Solana is really generating a lot of excitement, given the rumors about its ETF getting approved soon.
Right now, it’s leading the race alongside XRP in the ETF applications. That is good news because approval would mean more inflows of capital and investors to Solana.
Moreover, the blockchain itself has been performing well with higher users of Solana over other Ethereum-based DEXs and trading platforms.
With this excitement, Solana’s price could have the potential to rally up to $160 soon instead of going down.
Moreover, the price has been recovering as it gained 2% of its value over the last 24 hours. The trading volume surged by 9% to $2.8 billion, with its market cap recording a 2.6% surge to $58 billion.
Looking at Solana’s weekly chart, things don’t look too promising either. The price has taped a key support level of $114 and bounced off it. The price is currently at $134.
Additionally, the Relative Strength Index (RSI) is rallying up after tapping the support level, which means the bulls are in control. If the price keeps up this momentum, it could reach $160 before monday.
However, there’s a resistance level at the same $160 target. If the price wants to continue in an uptrend, it would need to break this level. However, if it doesn’t, the price could retrace and drop down to $100 or more
