The Solana coin recorded a notable surge in trading volume by 92% over 24 hours, alongside an 8% increase in price, bringing the coin's price to $156, outperforming its peers in the list of the top ten cryptocurrencies in terms of daily performance.
These gains come after a strong rebound from the coin's lowest price of $144 following a four-day decline from the peak of $168 recorded on June 11.
This rise reflects renewed investor interest, driven by news related to exchange-traded funds (ETFs) for Solana.
In this context, CoinShares has applied to launch a new ETF, becoming the eighth entity to join the race for instant Solana funds, alongside other notable players like Vaneck.
James Seyfart, an ETF analyst at Bloomberg, noted that the U.S. Securities and Exchange Commission is in contact with the issuers of Solana funds, requesting updates to the storage documents.
On the other hand, Hong Kong-listed company MemeStrategy announced its investment in the Solana ecosystem by purchasing 2,440 SOL units, becoming the first listed company in Hong Kong to take this step.
Technically, analysts are watching the $161 level as critical resistance, as it coincides with the 50-day simple moving average.
Breaking this barrier could push the price towards $173 (the 200-day moving average), with the possibility of reaching $180 or even $200 if the momentum continues.
Conversely, failure to surpass this resistance could bring the price back to support at $140, and breaking this level could open the door for deeper corrections that could extend to $100.
