Key Points:
The launch of the REX Shares staked Solana ETF has a positive impact on the price of SOL. If it can break through $159, it will signal the beginning of a trend reversal.
REX Shares launched the first-ever US-staked cryptocurrency exchange-traded fund based on Solana on Wednesday, providing investors with a direct way to allocate Solana (SOL) and earn returns through staking.
Although SOL has performed strongly recently, its rebound slowed down on Tuesday. In the coming days, can the bulls push the price above the resistance? We analyze this with charts.
On Monday, Solana encountered resistance near the 50-day simple moving average (SMA) at $156 and fell back, indicating that bears are defending this level firmly.
On the downside, bulls are trying to stop the decline at the 20-day exponential moving average (EMA) at $148 and absorb the dip, showing that there is still active capital entering during short-term pullbacks. If the rebound can continue, there is a chance to break through the 50-day SMA, with SOL/USDT potentially rising to $168, or even $185.
Bears may attempt to pull the price down to the strong support level of $140. It is expected that buyers will do their utmost to defend $140; if this level is lost, the price may further drop to $126, or even $110.
On the four-hour chart, the trading pair has rebounded from the 50-SMA and has regained the 20-EMA, indicating that investors are actively buying at lower levels. If the price can stabilize above the 20-EMA, it is expected to rise to $155, and then challenge $159.
If it can effectively break through and close above $159, it will form an inverse head and shoulders (reversal) pattern, targeting $192.
Conversely, if the price falls below and closes under $144, it indicates that bears are actively selling at each rebound, and the trading pair may pull back to the support area of $140 to $137.
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Original: “SOL News Update: REX Shares Solana ETF Boosts Price, But For How Long?”
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