Sign Up on MEXCWhy Is Solana Price Up 6% Today?
Highlights
- Solana price shows signs of revival after 50% correction from November 2024.
- The recent SOL breakout from a converging triangle pattern suggests a potential upside target of $150-$180.
- Volatility Shares LLC is set to launch the first-ever Solana Futures ETFs, trading under the tickers SOLZ and SOLT.
Solana price has gained by a strong 6% in the last 24 hours moving to $135 amid the optimism surrounding the launch of futures Solana ETF by Volatility Shares on Thursday. As a result, traders have charged in with daily trading volumes for SOL surging by 61% to more than $3.57 billion.
Solana Price Action Draws Trader Interest, Is Bottom In?
Today’s Solana price action happens along with significant trader interest in the altcoin. Popular crypto analyst Ali Martinez pointed out that the Solana futures open interest has shot up to $2.7 billion, the levels last seen in October 2024. This shows a renewed interest in the Solana derivatives market while signaling growing participation from investors and traders alike.
After hitting the highs of around $270 in November 2024, the Solana price corrected more than 50% from the top in just the last four months. However, market analysts believe that SOL is showing signs of a bottom formation, and could reverse its trajectory from here onwards.
As shown in the below image, the Solana price has broken out of the converging triangle pattern. As a result, the immediate target on the upside could be in the range of $150-$180. Once the bulls successfully cross this range, we can see another leg of the rally to %260 and beyond.
Tuesday’s FOMC meeting saw the Federal Reserve keeping interest rates unchanged at 4.5%, which is the expected line. Bitcoin and the broader crypto market took this as a positive indicator with investors showing strength. The current SOL price prediction by analysts suggests that the bullish sentiment is once again picking up with the hope of an altcoin market revival.
Solana ETFs Go Live Today
In a major development for the crypto community, Florida-based investment giant Volatility Shares will bring the first-ever futures Solana ETFs to the US market. This marks the stepping stone for getting the spot ETF products into the market in the future. This is the same trajectory that was followed to bring spot Bitcoin ETF and spot Solana ETF to the market.
Volatility Shares LLC will introduce two Solana Futures ETFs with tickers – SOLZ and SOLT. Here, the standard Solana ETF (SOLZ) will directly track Solana futures, while the leveraged Solana ETF (SOLT) will provide investors with double the exposure to Solana price movements.
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