Solana (SOL), currently trading as the fifth largest cryptocurrency, has formed a unique price trend on the daily chart. Namely, Solana created great resistance despite the drop in trading volume.
Solana’s current price trend comes amid heightened debate over a potential exchange-traded fund (ETF) launch.
Salt price and metrics on the chain
The price of Solana is benefiting greatly from the ongoing growth in the broader crypto market. The top altcoin consolidated its leading position with a jump of 5.10% in the last 24 hours, fixing its price at $217.38.
Solana’s ability to break and hold above the key $215 resistance level was key to his recovery trajectory. SOL has breached its 50 SMA, indicating a return to bullish sentiment.
SOL’s weekly performance has added a bullish outlook for prices, with the price up 19.2% in the last 7 days. However, the monthly performance is gradually reducing the losses incurred at the end of December as prices are still lower by 3.6% in this period.
Meanwhile, another key indicator shows subdued sentiment among traders.
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Data in the chain show pessimistic customer sentiment marked by a 7.5% drop in trading volume to $3.9 billion. However, Solana bulls have entered “Greed” territory, indicating more capital inflows in the next few days.
Solana ETF odds and current memecoin sentiment booster
Solana’s strong recovery comes amid increased expectations for Solana’s ETF products.
The stakes are as high as ever for the launch of the SOL ETF in 2025. Crypto market participants are pushing for the Solana ETF this year.
This optimism is based on the change in the US administration, especially the reforms coming to the Securities and Exchange Commission (SEC).
In December 2024, the SEC planned to reject Solana’s ETF filing, allegedly because of its potential security status. With SEC Chairman Gary Gensler likely to step down later this month, community members are optimistic about the launch of the Solana ETF later this year.
The growth of memecoins built on the Solana blockchain has also helped boost the price of SOL.
The memecoin market rebounded sharply as Bitcoin (BTC) recaptured the $98,000 mark. After weeks of falling prices, dogwifhat (WIF) and Bonk (BONK) posted outstanding gains, signaling renewed investor interest.
So far, BONK is up 10.05% in the last 24 hours, while WIF is up 8.03% within the same time frame.
Saltwater ecosystem: Will Saga Mobile spark new hype?
After the success of the Saga phone, Solana Mobile has announced its intention to launch its second smartphone, the Seeker.
The phone, which is expected to be released later this year, has a native wallet designed in collaboration with SolFlare. It integrates with Solana Mobile’s secure seed vault and will likely be secured with a fingerprint.
The integration of BONK memecoin with Solana Saga contributed to its huge success. BONK memecoins have been dumped into phone wallets in amounts worth hundreds of dollars.
Moving forward, many expect Solana prices to rise. With Solana Mobile leaning towards airdrop hype in its early marketing campaign for Seeker, the coin’s adoption rate could increase in the coming months.
