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Solana's trading volume has increased by 92% in the last 24 hours, along with a significant 8% price increase, raising the prospect of a bigger breakout.
According to CoinMarketCap data, Solana's trading volume surged over 92% in the last 24 hours to $4.69 billion.
Following a four-day slide from a high of $168 on June 11, Solana rebounded sharply in Sunday's session from lows of $144. The rally continued in the early Monday session, with SOL now up 8% in the last 24 hours to $156, outperforming the top 10 in daily gains.
The recent outperformance follows the ETF optimism surrounding Solana, with CoinShares submitting an S-1 filing to launch a Solana ETF.
In the past week, Bloomberg ETF analyst James Seyffart reacted to reports that the SEC had reached out to issuers, requiring them to submit updated documents for their Solana ETFs, including staking.
Along these lines, seven potential Solana ETF issuers, including Vaneck, have submitted S-1 filings. With its latest S-1 filing, CoinShares becomes the eighth issuer to jump into the Solana spot ETF race.
In positive news, MemeStrategy, a publicly listed company on the Hong Kong Stock Exchange, has acquired 2,440 SOL, becoming the first Hong Kong-listed firm to invest in the Solana ecosystem.
What's next?
Analysts are keeping a close eye on the $161 level, which coincides with the daily SMA 50 and above, and if breached, could signal further upside.
A strong breakthrough might pave the way for a move toward the daily SMA 200 at $173 before moving on to the $180 or possibly $200 levels, which have not been seen in months.
However, if the recovery stalls and fails to break above resistance, SOL may pull back to retest support near $140. Any dip below this level could lead to deeper corrections.
According to Ali, a crypto market analyst, a loss of support at the $140 level might trigger a drop to $100.
U.Today Editorial Team
Vladislav Sopov