Solana Bulls Charge: $140 Next After ETF Lifts SOL Above $135?
Solana (SOL) has seen a significant surge over the last 24 hours, surging 6% to reach $135, according to data from CoinMarketCap.
This price rally comes as optimism builds around the upcoming launch of a Solana futures ETF by Volatility Shares, which is set to debut on Thursday.
As a result, investor interest has spiked, with daily trading volumes soaring by 74.71% to over $3.63 billion.
Crypto analyst Ali Martinez pointed out on X that Solana’s futures Open Interest has climbed to $2.7 billion, levels not witnessed since October 2024.
This resurgence in the derivatives market highlights increasing participation from both traders and investors.
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Insights from Glassnode reveal crucial price levels where Solana’s supply is concentrated. A significant support zone lies at $112.10, where a substantial 9.7 million SOL (1.67% of the total supply) is held. Notably, this level already contained 4 million SOL back on January 19th, indicating that long-term investors have been accumulating more at this price point.
Below this, the $94, $97, and $100 levels collectively hold nearly 21 million SOL (3.5% of supply), making them critical for preventing further downside.
However, Glassnode cautions that if these levels were to break, the downside risk could increase sharply, as there’s relatively little trading volume in the range between $94 and $56.
On the upside, recent price action has led to notable accumulation at $123 (16.2 million SOL, 2.7%) and $126 (19 million SOL, 3.2%). This demand could act as a cushion against further declines.
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However, Glassnode highlights significant resistance at the current $135 level, where a considerable 26.6 million SOL is concentrated, and further up at $144, which holds an even larger 27 million SOL—nearly 5% of the total supply. Interestingly, the $144 level already held 20.6 million SOL on January 19th.
Analyzing the technical indicators, the Relative Strength Index (RSI) is currently at 45, placing SOL in the neutral to bullish territory, which suggests a potential for a price rebound. The Bollinger Bands (BB) indicate that price volatility is narrowing, often a precursor to an impending breakout.
Additionally, the 20-day Exponential Moving Average (EMA) is currently at $137.37. For Solana to gain further upward momentum, it will need to reclaim this level. Until then, the 20-day EMA presents a significant resistance point for the SOL token.
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