Solana (SOL) has gone down by 0.75% in the past 24 hours and currently sits at $132 per token but this cryptocurrency has had a good week as odds that a Solana ETF will be approved by the U.S. Securities and Exchange Commission (SEC) skyrocketed in the past few days.
Wagers on Polymarket have raised the odds that a SOL-linked exchange-traded fund (ETF) will receive the nod from the regulator before the end of 2025 to 82%.
Bettors responded favorably to Paul Atkins’s confirmation as Chairman of the agency around six days ago as the Trump administration continues to place industry-supportive figures in key positions.
A Solana-linked ETF will drive additional liquidity and capital inflows to this utility token while it will also open up the door for further institutional interest in the network, which should result in higher prices in the long term.
Like most cryptocurrencies, SOL has had a difficult year and has accumulated losses of 30.2% since the year started as macroeconomic conditions have deteriorated lately.
Although Trump’s rise to power initially boosted the price of most digital assets, his hostile trade policies have spooked market participants as they could result in higher inflation, slower economic growth, and no interest rate cuts.
SOL Could Rise to $150 Soon After Trend Line Break
The daily Solana chart shows that the price has broken above its trend line resistance and has temporarily invalidated a bearish outlook for the token.
Meme coins could be responsible for this positive performance as Fartcoin (FART), a Solana-based token, has rallied in the past week and has driven significant transaction volumes to the network.
Other assets in this category like Bonk (BONK) and Popcat (POPCAT) have also experienced strong demand, all of which benefit SOL.
Momentum indicators have improved in the past few days as the Relative Strength Index (RSI) has crossed above the signal line and has delivered a strong buy signal.
Meanwhile, the MACD’s histogram has been rising for five consecutive days and has surged to its highest level since late March.
As a result, SOL could retest the $150 resistance soon, meaning a 13.6% upside potential in the near term for the token.
With Solana’s growth pushing network limits, it’s no surprise over $30 million has already flowed into Solaxy presale, a Layer 2 built to ease congestion.
Solaxy ($SOLX) Presale Will End Soon – This is The Time to Invest
Solaxy (SOLX) is a layer-two scaling protocol that increases the Solana mainnet’s efficiency by bundling transactions offline in a side chain.
Back in January when TRUMP and MELANIA were launched, users and exchanges received transaction errors and experienced delays when they tried to buy and sell these tokens.
The protocol’s presale event will end soon. At its discounted presale price of $0.001694, SOLX offers significant upside potential to early buyers as the demand for this token will skyrocket once the L2 is launched.
To buy $SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet).
You can either swap SOL, USDT, or ETH for this token or use a bank card to make your investment.
The post Can ETF Hype Push SOL Past $150? Traders Eye Breakout Levels appeared first on Cryptonews.
