Solana (SOL) Price Surges as Staked ETF Hits $100M Milestone
Solana (SOL) has experienced a notable price increase, reaching its highest level since February. This surge is supported by technical indicators and the growing popularity of staked SOL ETFs.
Solana's 'Golden Cross' Signals Potential Growth
Solana's price has made a strong recovery, increasing from $95 in April to $204. The price action recently turned the $186.90 resistance level into support, which is a bullish sign.
A 'golden cross' pattern is forming, where the 50-day moving average crosses above the 200-day moving average. This pattern often precedes significant price increases. The last time this occurred in October 2023, Solana's price jumped from $25 to nearly $300 by January.
The Relative Strength Index (RSI) is at 82, indicating strong buying momentum, and the Percentage Price Oscillator (PPO) has crossed the zero line, further supporting the bullish outlook.
If the upward trend continues, the next target for Solana is $294, its January high, representing a 43% increase. However, a drop below the golden cross point at $160 would invalidate this bullish forecast.
Staked SOL ETF Achieves $100 Million Milestone
The rise in Solana's price is also driven by increasing optimism in the altcoin market. The recent launch and growing assets of the Rex Staked Solana ETF have boosted investor confidence. The ETF's assets have surpassed $100 million, reaching $107 million in just three months.
This milestone indicates growing interest from Wall Street investors in altcoin ETFs. Polymarket data suggests a near 100% likelihood of the SEC approving a spot SOL ETF.
Solana's on-chain metrics are also strong, with a 6.3% increase in stablecoin supply over the last 30 days, reaching over $11 billion. Active addresses have increased by 85% to over 3.7 million, and adjusted transaction volume has surged by 60% to $132 billion.
Summary
Solana's price is currently in a strong uptrend, supported by a 'golden cross' pattern and the increasing popularity of staked SOL ETFs. The invalidation of a double-top pattern and strong momentum suggest further gains are likely.
Key Takeaways:
- Technical Pattern: A 'golden cross' indicates a potential bullish trend.
- ETF Growth: Staked Solana ETF hitting $100 million shows growing investor interest.
- On-Chain Metrics: Strong growth in stablecoin supply, active addresses, and transaction volume.