SOL news update: REX Shares Solana ETF boosts price, but for how long?

Key point:

• The motorboat of REX Shares staked Solana ETF had a affirmative interaction connected SOL price, but trading supra $159 would people the commencement of a inclination change.

REX Shares launched the first-ever US-staked cryptocurrency exchange-traded money connected Wednesday, giving investors direct exposure to Solana (SOL) and an accidental to gain output done staking.  

Although the terms enactment showed committedness successful the past fewer days, the betterment fizzled retired connected Tuesday. Could buyers propulsion the terms supra the overhead absorption successful the adjacent fewer days? Let’s analyse the charts to find out.

Solana terms prediction

Solana turned down from the 50-day elemental moving mean ($156) connected Monday, indicating that the bears are fiercely defending the level.

SOL/USDT regular chart. Source: Cointelegraph/TradingView

On the downside, the bulls are trying to apprehension the pullback astatine the 20-day exponential moving mean ($148). This suggests buying connected each insignificant dip. If the rebound sustains, the anticipation of a interruption supra the 50-day SMA increases. The SOL/USDT brace could ascend to $168 and yet to $185.

Sellers are apt to person different plans. They volition effort to propulsion the terms to the coagulated enactment astatine $140. Buyers are expected to support the $140 level with each their might, due to the fact that a interruption beneath it whitethorn unfastened the doors for a autumn to $126 and past to $110.

Related: SOL ETF quality summation evaporates, portion illustration warns of different 20% drop

SOL/USDT 4-hour chart. Source: Cointelegraph/TradingView

The brace rebounded disconnected the 50-SMA connected the 4-hour illustration and roseate supra the 20-EMA. That signals assertive buying astatine little levels. If buyers prolong the terms supra the 20-EMA, the brace could leap to $155 and aboriginal to $159.

A interruption and adjacent supra $159 volition implicit an inverse head-and-shoulders pattern, which has a people nonsubjective of $192.

Contrarily, a interruption and adjacent beneath $144 suggests the bears are selling connected each insignificant rally. The brace whitethorn past diminution to the $140 to $137 enactment zone. 

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.