Solana (SOL) Price Prediction: Breakthrough Descending Trendline, ETF Fever Accelerates Rebound to 184 USD Resistance Level

According to Gate, Solana (SOL) has recently shown strong signs of recovery in the Crypto Assets market. As of the writing on Monday this week, the price of SOL was around $151, having successfully broken through the downward trend line established last week, indicating a potential upcoming pump. Even more exciting is that REX Shares has submitted an application for a Solana stake ETF to the SEC, suggesting that the relevant ETF may be launched soon. From a technical perspective, the launch of this ETF is expected to accelerate the SOL rebound, with target prices potentially breaking the $180 mark.

Is the Solana ETF about to be launched? Market expectations soar

REX Shares announced on its X account last Saturday that its REX-Osprey SOL and stake ETF aims to track the performance of Solana while generating revenue through on-chain staking, and will be launched soon. This news immediately sparked widespread attention in the market.

Bloomberg's senior ETF analyst Eric Balchunas also confirmed this news in a post on X on the same day. He stated, "Rex just sent a letter to the SEC inquiring whether the comments on its 40 Act Solana Staking ETF have been resolved." Balchunas further pointed out, "There is no doubt they are trying to get it to market before the spot product." He also referenced a screenshot of an email to confirm that REX Shares has responded to the SEC's comments and added, "It seems they are ready to launch. Wow."

All signs indicate that the launch of the Solana stake ETF has entered the countdown stage, which undoubtedly provides strong fundamental support for the price of SOL and injects new vitality into the market.

SOL Price Analysis: Breaks Downtrend Line, Technical Outlook Optimistic

FXStreet analyst Manish Chhetri stated that the Solana price successfully broke through and closed above the descending trend line on Saturday (which is drawn by connecting multiple highs since May 24), and rebounded the next day above the 50-day Exponential Moving Average (EMA), closing at $151.48. As of Monday when this article was written, the price of SOL was hovering around the 50-day EMA level of $151.48.

If SOL can continue its current upward trend, its pump may extend to the daily resistance level of $160. If it successfully closes above that level, it is expected to further extend its pump and re-test its next daily resistance level of $184.13.

From a technical indicator perspective, the relative strength index on the daily chart (RSI) is at 52, which is above the neutral level of 50, indicating that bullish momentum is strengthening. Meanwhile, the moving average convergence divergence on the daily chart (MACD) also showed a bullish crossover on Saturday, issuing a buy signal, further indicating the upward trend of SOL.

However, investors still need to pay attention to potential rebound risks. If SOL faces a rebound, its decline may extend to the next support level of 141.41 USD.

(Source: Trading View)