Key point:
The launch of the REX Shares staked Solana ETF had a positive impact on SOL price, but trading above $159 would mark the start of a trend change.
REX Shares launched the first US staked-cryptocurrency exchange-traded fund on Wednesday, giving investors direct exposure to Solana
$153.56
and an opportunity to earn yield through staking.
Although the price action showed promise in the past few days, the recovery fizzled out on Tuesday. Could buyers push the price above the overhead resistance in the next few days? Let’s analyze the charts to find out.
Solana price prediction
Solana turned down from the 50-day simple moving average (SMA) ($156) on Monday, indicating that the bears are fiercely defending the level.
On the downside, the bulls are trying to arrest the pullback at the 20-day exponential moving average (EMA) ($148). This suggests buying on every minor dip. If the rebound sustains, the possibility of a break above the 50-day SMA increases. The SOL/USDT pair could ascend to $168 and eventually to $185.
Sellers are likely to have other plans. They will try to pull the price to the solid support at $140. Buyers are expected to defend the $140 level with all their might, because a break below it may open the doors for a fall to $126 and then to $110.
