Solana Price Surges 3.6% Weekly Amid ETF Launch and Bullish Outlook

Solana (SOL) has been consolidating between two key levels as the broader crypto market remains stagnant. Analysts are optimistic that the cryptocurrency is poised for a breakout, which could potentially lead to a retest of the $200 barrier. After recovering from a downtrend last month, Solana has been attempting to reclaim the crucial $160 level to sustain its bullish momentum. The cryptocurrency has traded within the $140-$180 range for two months but briefly fell out of this range in late June.

Two weeks ago, SOL dropped below the $130 mark, hitting a two-month low of $126 on June 22. Since then, the altcoin has shown signs of recovery, driven by the launch of a Solana staked crypto Exchange-Traded Fund (ETF) in the US. Following this news, Solana’s price surged towards the $160 resistance level but faced rejection, hovering between $145 and $155 for the past week. On Tuesday, SOL dipped below the $150 level, hitting $147 support before rebounding.

Analyst Ali Martinez highlighted that the $147.59 area is a critical support level for Solana. Losing this level could trigger a pullback to the next key zone around the $141 mark. Similarly, market watcher Man of Bitcoin emphasized that SOL’s key support to maintain is around $141.91, noting that a sustained break below this level could indicate the start of wave-C of (ii). The analyst previously warned of a potential scenario with one more low in wave-5 if the cryptocurrency fails to hold above the $148 mark. However, maintaining this support could build a base to target local highs.

Analyst Carl Runefelt from The Moon Show suggested that SOL is on the verge of breaking out of a triangle formation and testing the $162 resistance. As the price compresses between the upper and lower boundaries, the analyst indicated that a breakout is imminent. Solana has been forming a one-week symmetrical triangle pattern in the daily chart. If the cryptocurrency successfully breaks above the $152-$153 zone, it could see a 10.87% jump toward the technical target of $167.

The Cryptonomist noted that SOL broke out of a multi-day diagonal resistance on Sunday, which was retested and confirmed as support after bouncing around the $147 twice since the breakout. The analyst believes that the cryptocurrency is preparing for a continuation of its rally, targeting the one-week high and resistance of $160. Meanwhile, Crypto Jelle observed that despite the April downside deviation, Solana continues to trade within its $125-$180 Macro Range, currently hovering around the mid-range. He suggested that once Solana reclaims $160, $200 should follow quickly, with new all-time highs within reach.

As of the latest update, Solana is trading at $151.51, reflecting a 3.6% increase in the weekly timeframe. The overall sentiment among analysts is bullish, with many predicting that a breakout above the $160 level could trigger a significant rally for the cryptocurrency. The launch of the Solana staked crypto ETF has provided a boost to the cryptocurrency’s price, and analysts are closely monitoring key support and resistance levels to gauge the next move.