Solana Price Upbeat. Could ETF Approval Propel Rally to $200?

Summary:
• Solana has been resilient for the most part of the year, and the looming ETF approval could fuel sustained gains to test $200.

Solana price maintained its upward streak on Monday, and stayed on course to record a fourth successive session with green candlestick. SOLUSD traded at $151 as of this writing, having recorded an intraday high of $154 and with gains of 2.4 percent. Solana’s return above the psychological barrier at $150 is significant, as it could strengthen the bullish sentiment for further gains. Furthermore, it underpins Solana’s resilience after losing 11 percent of its value in June and ten days after slumping to its lowest level since May 1.

While there has been a noticeable turnaround in  the performance of the wider crypto market, Solana’s gains are supported by stronger fundamentals beyond market sentiment. First, two of the leading asset managers, VanEck and 21Shares recently filed their Solana ETF applications. Following approvals of Bitcoin and Ethereum ETFs by the Securities and Exchange Commission (SEC) earlier in the year, analysts expect Solana to have a smoother sailing.

With a market capitalization of more than $70 billion, a DeFi ecosystem with a TVL of over $4.6 billion and a highly liquid market, the ETF promises to be a hit with investors.  Also, as of this writing, Solana price is above the 50-day MA ($148.58) and the 100-day MA ($151.04). This signals the return of upside momentum by SOL, and will be central to sustaining the upside. A blend of a positive crypto market sentiment and spot ETF approval could potentially propel Solana to $200 and possibly see it target its all-time high of $260.

Technical analysis

The SOLUSD pair signals control by the buyers if the action stays above the pivot mark at 150.86. That will likely see more gains to encounter the first resistance at 152.61 A break above that mark will strengthen the upside and could send the pair beyond the resistance to the next barrier at 154.07. Conversely, a move below 150.86 will signal control by the sellers. Furthermore, the downside momentum will likely find the first support at 149.18. A move below that mark will invalidate the upside narrative and could extend the downside to test the next support at 148.14.