Solana ETF Delay and Price Prediction
Key Point: Fidelity Investments’ proposed spot Solana (SOL) exchange-traded fund has been delayed. The US Securities and Exchange Commission (SEC) has asked for public comments inside 21 days and rebuttals inside 35 days.
Bloomberg ETF analyst James Seyffart mentioned on X that this delay was expected. He also noted that interactions between the SEC and issuers/exchanges ought to be viewed positively.
Could Solana rise above its overhead resistance in anticipation of a possible approval down the road? Let’s analyze the charts to seek out out.
SOL Price Prediction
Daily Chart Analysis
Solana turned down from the 50-day easy moving average ($154) on Monday, indicating that the bears are fiercely defending the extent.
A positive sign for the bulls is that they’ve not allowed the value to dip and sustain below the 20-day exponential moving average ($149). The trading range is narrowing, signaling a possible breakout inside the following few days.
If the value surges above $159, the momentum could pick up, and the SOL/USDT pair could rally to $168 and eventually to $185.
On the contrary, if the value turns down and breaks below $144, it suggests the bulls have given up. That may pull the value right down to $137 and later to $130.
4-Hour Chart Analysis
The pair has formed a bearish descending triangle pattern on the 4-hour chart, which is able to complete on a break and shut below $144. That may start a downward move to $137 after which to the pattern goal of $129.
Buyers are attempting to push the value above the downtrend line, invalidating the bearish setup. If they manage to do this, the pair may climb to $159. This is a vital level to look at out for because a detailed above $159 will complete an inverse head-and-shoulders pattern, which has a goal objective of $192.
This article doesn’t contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their very own research when making a choice.
Image Credit: cointelegraph.com
