Solana Breaks Out — ETF Buzz Ignites Bullish Momentum
Solana price breaks above its declining trendline, suggesting an uptrend.
REX submits Solana staking ETF filings to the SEC, suggesting a launch.
Bullish technical outlook: SOL targets $184 resistance level and beyond.
After breaking above its falling trendline last week, Solana (SOL) trades at $151 on Monday, indicating an upward trend. REX Shares applies for a Solana staking ETF with the SEC, suggesting a launch shortly. Technical indicators point to a surge over $180.
Is Solana ETF imminent?
On Saturday, REX Shares announced that their REX-Osprey SOL and staking ETF would follow Solana and generate income via onchain staking.
On the same day, Bloomberg Senior ETF Analyst Eric Balchunas blogged on X.
Rex wrote to the US SEC wondering whether comments on their ‘40 Act Solana Staking ETF had been handled.
Balchunas wrote, “They're no doubt trying to get it to mkt ahead of the spot ones.”
He also showed an email picture proving REX Shares answered the SEC complaint.
“They appear ready to launch. Amazing, Balchunas said.
Solana price forecast: A declining trendline break
Solana price broke out and closed above the falling trendline (made by connecting successive highs from May 24) on Saturday and surged to $151.48 above its 50-day EMA the following day. On Monday, it was near $151.48, the 50-day EMA.
SOL might reach $160, its daily resistance level, if it keeps rising. A closure above this level might extend advances to $184.13, its next daily barrier.
The daily chart's RSI is 52, above its neutral level of 50, suggesting bullish momentum. On Saturday, the daily chart's Moving Average Convergence Divergence (MACD) crossed bullishly, signaling a purchase and an upward trend.
If SOL corrects, it might fall below $141.41, its next support level.
