Main Takeaways:-
- 71.87% of traders on Binance are assuming that Solana’s price will surge toward the $190 aim with a 40% bullish potential.
- Solana’s reverse head and shoulder formation suggests a potential 40% price surge.
- The start of Solana spot ETFs in Canada makes big investors more confident and adds more money to the market.
Solana Price Setup Hints at Uptrend with Inverse Head and Shoulders
Solana displays upward momentum through an inverse head and shoulders formation in its 4-hour time range.
A price increase is likely after the neckline resistance is broken. According to Ali Charts, 71% of traders on Binance are betting that Solana’s price will go up, showing strong positive sentiment.
The market value of SOL hit $134, which experienced a small dip below the 1% intraday. Still, it displayed a 17% rise over the last week. The IH&S chart pattern consists of three separate parts: the middle part is the lowest, followed by the higher outer areas.
Depending on its worth, the recognised pattern suggests around 40% market opportunity, which would support Solana’s price to hit the $190 zone.
Solana’s price has moved back above the 200-period exponential moving average (EMA) on the 4-hour chart, which is a key indicator that traders often see as a sign of positive price movement.
Canadian SOL ETFs Spark Positive Market Movement
A significant factor for the current Solana price rise was the introduction of the initial spot Solana exchange-traded funds (ETFs) in Canada.
These ETFs give investors direct access to Solana’s price. Analysts also think it’s a significant step that could attract more interest from big investors in Solana (SOL) coins.
3iQ Corp., Evolve Funds, CI GAM, and Purpose Investments started their Solana ETFs on the Toronto Stock Exchange (TSX) on April 16.
Hence, Canada emerged as the first country in North America to provide such products. The ETF authorisation procedure will appeal to both institutional and retail investors to join the Solana marketplace.
These ETFs provide a government-approved way for investors to invest in Solana’s price. This is expected to boost market activity and build investor confidence.
Traders Monitor Key Levels as SOL Price Holds Firm
At the reporting time, Solana’s price was trading at close to $133.9 level. Traders were closely observing whether the price would still be above key support levels.
A significant demand level between $120 and $122 has remained strong in recent weeks. If SOL price returns to this support area and remains stable, it could set the stage for a possible recovery, notably, buying activity increases at these levels.
Market experts displayed limited concern about a price cut. When prices stay the same for a while, it often means a new market trend is coming soon. Solana’s price has gone up and cleared important levels because of good market conditions and progress with getting an ETF approved.
The ongoing support at the $120 level shows the possibility of the price trending upward from $150 to $180. When the price remains at important levels, it makes many traders think that a big price change might happen soon.
A price surge above $135 will likely suggest the start of another climb, even support breaking under $120, which could cause both a pause in price changes and a price drop.
Read also:- SUI Price Prediction: Will SUI Hit $5?
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
