The Solana price has successfully held its value around the $150 mark with its intraday jump of 5.3% and a trading volume of $3.72 billion, a notable change of -3.51%. The SOL staking ETF has created a buzz in the crypto market as it has gained significant attention within a short time frame.
With this, top analysts and investors are actively discussing and sharing the updates about the latest staking ETF of the crypto-verse. Moreover, the first-ever Solana Staking ETF has surpassed the $20 million mark in trading volume within two hours of its inception. Further, Senior ETF analyst Eric Balchunas calls this trend a “really strong” start, as it has ranked in the top 1% of new ETF launches ever.
Solana Price Analysis Amid SOL Staking ETF Debut
As REX’s Solana Staking ETF debuts in the U.S. market, the Solana price is hovering close to its critical support zone of $140 in the daily time frame. Notably, it has been constantly trading between $140 and $158 since the month of June began. This shows a weak price action for the altcoin in the crypto market.
With a valuation of $81.80 billion, SOL has maintained its ranking as the sixth largest crypto and boasts a market dominance of 2.4102%. Whilst, the volume indicator shows increasing trading activity, reflecting elevating market interest.
The green volume bars near support levels like $145 and $152 signals rising buying pressure. Notably, volume spikes often signify major price moves or confirm breakouts at key resistance zones. Currently, the chart displays rising volume, suggesting constant interest from buyers.
The Solana price could retest its immediate resistance of $158 if the bulls continue gaining momentum. If the positive sentiment intensifies at that point, this may set a stage for it to head toward its key trendline of $180.
On the other hand, a bearish setback may result in it plunging toward its critical support zone of $140 or toward its crucial support trendline of $127 within a short time-frame.
Also Read: Ethereum Price Shows Bullish Signs, ETH Rally to $3000?
