this week is whether it can ascend to $200 soon. Currently, SOL is priced at approximately $152.50, representing a 1.5% increase over the last 24 hours.
SOL is encountering strong resistance at $164; overcoming this level is crucial for any attempt to target $200 this July.
4-Hour Close Key For Solana Price Analysis This Week: Above $153 And All Bets Are Off
Despite challenging resistance, SOL appears to be breaking out of a symmetrical triangle. Closing above $153 on the 4-hour chart is essential to sustain its upward trend. The next challenge is breaking past the $164 resistance. With Bitcoin nearing all-time highs and primed for a breakout, SOL might soon follow its lead.
Based on the current trend, since early July, SOL has respected a trendline which suggests an imminent breakout.
The 1-day chart indicates a cup and handle pattern, signaling a potential upward movement in the coming days thanks to Bitcoin’s stability around $109,000.
Solana Price Chart
Catalysts That Could Send SOL Parabolic: Incoming Spot ETFs Would Do The Trick
According to CryptoGoos, over $41 million has already flowed into the Solana ETF. Solana seems poised to be the next major altcoin to receive SEC approval for a spot ETF. The recent success of Rex-Osprey’s Solana Staking ETF, which has amassed over $41 million in just four days, underscores the strong institutional interest in SOL.
Currently, more than ten spot SOL ETF applications are pending with the SEC, including from investment giants like BlackRock and Fidelity. They are positioned to receive approval ahead of any other altcoins.
In a separate financial development, U.S. President Trump has filed for a ‘Crypto Blue Chip’ ETF that lists SOL among other major assets.
Pump.fun Token Launch Next Week Looks Set To Bring Liquidity And Attention Back To Solana
On July 12, Bybit will host the sale of $PUMP, a token to be launched on the Solana blockchain. The sale aims to raise $600 million over a 72-hour period, potentially infusing liquidity back into the Solana ecosystem. The anticipation surrounding this launch may influence the Solana price favorably in the near future.
In conclusion, as Solana prepares for looming developments, various factors might propel its price towards the ambitious $200 mark.
