Solana (SOL) Price Rebounds Above $180 Level After Minor Correction

• At the time of writing, SOL is trading at $181.74, up 4.86% in the last 24 hours.
• If the price manages to go past $185 level, then it will likely test $203 resistance level.

Following the success of its spot Ethereum ETF, Franklin Templeton is now contemplating launching an ETF for Solana. On the first day of trading, spot Ethereum ETFs received $107 million.

According to a recent post, Franklin Templeton, who was among the first to provide a spot Bitcoin ETF in the U.S, is hopeful about the prospect of further cryptocurrency ETFs, such as a Solana product.

Coincident with the introduction of their second cryptocurrency ETF, the Franklin Ethereum ETF (EZET), Franklin Templeton made a comment about possible Solana ETFs. A potential Solana ETF has been rumored in light of this optimistic forecast. Members of the community speculate that, after VanEck and 21Shares, Franklin Templeton may submit an application for a Solana ETF.

Eyeing $200 Mark

Amidst the wild swings in the crypto market, Solana (SOL) made a sharp turn around and formed a bullish channel after retracing to $171 level. Prior to this current market action, SOL’s price was above the $180 barrier, suggesting a possible rally.

Currently, the price of Solana is above the 100-day Simple Moving Average (SMA) on the 4-hour chart. Moreover, the price has rebounded and has once again reached above $180 level. At the time of writing, SOL is trading at $181.74, up 4.86% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 14.41%. Notably, in the last 7 days the SOL price has surged a remarkable 15.70%.

If the price manages to go past $185 level, then it will likely climb further to test $203 resistance level. However, if the price falls below $171 level, then it will likely test $168 support level.