In a win for the crypto space, the SEC official dropped its lawsuit against Ripple. While the Fed Chair’s comment had lifted the markets above the bearish influence, the win bolstered the upswing. In the meantime, the launch of a new ETF is expected to circulate bullish waves across the markets. This suggests a potential end to the ongoing bearish influence over the crypto markets. After Bitcoin and Ethereum, Solana ETFs are set to launch in the US tomorrow. With this, the SOL price rally could take off soon.
Florida-based Volatility Shares LLC is launching a pair of funds tracking Solana futures. The Volatility Shares Solana ETF (SOLZ) will track Solana futures, while the Volatility Shares 2X Solana ETF (SOLT) will offer twice the leveraged exposure. With this, crypto veterans and market participants have turned bullish on Solana, which is testing resistance at $133.
Now, the question arises as to whether the price will manage to breach the crucial resistance zone that has been providing strong support since March 2024?
The SOL price remains under the bearish influence after breaking down the rising parallel channel in the weekly timeframe. In the short term, the price is trying to break the resistance that has been a strong barrier since the start of the month. This has formed a double-bottom pattern or the w-shaped pattern, which results in a strong upswing if the price breaks the neckline.
The RSI is forming consecutive higher highs and lows, suggesting the growing strength of the bulls. Hence, a rise above the resistance may elevate the levels to $150, while a rise above $160 validates a momental shift. With this, one can expect the SOL price to reach $200. Until then, the token may continue to consolidate below the pivotal range.
