- Solana witnessed a price rally that surpassed $190 in the last few days.
- ETF issuers have begun to submit their filings for a spot Solana ETF since the past month.
The overall crypto market witnessed a slight price dip of 3.28% in the last 24 hours. Leading cryptocurrencies, Bitcoin and Ethereum also showed price declines going back to previous trading levels. Notably, the second largest altcoin, Solana also incurred bearish movements after the upward movements.
According to CMC data, SOL exhibits a 5.53% price decline in the past day. This has caused the token to slide and find support at the $180 level. At the beginning of the day, Solana was trading at $191 having broken resistance at $185 and $190.
However, as the day progressed, contrary to market expectations the token sparked bearish candles. Meanwhile, Solana’s trading volume factored in a 16.64% increase in daily trading volume. At the time of writing, SOL was trading at $180.68.
Notably, the altcoin hit a new milestone on July 27 as it surpassed BNB in market cap. The token is currently the fourth-largest cryptocurrency in the market. During that time, SOL also witnessed a price rally which caused the token to break multiple resistance levels and surpass $190.
What Awaits Solana Price in the Coming Months?
Zooming out, over the past week SOL shows a 3.42% increase in market price, while its monthly performance shows a 28.78% hike. The token despite the brief price dip still stays on a bullish trajectory. Solana’s short-term 9-day MA stands above the long-term 21-day MA indicating the aforementioned upward trend as per TradingView reports.
Moreover, the token’s recent bull run has sustained investor interest as indicated by the RSI standing at 61.71 referring to a buying sentiment in the market. However, SOL has shown increased volatility over the past few weeks. This is highlighted by the token’s RVI standing at 58.92.
On the other hand, market analysts expect the token to witness price breakouts in the coming months. This is in accordance with market expectations for a spot Solana ETF following Ethereum. Notably, VanEck and 21Shares filed for the ETFs with the SEC in June.
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