The launch of the new Solana is imminent. Solana has been struggling to get out from $145. SOL ETF in Brazil The product could lead to a recovery. Specifically, traders have anticipated a $160 target amid the product’s arrival. This token is on the decline since the August crash.
SOL’s price plummeted to just $110 due to the flash crash which affected much of the industry. It also plummeted following a period of strong performance. At the end of June, Solana The price of gold reached a high of $193. This was the highest price since April.
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Solana at $145: Will the debut of SOL ETF change that?
Solana is the focus of attention as we approach 2024’s midpoint. The asset has clearly established itself in crypto’s top three. This has put some pressure on the price of its potential. The token’s price has been struggling to recover from the market crash of August 5.
After the crash, the token rose to $163. But that hasn’t been the case since. According to Investopedia, the asset currently trades at $146 and has lost more than 4% over the past 30 days. CoinMarketCap.
The Solana struggle could end with the launch of the Brazil SOL ETF, which could see the asset once more aiming for the $160 mark. The investment product’s arrival presents two distinct paths that SOL can travel.
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SOL’s options will depend on if the low of August is actually the lowest it can fall this year. It becomes extremely difficult to reverse a downward trend if the SOL continues below $130. The rebound is invalidated as the price would not fall within the Fibonacci Retracement Level of 0.618.
If the price can stay above $130 then a significant upward trend could occur. Price was not able to begin a bullish phase following August 5. A subwave also developed amid recent problems.
If a reverse occurs, the horizontal resistance would move to $160. It would be a sign of a future increase to the price at $200 or even higher. SOL is therefore set up for its best year ever.
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Source: watcher.guru
