Solana continues to trade in a bullish pattern, following the market trend that has become less volatile recently. While the new transfers from Mt. Gox did not affect the Bitcoin price increase, the Solana ETF rejection also did not affect the SOL price increase. Thus, the SOL price seems to be supported by traders’ confidence, which could keep the token above crucial support during times of heavy compression.
In a recent update, the SEC reportedly rejected the spot Solana ETFs filed by VanEck & 21 shares. As a result, the filings have disappeared from the Chicago Board Options Exchange (CBOE). Regardless, there is room for a respite that might have kept the SOL price surge in bullish territory.
Solana’s daily chart suggests that the price is experiencing compression as the Bollinger Bands are converging. No major deviations were recorded, suggesting that the impact of the ETF rejection on the rally was negligible. Furthermore, the MACD shows a huge drop in selling pressure, with levels heading for a bullish crossover. Although the volume has been continuously declining, the SOL bulls seem to be preparing to take over the rally soon.
On the other hand, the trading volume on the Solana blockchain has surpassed all other chains, including Ethereum. This indicates a significant increase in traders’ interest in the token as well as the platform, which has maintained the momentum of the rally. Therefore, the Solana price (SOL) is expected to maintain the uptrend and reclaim $160 in a short period of time.
