Solana's Value Surpasses $209 - Could ETF Optimism Propel SOL towards $233?
Solana, the fast-growing blockchain platform, has seen a significant surge in its price over the past 24 hours, with a 3.48% increase. As of today, the current price of Solana (SOL) stands at $209, or Rp 3,332,529.
The recent price rise has seen Solana break through two key technical indicators. It has surpassed the 7-day Simple Moving Average (SMA) at $204.69 and the 30-day Exponential Moving Average (EMA) at $192.23.
However, the Fibonacci resistance at $204.52 could temporarily hold back the bulls. A close above this level could pave the way for SOL to reach its next significant resistance at $233.19. If this level is breached, the all-time high for Solana at $294.33 may be within reach.
Price support for Solana lies near the lower Bollinger band at $195 and $176.69. Deeper protection for Solana's price support is at $146.52 if the general market sentiment weakens.
The growth in Solana's Total Value Locked (TVL) shows that more and more capital is entering the DeFi Solana ecosystem. Over the past two years, several DeFi projects have developed in the Solana ecosystem, resulting in Solana's TVL nearly tripling to about $12.3 billion. This growth has been driven by increased investor interest, stablecoin expansion (notably USDT on Tron), and institutional demand.
The trading volume of Solana stands at Rp 84,42 trillion. The recent surge in price and TVL could be attributed to the Alpenglow update, which was approved by Solana validators with 99% support. This update aims to cut transaction finalization time to 150 milliseconds, making Solana even more attractive for developers and users.
Analysts estimate the likelihood of approval of Solana spot ETFs in the US to reach 95% by October 2025. If approved, this could attract institutional fund flows similar to the Bitcoin ETF, potentially driving Solana's price to new heights.
It's important to note that trading crypto carries high risk and volatility. Always do your own research and use cold hard cash before investing in crypto.
As Solana continues to grow and innovate, it remains a promising investment for those who are willing to take on the risks associated with the crypto market. Keep an eye on Solana as it continues to make waves in the blockchain industry.
