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Solana continues its impressive price rally, surging an additional 7% and crossing the $47 mark. The recent surge in SOL’s price is fueled by the significant development of BlackRock filing for a spot Ethereum ETF.
Solana Price Rally
The massive Solana rally started before few weeks with the SOL price rallying more than 113% over the last month. The surge has enabled the altcoin to surpass the 15-month-old resistance level set at $46. Although the cryptocurrency is currently trading above this level, sustained momentum would be confirmed by a daily candlestick closure and subsequent testing of this price as a support level.
However, in the event of the rally reaching an unsustainable level and investors opting to secure profits, Solana’s price could face a potential downturn. Losing support at $46 might offer a chance for a rebound from $36, but if the price closes below this level, it could negate the bullish outlook, potentially leading SOL to $31.
Why the SOL Price Could Rally Above $50?
Popular crypto trader Jacob Canfield has explained why he expects the Solana price rally to continue going ahead. “I think that @Solana is going to continue to be one of the biggest movers during this current bull market cycle,” he said.
He further noted a few conditions as to why the Solana price rally can continue. Here are a few things he mentions.
SOL.D – Solana Dominance Even at the market’s peak, Solana dominance failed to surpass 3%.
SOLBTC – Currently undergoing a breakout from a weekly resistance level, signaling the potential for a parabolic rally.
SOLETH – Solana has recently breached a weekly resistance level, indicating the possibility of a parabolic rally against Ethereum.
ETH.D – Ethereum Dominance. Presently experiencing a breakdown from a long-term trendline and losing the 200-week moving average. Currently at 17%, if Solana continues its trend against Ethereum, and Ethereum drops to 2019-2020 levels, SOL could emerge as a significant winner in this market cycle.
SEC approves FTX Revival
The recent surge in Solana (SOL) price gained traction on Thursday, driven by a widespread bullish sentiment in the cryptocurrency market and optimism surrounding the potential revival of the bankrupt exchange FTX, an early investor in the token.
Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), commented on the FTX revival, emphasizing the importance of conducting the revival process within the bounds of the law. Over the past two weeks, FTX has been systematically selling all the unlocked SOL from its wallet. Despite this, the Solana rally has continued.
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