SOL Eyes $240 Amid ETF Surge & Treasury Boost
Solana (SOL) is showing bullish signs as staking ETF inflows surge and key players increase their holdings. Here's a breakdown of recent developments and potential price targets.
SOL Treasury Swells
DeFi Development Corp, a Nasdaq-listed company, announced it acquired 141,383 SOL between July 14 and July 20, bringing its total treasury to 999,999 SOL. The company has $5 million available for future SOL purchases, indicating strong confidence in Solana's potential.
Staking ETF Gains Momentum
REX-Osprey's SOL staking exchange-traded fund (ETF), SSK, has surpassed $100 million in assets under management just 12 trading days after its launch on July 2. This rapid growth highlights increasing investor interest in SOL staking products.
SOL Price Prediction: Chart Analysis
SOL reached the $209 resistance level, where bears are presenting strong resistance. Key support and resistance levels to watch:
- Support: $185. A strong bounce from this level would indicate bullish momentum.
- Upside Target: A break above $209 could propel SOL toward $240, with potential resistance at $220.
A failure to hold above the 20-day exponential moving average (EMA) at $172 could invalidate the near-term bullish outlook.
Short-Term Analysis
A pullback has dipped below the 20-EMA on the 4-hour chart, suggesting short-term profit-taking. Key levels:
- Next Support: $185. A rebound here could lead to a retest of $209.
- Deeper Correction: A break below the 50-simple moving average could signal a correction toward $170.
Disclaimer: This is not investment advice. Trading involves risk; conduct your own research before making decisions.