GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

With 89% Chances of an ETF Approval, Will SOL Price Reach $160 This Month or Drop Back to $120?

Can Solana (SOL) Price Hit New ATH in the Next 12 Hours?

The post With 89% Chances of an ETF Approval, Will SOL Price Reach $160 This Month or Drop Back to $120? appeared first on Coinpedia Fintech News

Solana is becoming more popular nowadays with the growing optimism around the token. The main reason for the rising probability of a Solana ETF is ahead of all other filed ETF applications along with XRP.  On the other hand, the chain has been outperforming the other platforms in terms of DEX activity and volume, hinting towards the growing popularity of the chain compared to others. Despite the positive outcomes and the current rebound in the SOL price, here’s why the token is feared to trigger a pullback to $125. 

Drop in the Solana Market Data

The future markets have a massive impact on the upcoming price action as the traders bet on the future price movements. Currently, the Open Interest (OI), which is the total number of open contracts that are yet to be closed, has dropped significantly. With this, the volume is also dropped consistently. 

This suggests that the spot traders have also become unsure of the upcoming price action as the OI remains lower. With this, the volatility remains lower, keeping the price consolidated within a narrow range. On the other hand, the traders seem to have become bearish on Solana as the short trades pile up to a large extent. 

The above chart shows that the short trade has been increased heavily compared to that of the long trades. This hints that future traders believe the SOL price may plunge in the coming days, with the major price slabs at $130 and later at $128. After rising above $135, the bearish influence over the token has increased. This suggests the price may continue to remain within a consolidated range between $130 and $136 for a while. 

Is Solana (SOL) Price Heading Back to $125?

The weekly chart of Solana appears to be extremely bearish, as the price has dropped below the rising parallel channel and failed to reclaim levels. The buying pressure has risen consistently while the bulls have intervened a couple of times. As a result, the price has remained within the range, but the technicals suggest the price may face a bearish action soon. 

The weekly chart of Solana’s price suggests the token has stuck within a bearish range as the price is rising, but the weekly RSI is plunging. This hints towards a probable pullback that could be fast approaching. While the price has dropped below the support of the channel, if the token fails to reclaim the levels before the weekend, then the Solana price is feared to drop back to $125.

Latest Press

default post thumbnail
News
54 minutes ago
640,000 Chainlink (LINK) Withdrawn From Exchanges In 24 Hours – Bullish Accumulation?
Chainlink (LINK) is currently trading below crucial resistance levels, which could trigger a strong ...
READ MORE
default post thumbnail
News
54 minutes ago
Whales Accumulate Over 150 Million XRP In Just 48 Hours – Is A Rally Incoming?
XRP has finally found stability above crucial demand levels after enduring weeks of heavy selling pr...
READ MORE
default post thumbnail
News
54 minutes ago
Bitcoin Spot ETF Exodus Continues: $900 Million Outflows Extend Losing Streak
Following the last trading window, the US Bitcoin Spot ETFs have recorded another week of overwhelmi...
READ MORE
default post thumbnail
News
54 minutes ago
If You Missed Pi Network’s 1000% Surge, Could Remittix Be the Next Big Breakthrough You’re Looking For?
Cryptocurrency enthusiasts frequently document token deals that spike quickly to yield profitable be...
READ MORE
default post thumbnail
News
54 minutes ago
Top 5 Cryptocurrencies To Buy After Trump’s Crypto Speech
One of the main goals of the current US administration, led by President Donald Trump, is to make th...
READ MORE
default post thumbnail
News
54 minutes ago
Remittix’s Strong Foundation Sets It Apart from Pi Coin—What Makes It Stand Out?
People who invest in cryptocurrency seek projects possessing resilience during market conditions alo...
READ MORE
default post thumbnail
News
54 minutes ago
Polygon (POL) Investor Forecasts 18,000% Surge for This $0.07 Altcoin by August 2025—Is It Possible?
A Polygon (POL) holder is predicting an 18,000% rally for a $0.07 altcoin by August 2025, and that a...
READ MORE
default post thumbnail
News
54 minutes ago
Can Remittix Outpace Shiba Inu’s $1 Target by 2025?
The Shiba Inu price has shown a possible recovery to its old bull run. But will the price cross the ...
READ MORE
default post thumbnail
News
54 minutes ago
Is Remittix’s $0.070 Price a Hidden Gem? Pi Coin’s Success May Offer a Glimpse of the Future
Within the saturated crypto space, getting in on hidden gems early is often the secret to massive re...
READ MORE
default post thumbnail
News
54 minutes ago
Best Crypto Presale: Early Investments That Could Pay Off Big
Looking for the Best Crypto Presale? Last month, I stumbled upon Dawgz AI while researching token pr...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started