The price of Solana (SOL) has just turned around, rising more than 12% in the past 24 hours, surpassing the 200 USD mark for the first time since February, reflecting positive signals from investors and activity in the ecosystem.
The rise of SOL reflects the growing interest of investors, significantly improved liquidity, and many positive signals around the projects as well as the capital flowing into Solana.
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Solana's price rose over 12%, reaching above 200 USD – the highest level in many months.
Investment in the Solana fund has reached over 40 million USD, with total assets under management of nearly 1.8 billion USD.
Information about the Solana Spot ETF in the United States raises expectations, driving the price increase to continue.
Why has the price of Solana risen sharply today?
Market experts and CEOs of several cryptocurrency development funds evaluate that the rise of Solana is driven by the launch of the Block Assembly Marketplace – a platform promising to improve speed and fairness in transactions on the network.
At the same time, large institutions like DeFi Development Corp are continuously buying SOL in large quantities, showing increased confidence in the long-term potential of the project. Reports from Binance indicate that SOL's trading volume exceeds 12 billion USD per day, confirming its market appeal.
What factors are supporting the Solana fund and the Solana Spot ETF?
Data this week shows that capital flowing into SOL-based investment funds exceeds 40 million USD, raising total assets under management (AUM) to around 1.8 billion USD. This is a clear sign of interest and financial commitment to Solana.
The appearance of the VanEck Solana Spot ETF on the DTCC's site is seen as an important preparation step before being approved in the United States. This creates a wave of great expectations in the investment community.
Jane Doe, CEO of Crypto Investment Fund, June 2024
Information about the ETF is being actively monitored by the market, leading many traders to evaluate this as the next breakout opportunity for SOL's price.
How will the price of Solana develop in the near future?
Technical analysts say that if SOL holds steady above the 200 USD mark, the next resistance level will be 220 USD. However, there are warnings about the possibility of a slight correction, as technical indicators show the asset is in the overbought area.
"Solana needs to hold above 189 USD to continue the uptrend; surpassing this level will open up opportunities for a stronger breakout. There are not many obstacles on SOL's path in the short term."
Ali, Cryptocurrency Analyst, June 2024
On-chain data from Glassnode records over 8 million SOL being accumulated around the price of 190 USD. This proves that this area is both an accumulation zone and an important support level for the price.
Capital is shifting from Bitcoin to altcoins, helping Solana become one of the strongest rising cryptocurrencies currently.
Frequently asked questions about the price of Solana
How long can Solana maintain a price above 200 USD?
With large liquidity and strong investment capital flow, SOL has the potential to maintain above 200 USD in the short term if positive signals continue.
How does the Solana Spot ETF affect the price?
ETFs are seen as a highlight that boosts investor confidence, stimulates new capital flows, and promotes long-term price increases.
What is the important support level of SOL currently?
The area around 185-190 USD is recorded as a key support level according to on-chain data and technical analysis.
Is Solana a good choice for long-term investment?
Thanks to advanced technology and ecosystem development, Solana is evaluated by many large funds as a potential asset suitable for long-term investment.
What is different about this rise of Solana compared to previous times?
This time, institutional capital and the event almost confirming the ETF form a more solid foundation for the uptrend, rather than just being a temporary fluctuation.
Source: https://tintucbitcoin.com/solana-dat-200-usd-sol-tang-12/
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