Solana is slowly but surely grinding up, following the altcoin king ETH. ETH is already near its 2024 highs of $4000. If SOL were to be in the same position as ETH in terms of price, we should be around $250.
In technical terms, SOL is showing huge bullish strength at the $180 resistance. In the last attempt in breaking above this level, it faced multiple rejections and consolidated before ultimately backing down. This time, there is little to no resistance.
The REX-Osprey SOL staking ETF continues to garner inflows, having only one outflow day since the launch date 2nd July. That's nearly $100 million net inflows and 11 inflow days out of 12 trading days. Imagine the demand the spot SOL ETF by big players such as VanEck, Grayscale and Fidelity will have once approved.
BTC dominance is breaking below 60%. Capital is flowing from BTC into ETH, and once ETH hits $4000, a good amount will flow from ETH to SOL as people look for better potential gains.
In technical terms, SOL is showing huge bullish strength at the $180 resistance. In the last attempt in breaking above this level, it faced multiple rejections and consolidated before ultimately backing down. This time, there is little to no resistance.
The REX-Osprey SOL staking ETF continues to garner inflows, having only one outflow day since the launch date 2nd July. That's nearly $100 million net inflows and 11 inflow days out of 12 trading days. Imagine the demand the spot SOL ETF by big players such as VanEck, Grayscale and Fidelity will have once approved.
BTC dominance is breaking below 60%. Capital is flowing from BTC into ETH, and once ETH hits $4000, a good amount will flow from ETH to SOL as people look for better potential gains.
Trade active
SOL retesting $180 support, healthy pull back after a strong rally to $200
Note
Bullish pinbar printed, $250 this week?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.