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Solana (SOL) is currently up by more than three percent and is trading close to the $240 levels. The recent price increase comes after Grayscale Investments filed with the SEC to convert its Grayscale Solana Trust into a spot ETF. Other asset managers, like VanEck, 21Shares, Canary Capital, and Bitwise Asset Management, have also filed for spot Solana ETFs.
Key Resistance and Price Targets for Solana
Solana has recently completed a correction with an ABC structure, where the price has already dipped into the support zone. This correction seems to be nearing its end, with the potential for Solana to reverse and start moving upwards again. The current price structure suggests that wave five of the correction could be complete.
The next significant resistance level for Solana is around $246. If the price breaks through this level, the next major target will be $260. However, a breakout above $260 could push Solana towards its next resistance point at $313.
Short-Term Support Levels to Watch
If Solana faces a pullback, the initial support zone to watch is between $232 and $233. If the price breaks below this level, the next support areas to consider are $222 and $205. Should Solana break above $246, it will likely turn into new support, leading to a bullish continuation.
Impact of Bitcoin and Ethereum on Solana’s Price Movement
Solana’s price action tends to follow the market trends of Bitcoin and Ethereum. If Bitcoin and Ethereum experience a significant price movement, Solana is likely to mirror that trend. Therefore, monitoring the movements of these major cryptocurrencies will be crucial for predicting Solana’s next moves.
Conclusion
There’s a chance that Solana could form a bull flag pattern and break out. If it does, it could test higher levels, possibly around Christmas or early in the new year. With the upcoming changes in crypto regulation, there’s a good chance Solana could make a significant move, with some analysts predicting it could reach $300 or even $400.