Solana hit $160 after ETF news, liquidating $9M in shorts and breaking key resistance at $153.47 and $155.83.
RSI levels above 84 confirm strong overbought conditions, signaling aggressive buyer momentum in the short term.
ETF experts raised Solana, XRP, and Litecoin approval odds to 95%, boosting overall altcoin market sentiment.
Solana (SOL) surged sharply to $160 on Tuesday following a major ETF breakthrough. The spike came after REXShares’ CEO confirmed the launch of the first Solana staked ETF, set to begin trading on Wednesday. Within just one hour, the market liquidated nearly $9 million in short positions.
Consequently, this sharp rally fueled bullish momentum on the Binance SOLUSDT perpetual contract. Prices soared from $149.36 to $160.00, marking a strong 4.44% gain for the session. At press time, Solana trades around $157.34, with the mark price nearly identical at $157.32, reflecting strong derivatives market precision.
Technical Breakout and Momentum Surge
The hourly chart reveals a powerful bullish breakout. Buyers gained control with a large green candle, breaking resistance at $153.47 and $155.83. Before this breakout, the price had consolidated between $149.30 and $153.47. However, this range-bound structure shattered as the ETF news triggered high-volume buying. The breakout candle posted the session’s largest volume spike, exceeding 8.64 million.
Besides, volume indicators suggest deep liquidity and market participation. The 24-hour SOL volume hit 26.51 million, while USDT volume was up to 4.06 billion. Moving averages also confirm the momentum. MA(5) rose to 2.53 million, while MA(10) climbed to 1.59 million, indicating increased volume strength over time.
Additionally, RSI readings confirm overbought conditions, signaling heightened buying interest. RSI(6) printed 84.72, while RSI(12) and RSI(24) sit at 76.67 and 69.58, respectively. Hence, buyer strength currently dominates short and mid-term price action.
ETF Hype Fuels Broader Market Optimism
Moreover, ETF analysts forecast a broader wave of approvals. Bloomberg experts Eric Balchunas and James Seyffart increased their Solana, XRP, and Litecoin ETF approval odds from 90% to 95%. Significantly, a crypto basket ETF could also gain the SEC’s nod this week. The final decisions for Solana, XRP, and Litecoin are expected by the month of October.
However, altcoins like Dogecoin, Cardano, Polkadot, and Avalanche face Q4 review dates. Approval chances for these remain high at 90%. ETFs for Sui and Tron trail behind with 60% and 50% odds, respectively. Solana's ETF milestone triggered a technical breakout and high optimism. If momentum holds, traders will eye a confirmed close above $160 for continued upside.
The post Solana Explodes Past $160 After Staked ETF News Sparks $9M Short Liquidation appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
