Solana Surges 6.48% as Crypto Market Rebounds on Regulatory Optimism

The cryptocurrency market concluded the week on a positive note, with Bitcoin and Solana leading the charge. Bitcoin experienced a notable rise, while Solana surged significantly, driven by a combination of technical indicators and regulatory optimism. The broader market rebound also contributed to the bullish sentiment, with altcoins across the board showing signs of recovery.

Solana's price action has been particularly impressive, with the cryptocurrency forming a bullish signal known as a falling wedge. This technical pattern suggests that Solana is poised for further gains in the coming days. The daily chart for Solana shows a strong rally, with the price surging to $124.80, marking a 6.48% gain in a single session. This rally has pushed Solana above its 20-day and 50-day simple moving averages (SMAs), which currently sit at $123.51 and $132.50, respectively. However, the 100-day and 200-day SMAs, at $171.47 and $181.77, still pose as longer-term resistance levels. If Solana can break through the 50-day SMA and sustain volume, it could target the $140–$150 zone next.

The hourly chart for Solana looks even more bullish, with the cryptocurrency breaking out cleanly above its 20-, 50-, 100-, and even 200-hour SMAs, now trading near $128.79. This alignment of short- and long-term moving averages below the price is a classic bullish setup. Momentum is clearly building, with consecutive green Heikin Ashi candles and rising volume. The recent hourly move from $114 to $129 wasn’t just a bounce—it was a momentum-driven breakout. If bulls maintain control, the next key psychological level to watch is $135, with room to test $145 if the ETF narrative intensifies.

The market's optimism is fueled by the appointment of Paul Atkins as the new SEC Chair, a known crypto-friendly figure. Atkins is expected to soften regulatory roadblocks that have historically hindered altcoin ETF approvals. Solana, often hailed as the "Ethereum alternative," now finds itself at the center of ETF speculation. The broader market is already pricing in this optimism, with altcoins bouncing across the board. Solana’s strong fundamentals and growing DeFi and NFT ecosystems make it one of the top ETF contenders. In this climate, even whispers of approval are enough to spark rallies—and that’s exactly what we’re seeing now.

However, the path forward for Solana won't be straightforward. Resistance is thick near $132 and again near $150, and a sudden drop in ETF enthusiasm or broader market weakness could pull SOL back toward the $110 support zone. Still, for now, the technicals and sentiment are aligned. Solana’s ETF story is gaining traction—and the price action is starting to reflect that narrative. If the bullish momentum continues and ETF speculation strengthens, Solana could soon push toward the $140–$150 range, with the potential to retest its 100-day SMA around $170 in a more aggressive rally.