Solana Price Eyes $180 Rally as Brazil Approves SOL ETFs

Solana Price Analysis:

Solana price has hit $158 on Aug 8, up 6% within the 24-hour timeframe as markets react to the approval of SOL ETFs by Brazilian regulators. Can SOL traders extend the rally above the critical $160 resistance?

Solana Price Spikes 6% as Brazil Approves SOL ETFs

On August 8, 2024, Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), approved the launch of spot Solana ETFs in the country’s regulated markets. This significant development has sparked a strong rally in Solana’s price, pushing it up by 6% on the day.

The approval marks a milestone for the cryptocurrency, providing greater accessibility to institutional and retail investors in one of Latin America’s largest economies.

The price chart shows Solana (SOL) surging to $161.69, representing a robust recovery from its recent lows around $135 just a few days ago. The approval of Solana ETFs has evidently fueled this bullish momentum, as seen in the 48.37% gain over the past three days.

Investors are interpreting this move as a sign of increasing mainstream acceptance and regulatory clarity for Solana, which could drive further capital inflows.

Given this strong upward momentum, analysts believe that the rally may continue in the short term.

With the new ETF providing a regulated avenue for investors to gain exposure to Solana, the demand for SOL could increase significantly, potentially driving the price towards the next resistance level around $175.

Solana Price Forecast: Bullish Signals Hint at $175 Retest

Solana (SOL) has surged to $162.07 today, marking an impressive 48.37% rebound over the last three days. This significant recovery has positioned SOL within striking distance of the $180 resistance level, which could serve as a critical hurdle in the days ahead.

The Ichimoku Cloud on thedaily SOL/USD chart shows that Solana price has successfully breached the upper boundary of the cloud, indicating a shift in momentum from bearish to bullish.

With the price currently hovering around $162.07, just above the cloud, a sustained move higher could see SOL test the $180 resistance zone, where previous attempts to break through have been met with selling pressure. The next resistance levels beyond $180 are around $190 and $200, which could come into play if bullish momentum continues.

Furthermore, the Relative Strength Index (RSI) reading supports the notion that SOL could maintain its upward trajectory, especially if it can hold above the $150 support level, which is reinforced by the lower boundary of the Ichimoku Cloud.

A breakdown below this level could, however, open the door to further downside risk, with the next key support at $145.

Overall, Solana’s technical outlook appears bullish as long as it remains above the cloud and maintains a positive RSI. The next few days will be crucial in determining whether SOL can successfully challenge the $180 resistance and potentially extend its rally towards $190 and beyond.