Solana Backed From Demand Zone: Can SOL Surpass The $150 Mark?

• 1 Solana coin price showcased a gigantic rise, it could reclaim the $150 mark.
• 2 The chart structure revealed that buyers have grabbed the momentum.

Fueled by the upcoming expectation of SOL ETF, Solana coin (SOL) exhibited a weekly spike of over 12% and is heading toward the $150 mark.  

SOL has supported the demand zone multiple times and is ready to breach the lower trendline hurdle of $160 shortly.

Amid the formation of lower tops and lower bottom swings, a significant recovery is imminent. Once the Solana coin decisively cracks the $150 mark, the rally could be extended toward the $160 mark.

Amidst the price retracement of over 20% last month, Solana is on the verge of registering a sharp move and crossing the 100-day EMA.

At press time, the SOL was trading at $145.10 with an intraday surge of 5.36%, reflecting bullish momentum. It has a monthly return ratio of -13.20% and 809.10% yearly, reflecting short-term consolidation.

The pair of SOL/BTC is at 0.00236 BTC, and the market cap is $67.14 Billion. Analysts are neutral and suggest that SOL may break out of the trendline and cross the mark of $160.

Is Solana Ready For a Big Up Move Ahead?

Per the daily chart setup of the Solana coin, it reverted from the bottom mark of $120, bounced, and highlighted the buying momentum.

The trend is neutral, and buyers have to cross the primary hurdle of $160 to revive their strength. Meanwhile, the sellers are still looking to secure the $150 mark.

Source: Santiment

Trading volume spiked over 120% to $3.15 Billion, and the market cap rose over 2%. Notably, the coin was ranked at 5, with a total supply value of 579.08 million. 

The RSI displayed a bullish divergence and spiked to the midline region, reflecting a positive outlook.

Weighted Sentiment and Price Volatility Curve Witnessed Massive Surge

Following the price rise of over 5%, the price volatility curve revealed a massive surge of over 180% to 0.031.

Source: Santiment

Likewise, the weighted sentiment data soared over 325% to the 5.389 mark, indicating that investors are speculating.

Surge in Popularity

The Social Dominance curve revealed a positive outlook and spiked over 22% to 5.9%, highlighting the increase in user activity on social media platforms.

Source: Santiment

Similarly, on X, a sharp rebound in its data was witnessed; the value soared over 13% to 3932. A tweet by @DEGEN NEWS mentioned that the upcoming SOL ETF might fuel SOL price by 8-9% ahead.

NEW: MARKET-MAKER @GSR_io ESTIMATES THAT A SPOT $SOL ETF MAY INCREASE $SOL PRICE BY AS MUCH AS 8.9X OR MORE pic.twitter.com/6BmKstZzlz

— DEGEN NEWS (@DegenerateNews) June 27, 2024

Source: X

Per the Fibonacci retracement levels, the coin flipped from the 23.6% zone and is close to the 38.2% level. Until the $165 level is not crossed, SOL will plot lower low swings.

The immediate support levels for SOL are $1400 and $1300, whereas the key upside hurdle is around $152, followed by $165.

A Synopsis of the SOL Coin Price Trend 

SOL coin price regained bullish momentum and is eyeing to cross the $150 mark. Fueled by the upcoming ETF launch, whales bought the dip and made long positions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.