Solana (SOL) Price Analysis: Bullish Signals Despite ETF Delay
The Solana (SOL) price chart indicates strong bullish potential, even as the U.S. Securities and Exchange Commission (SEC) postpones its decision on a Solana ETF. A narrowing trading range suggests an imminent breakout, with buyers actively participating during minor dips. This analysis highlights key levels and current market sentiment.
SEC Delays Decision on Solana ETF
Fidelity Investments has proposed a spot Solana ETF, but the SEC has called for public comments within 21 days. Bloomberg ETF analyst James Seyffart noted that the delay was anticipated but views the ongoing dialogue between regulators and issuers as a positive development.
Critical Price Levels to Monitor
- Resistance: A breakout above $159 could propel SOL toward $185.
- Support: A drop below $144 might result in a decline to $130.
Technical Patterns and Market Outlook
The SOL/USDT pair has formed a bearish descending triangle on the 4-hour chart. However, buyers are attempting to breach the downtrend line, which could negate this pattern.
“The market remains optimistic about Solana’s long-term prospects,” a crypto analyst remarked. “While ETF delays are not uncommon, SOL’s technical indicators remain robust.”
