Why Did Solana Price Increase 10% Today?

Bittime - Solana price rose more than 10%, breaking through $142 resistance and trading at $145. If it breaks $152, the price could reach $162 or $175. Decentralization and market demand make Solana a strong candidate for an ETF, according to GSR.

Solana Price Rises 10%

Solana price rises more than 10% on ETF speculation; price broke the $142 resistance and is now trading at $145 above this level and the 100 hourly moving average. The bullish trend line at $142 also provides support, indicating that any correction would likely find support between $140 and $142.

Solana Successfully Breaks Major Resistance Level

Solana rose after forming a base above $125 and clearing hurdles at $135 and $140, beating Bitcoin and Ethereum. The price has reached a high of $150.93, and is currently consolidating near the 23.6% Fib retracement level of the upward move from $135 to $151. A bullish trend line close to the 50% Fib retracement level of $142 offers additional support.

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Solana Resistance Levels and Future Projections

If Solana continues to move upwards, it may face resistance between $150 and $152. A successful close above $152 could trigger a rally to $162 and even $175. However, failure to break $152 could lead to a decline, with initial support around $145 and major support around $142 and the trend line.

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Solana and ETF Market Outlook

GSR, a leading crypto market maker, predicts that Solana is ready to make a breakthrough, although Cardano and Ripple may not get ETF approval soon. GSR's analysis considers decentralization and market demand, both of which favor Solana.

The blockchain's progress towards decentralization, demonstrated by the introduction of the Firedancer client, and strong market performance make it a strong candidate for an ETF.

Conclusion

Solana prices are more than 10%. It broke the $142 resistance and is trading at $145. If it manages to break $152, the price could rise to $162 or $175. However, if it fails, support is at $145 and $142. Due to increasing decentralization and strong market demand, GSR estimates Solana as a strong competitor for ETFs.

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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.