Solana (SOL) Eyes a Potential Bullish Target

• Solana trades at $146, marking a brief spike of 2.67% over the last 24 hours.
• VanEck remains optimistic about its Solana ETF plans despite a regulatory filing setback.

Solana (SOL), the fifth-largest altcoin by market cap, has extended its minimal gains. After a 2.67% spike in the last 24 hours, SOL hit the $148 mark. Despite struggling to $150, the altcoin signals a brief bullish rally for the day surpassing its previous resistance levels. 

The token opened the trading day at the $143 level and eventually led to break the resistance at $145. During this timeframe, SOL climbed a high of $148.65. Amid this, SOL’s daily trading volume has increased by over 12%, standing at approximately $2.17 billion. At the time of writing, SOL was trading at $146.63, according to CMC data.

There is increasing anticipation regarding the entry of Solana spot exchange-traded fund (ETF) into the financial market. Asset manager VanEck’s effort to launch a SOL ETF is in progress, despite the recent alterations in its regulatory paperwork. 

On X, VanEck’s head of digital assets research, Matthew Sigel, confirmed that the ETF launch is on schedule, even with the recent removal of the 19b-4 filing from Cboe Global Markets’ regulatory filings. Meanwhile, the outflows of SOL exchange-traded products (ETPs) have risen negatively to the highest on record of $39 million last week, as per CoinShares report.
 

According to on-chain data, a massive whale has sold 20K SOL, worth approximately $2.9 million, within the last 24 hours. Moreover, it was found that the whale had sold 614K SOL, valued at around $89 million, since January 15. Over the past 24 hours, Solana has experienced a $7.17 million liquidation, as per Coinglass data. 

Will SOL Sustain at the Current Level?

SOL has shown a moderate price performance in the last seven days, with a 2.13% spike. At the beginning of the week, the altcoin were trading in the $145 range. In the following days, the token’s price fluctuated severely, climbing to a high of $151 and falling to a low of $137. 

If SOL manages to climb and break above the $150 level, then it will likely test the $161 resistance soon. However, if the price falls below the $142 mark, it is likely to test the $130 support level. 

SOL price chart (Source: TradingView)

Notably, the current price momentum of SOL triggered it to stay in the neutral market sentiment, as indicated by the RSI standing at 47.68. Besides, the current bearish trend is highlighted by the short-term 9-day MA standing below the long-term 21-day MA. 

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