Solana recently tested $229 support level to currently trade around $234.
Fresh Solana-based ETF applications have been submitted by Cboe to the SEC for review.
A sustainable hold above the support can send SOL to test resistance at $271, with a potential surge to $300.
Solana , which achieved an all-time high of $294 earlier this month, is trading around $234 on Wednesday, down around 2% in the past 24 hours. The token saw a dip to $225 by breaching the $229 support level but quickly regained, highlighting strong buying interest. This SOL price trajectory follows Cboe’s refiling of a fresh batch of Solana-based ETF applications for four major investment firms on Tuesday.
The , submitted on behalf of Canary Solana Trust, Bitwise Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust, signal renewed efforts to gain approval from the US Securities and Exchange Commission (). The move comes after earlier applications were withdrawn last year due to regulatory hurdles.
If approved, these ETFs would allow investors to gain exposure to Solana without directly holding the cryptocurrency, potentially broadening its investor base.
SOL Price Holds Critical Support Levels
Despite the buzz surrounding the ETF refilings, Solana’s price has experienced moderate fluctuations.
The current Bollinger Bands on the daily chart is expanding, suggesting that volatility is increasing, a sign that the market may be preparing for a strong trend.
Additionally, the Relative Strength Index (RSI) sits at 53, indicating neutral to slightly bullish momentum. Moreover, the upward gradient implies that the momentum is increasing, and the cryptocurrency is gaining strength.
One notable trend is the elevated activity from large holders. Data shows that addresses holding at least 10,000 SOL peaked at 5,167 on January 25 before slightly declining to 5,147. This sustained interest from large investors underscores growing confidence in Solana despite the broader market’s quiet trading sessions.
If Solana regains upward traction, analysts predict a potential price rise to test resistance at $271. Breaking this level could pave the way for a surge to $295 or even surpass $300.
However, should Solana fail to hold above the $229 support, a further decline to $211 is possible, with a risk of dipping below $200 for the first time since mid-January.
Looking Forward
As the SEC begins reviewing the new batch of Solana-based ETF applications, market watchers are optimistic that approval could act as a catalyst for further price gains. The increased whale interest, along with regulatory developments, positions Solana as a strong cryptocurrency in investors’ portfolios.
Solana’s total value locked (TVL) has seen impressive growth, now standing at $10.95 billion — a remarkable 460% increase in 2024, to DeFiLlama. With a market capitalization of $114 billion, Solana maintains its position as the fifth-largest cryptocurrency by market cap.
