Solana Targets $200 As Market Witnesses First SOL Futures ETF

Solana is trading at $133.55 and has increased 5.75% over the past 24 hours, with a high of $136.08 and a low of $132.81. With a market capitalization of nearly $68.12 billion, SOL is in the top 5 cryptocurrencies despite experiencing a 54% fall from its all-time high of $285.

The sentiment on SOL in the market is still positive as the token consolidates in a symmetrical triangle formation. Recent price action indicates that traders are paying close attention to the $134 level.

SOL Price Analysis

The 4-hour chart clearly indicates SOL has been creating a symmetrical triangle pattern since early March, which reflects a consolidation period after falling from well over $200. The present price action indicates SOL testing the upper edge of this triangle around $134, with volume diminishing as the pattern matures, indicating a forthcoming breakout decision.

Solana Price Chart

Major resistance points are set at $137.87 and $149.65 with near-term resistance at the top trendline. Intraday is at the lower trendline with further at $125.94 and more substantial at $113.16 in case of increased bear pressure.

The pivot points on the chart indicate SOL currently ranging between S1 ($125.94) and R1 ($137.87), with the key $134 level being a make-or-break decision point. The placement of pivot levels also suggests several resistance hurdles in front, with R3 at $162.58 being a key barrier to any extended rally.

The Stochastic RSI indicator is presently recording readings of 90.79/95.36, well into overbought levels. These readings are usually indicative of possible exhaustion in the prevailing trend, and they indicate SOL could face a pullback within the near future.

SOL Price Targets

If SOL crosses over the downtrend line at around $134-135, the initial target would be R1 at $137.87 and then R2 at $149.65. If the move over this level persists, it would target R3 at $162.58.

The triangle’s height of around $30-35 over the chart at the point of the breakout may provide a technical target of around $165-170 for an upward breakout or $100-105 for a downward breakdown.

Solana Futures ETFs To Enter Wall Street

Boosting the bullish pressure surrounding Solana, Florida-based Volatility Shares LLC will debut two ETFs tracking Solana futures on March 20. With its groundbreaking ETF, the altcoin-tracking Solana futures ETFs will come with an expense ratio of 0.95% and 1.85%.

The Volatility Shares Solana ETF (SOLZ) will track Solana futures, and the Volatility Shared 2x Solana futures (SOLT) will offer 2x leverage.

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Harsh Chauhan
Written by Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries, including his tenure at TheCryptoTimes, and has written extensively about Crypto, Blockchain, Web3, NFT, and AI. Harsh holds a Bachelor of Business istration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he holds the pulse of the rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced. With a deep understanding of market trends and emerging technologies, he strives to bridge the gap between complex blockchain concepts and mainstream audiences.