#solana #CryptoNews #etf #InvestSmart
The Solana SOLUSD cryptocurrency has experienced a period of sharp volatility, after rising more than 30% since the low on June 22, it returned to lose part of its gains despite positive news. The most notable of this news was the announcement of the launch of ETF funds specifically for Solana, which ignited investor enthusiasm, but the momentum did not last long.
A strong jump... then a slowdown
During the past weekend, Solana managed to break the downward trend line that had dominated its movement since May, signaling the beginning of an upward recovery wave. The unexpected announcement of a new ETF fund that also allows for staking options, through REX-Osprey, which adopted a clever legal structure to expedite its listing, reinforced these positive signals.
The market reaction was swift, as the price jumped to $163.9 (the highest level in 3 weeks), but profit-taking waves pressured it back to around $150. Despite the new funds recording a net inflow of $12 million and a trading volume of $33 million on their first day, concerns about rising U.S. interest rates and global political tensions limited the upward momentum.
Technical improvement despite challenges
From a technical analysis perspective, Solana has exited the downward channel and is currently holding strong support between $140 and $145, and it is likely to maintain its strength unless unexpected negative news appears.
However, there are still significant obstacles ahead:
The 100-day moving average is at $148.
The psychological barrier is at $150.
The 200-day moving average is at $165.
Exceeding these levels could open the door to the May peaks at $188 and then the symbolic barrier of $200. However, if support is broken, we may see a drop to levels of $137 and then $126, which are the lows from late June.
