Key points:
Fidelity Investment’s proposed site Solana (sol) Exchange-traded funds have been postponed because the SEC already has Ask for public comments Refute within 21 days and within 35 days.
Bloomberg ETF analyst James Seyffart said in an article on X that delays are expected. Seyffart said in another post: “The interaction between the SEC and the issuer/exchange should be viewed positively.”
Will Solana surpass its overhead resistance due to possible approval? Let’s analyze the charts to find out.
SOL price forecast
Solana rejected from Monday’s 50-day simple moving average (SMA) ($154), which shows that the Bears are defending the level.
The positive factor in favor of the Bulls is that they do not allow prices to be lowered and maintain an exponential moving average (EMA) below the 20-day ($149). The trading range is shrinking, which indicates a possible breakthrough in the next few days.
If the price soars above $159, the momentum may increase, while the Sol/USDT pair may rise to $168 and eventually reach $185.
Conversely, if the price drops and rises below $144, it indicates that the Bull has given up. This could reduce the price to $137 and then to $130.
Related: Ethereum “big whale” is harder to stack than 95% of the 2002 gatherings
The two formed a bearish triangle pattern on the four-hour chart that will be completed at rest and will be completed under $144. This may start moving down to $137 and then transferring to the mode target of $129.
The buyer has other plans. They are trying to push the price higher to the downtrend line, invalidating the bearish setting. If they manage to do so, the two could climb to $159. This is a key key level, as closing prices above $159 will complete the reverse head and shoulder pattern, which targets $192.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
