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The Solana value plunged 2.6% within the final 24 hours to commerce at $171 as of 12 p.m. EST on a 43% pump in buying and selling quantity to $4.39 billion.
This stoop within the SOL value comes regardless of Franklin Templeton submitting an S-1 prospectus with the SEC for a Solana ETF (exchange-traded fund).
The transfer underscores a broader pattern the place main asset managers, together with Grayscale, Bitwise, and VanEck, search regulatory approval for Solana-based funding merchandise as institutional adoption grows.
🚨BREAKING: Franklin Templeton, a $1.46T asset supervisor, has formally filed an S-1 with the SEC for a spot Solana $SOL ETF. pic.twitter.com/qTY8YC6DuA
— SolanaFloor (@SolanaFloor) February 21, 2025
This growing demand highlights rising confidence in Solana’s market potential and a shift towards diversifying crypto choices past Bitcoin.
BitBull Capital CEO Joe DiPasquale emphasised that asset managers develop their funding merchandise as regulatory situations grow to be extra beneficial.
Solana Worth Assessments Key Help At $170 Amid Bearish Channel And Potential Reversal
The SOL/USDT chart reveals an attention-grabbing setup, exhibiting bearish and bullish alerts. At the moment, the worth is buying and selling at $170.83, with a day by day vary of $168.07 – $172.76, reflecting a 1.12% achieve.
Probably the most notable sample on the chart is a bearish channel that has dominated value motion since SOL peaked at practically $280. Nevertheless, the worth is now testing a robust assist degree round $170, which coincides with a double backside formation, signaling a possible reversal.
SOLUSDT Evaluation Supply: Tradingview
A parabolic curve shaped between November and December led to a robust rally, however this was adopted by a corrective part, the place SOL has been buying and selling inside a bearish channel. If the worth efficiently holds the $170 assist and breaks out of the channel, it might set off a robust uptrend.
Key resistance ranges to look at embrace $208.08 (a major earlier excessive) and $266.34, which aligns with the LuxAlgo trendline break. A profitable breakout above these ranges might push SOL again towards $280.
From a momentum perspective, the Relative Power Index (RSI) at present sits at 34.75, with the sign line at 37.96. This implies that SOL is approaching oversold situations, growing the probability of a reversal.
If the worth breaks above $175 – $180, this might affirm a bullish breakout, with value targets set at $208, $266, and $280. On the draw back, failure to carry $170 might see SOL retesting decrease assist zones round $150 – $130.
The market is at a crucial turning level, with SOL exhibiting potential for a robust upward transfer if it breaks the bearish construction. Merchants ought to look ahead to affirmation above $180 earlier than coming into lengthy positions, whereas a stop-loss beneath $165 would assist handle draw back danger. If the double backside sample holds, this might start a brand new bullish part for SOL.
Buyers Flock To Purchase Solana Layer 2 Hurtling Towards $23 Million
Because the Solana value falls, traders are dashing to seize Solaxy (SOLX), a Layer 2 Solana resolution that has already raised $22.9 million in its presale.
With meme coin buying and selling surging on Solana’s Pump.enjoyable, it’s going through growing congestion and potential outages, particularly after buying and selling surged following the launches of TRUMP and MELANIA meme cash.
You will begin feeling the vibes whenever you enter Solaxy 🪐🛸 pic.twitter.com/jORMaqOjs2
— SOLAXY Assist Workforce 𝕏 (@SOLAXYTOKEN_HT) February 16, 2025
Solaxy is designed to ease congestion and enhance transaction speeds on the blockchain.
It introduces a Layer 2 sidechain that processes transactions off-chain earlier than bundling and submitting them to Solana’s Layer 1 for processing.
This method reduces congestion, lowers transaction charges, and improves total effectivity.
An analyst from 99Bitcoins, with over 725k subscribers, predicts that SOLX might 10x post-launch.
Buyers may also earn staking rewards of as much as 179% yearly, with over 6.2 billion $SOLX tokens already staked.
At the moment, $SOLX is priced at simply $0.001642 and may be bought utilizing ETH, USDT, BNB, or SOL.
Purchase earlier than a value hike in lower than 10 hours to lock in the perfect deal.
Be taught extra about Solaxy right here.
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