This article covers Solana’s recent price surge and the factors influencing its growth, including potential ETF submissions by major investment firms.
Points
- Solana’s price increased by over 8%.
- The role of potential ETF submissions by Franklin Templeton.
- Technical analysis of Solana’s price movement.
- Market capitalization and resistance levels.
Solana Price Analysis
Solana （SOL） recently experienced a notable price surge, rising by more than 8.48% in the last 24 hours, maintaining levels above $175. This growth is partially attributed to investment management firm Franklin Templeton contemplating a Solana Exchange-Traded Fund （ETF）, following similar actions by VanEck and 21Shares.
Current Market Performance
As of now, Solana trades at $178, with a market capitalization of $83 billion. The asset has exhibited an upward trend, aligning with the performance of major cryptocurrencies like Bitcoin （BTC） and Ethereum （ETH）. SOL has traded above the resistance levels of $170 and $175 and surpassed the 50% Fibonacci retracement level.
Technical Indicators
Solana’s price currently sits above the 21-day and 9-day moving averages, indicating strong momentum. The Relative Strength Index （RSI） is at 59, suggesting Solana remains in the neutral range, not yet reaching overbought levels.
Future Outlook
Blockchain data analyst Ali Martinez forecasts a potential 900% surge in SOL’s value, possibly reaching $1,000. This optimistic projection is based on SOL’s recent performance and technical indicators.