Recently, the advent of REX Shares’ staked Solana ETF has exerted a positive influence on the SOL price. However, the question arises whether the price can surge beyond $159 and initiate a fresh trend alignment. Last Wednesday, REX Shares unveiled the first US-staked cryptocurrency exchange-traded fund, providing investors an opportunity to gain direct exposure to Solana SOLUSD and yield earnings through staking. Although the price trajectory revealed potential in the past few days, the recovery lost steam on Tuesday. So, can the buyers lift the price beyond the top resistance in the coming days? Let’s delve into the charts to ascertain.
Moving onto Solana’s price prediction, the cryptocurrency recoiled from the 50-day simple moving average ($156) on Monday, demonstrating that the bears are strenuously guarding the level. On the flip side, the bulls are endeavoring to halt the pullback at the 20-day exponential moving average ($148). This implies purchasing on each minor dip. If the rebound persists, the chances of a surge above the 50-day SMA increase. The SOLUSDT pair might climb to $168 and potentially to $185.
However, sellers might have different plans. They’ll aim to drag the price down to the strong support at $140. Buyers are anticipated to guard the $140 level intensely, as a decline below it could pave the way for a drop to $126 and subsequently to $110.
The pair bounced off the 50-SMA on the 4-hour chart and ascended above the 20-EMA, indicating aggressive buying at lower price points. If the buyers can maintain the price above the 20-EMA, the pair might surge to $155 and then to $159. A break and closure above $159 would finalize an inverse head-and-shoulders pattern, with a target objective of $192. On the contrary, a break and closure below $144 suggests the bears are selling on every minor rally. The pair could then fall to the $140 to $137 support zone.
This article is not a source of investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.
