Key takeaways
- SOL is trading at $197 after adding 2% to its value over the weekend.
- The coin could rally towards $250 soon as investors anticipate a spot ETF.
SOL approaches $200 as altcoins lead the market charge
The cryptocurrency market is having a positive start to the week following last week’s deep correction. Bitcoin is trading above $119k while Ether is targeting the $4k psychological mark.
Binance’s BNB has hit a new all-time high of $857, with XRP and Solana also recording healthy gains. SOL, the native coin of the Solana blockchain, is up by more than 2% in the last 24 hours and now trades close to $200.
The positive performance comes as investors anticipate a Solana spot ETF in the coming months. Bitget Wallet CMO Jamie Elkaleh stated that,
“ETF conversations around SOL are further amplifying interest. With a more crypto-friendly regulatory tone emerging in the U.S., sentiment around both XRP and SOL remains constructive.”
According to market analysts, fundamentals are finally starting to align with Solana’s market structure. Liquidity is improving, and institutional flows are growing. The addition of spot ETF products would boost SOL’s adoption and push the price to new highs.
SOL could hit $250 soon
The SOL/USD 4-hour chart is bullish and efficient, with the market structure shifting to the upside. This shift suggests that SOL could be preparing for another leg up in the coming hours or days.
The technical indicators are also bullish. The RSI of 62 shows that SOL is bullish and could head into the overbought region soon. The MACD lines crossed over into the positive region, suggesting that buyers are in control.
If SOL’s daily closes above $195, it could hit the minor resistance level at $207 over the next few hours. An extended rally would allow it to approach the FVG around $225k before rallying to $250 for the first time since January.
However, failure to close above the $195 region could result in a correction and push SOL lower to the $177 support level. If the bulls fail to hold this support level, SOL could dump further to the $157 low created on July 15.
