$SOL Potential: Can It Hit $150 Amidst Spot BTC ETF Buzz?

Solana Price Prediction: SOL is currently experiencing a temporary decline before embarking on a surge towards $150. Want to know the ideal entry point?

$sol Potential: Can It Hit $150 Amidst Spot Btc Etf Buzz?_65b974c20f34e.webp

In the face of recent market volatility surrounding the potential approval of a spot Bitcoin ETF, Solana’s price has experienced a significant correction over the past two weeks. After reaching a new local high of $126.36, the coin has witnessed a sharp decline of nearly 25%, currently trading at $94.58. However, a closer look at the daily chart reveals the formation of a bullish Flag pattern, suggesting that the asset may soon rebound and aim for higher price targets.

The retracement to the 38.2% Fibonacci level indicates that the overall trend for Solana remains bullish. If the price successfully breaks out of the flag pattern in a bullish manner, it would suggest that the correction phase is coming to an end.

With a 24-hour trading volume of $3.3 billion, Solana has seen a 12% gain, indicating growing investor interest. The recent pullback from the all-time high of $126 in late December found support at the 38.2% Fibonacci retracement level of $85.

sol potential can it hit 150 amidst spot btc etf buzz 65b974c2121ee

Despite the temporary decline, the daily time frame reveals a pattern of lower highs and lower lows, which has now formed a bullish reversal pattern known as a Flag. This suggests that the current retracement is likely a temporary pullback, allowing for a replenishment of bullish momentum before the next upward move.

As the market awaits news regarding the spot Bitcoin ETF, Solana’s price action and the emergence of the bullish Flag pattern provide potential indications of a future recovery and upward movement in the near term.

The potential approval of spot Bitcoin ETFs this week could have a significant impact on the altcoin market, including Solana (SOL), as it receives a surge of investor interest alongside the rising BTC price. This favorable scenario may lead to the SOL price breaking through the overhead resistance trendline of the flag pattern, providing buyers with a solid foundation to resume the recovery trend.

Based on the Fibonacci extension, a spot-breakout rally has the potential to propel SOL by 58%, reaching a target price of $152.

Related: ETF Prediction Drives Bitcoin Surge, Boosts Ethereum, XRP, Solana

SOL vs BTC Performance

Comparing the performance of SOL and BTC over the past three months, both have exhibited bullish trends. However, a notable difference lies in their recovery patterns. Solana (SOL) has experienced more robust recoveries, characterized by significant retracements that offer favorable opportunities for pullback trading strategies. In contrast, Bitcoin has demonstrated a steadier and more gradual upward trend, making it better suited for breakout trading strategies.

sol potential can it hit 150 amidst spot btc etf buzz 65b974c21a09a

Technical indicators such as the 50-day Exponential Moving Average (EMA) suggest that the EMA could continue to provide support for buyers during pullbacks.

Regarding the Moving Average Convergence Divergence (MACD), the current bearish crossover between the MACD and signal line indicates that there is no immediate indication of a price reversal in SOL.

In summary, the potential approval of spot Bitcoin ETFs could bring significant opportunities for the altcoin market, including SOL. If the approval occurs, SOL’s price may surge and surpass the resistance trendline, potentially reaching a target price of $152. Traders can consider pullback strategies supported by the 50-day EMA, while monitoring the MACD for any signs of a trend reversal.

(100 votes)

5.0/5

(100 votes)

Latest

Bitcoin Boom Ahead Institutional And Derivatives Data Reveal

News | Bitcoin | Editor Choice

Bitcoin Boom Ahead? Institutional and Derivatives Data Reveal

Market experts believe that Bitcoin (BTC) is in a phase of accumulation rather than topping, predicting a retest before the next explosive breakout.

Bnb Super Cycle – A Massive Rally Or Binance’s Next Big Bubble

News | Altcoin | Editor Choice

BNB Super Cycle – A Massive Rally or Binance’s Next Big Bubble?

Binance’s BNB token is heating up the crypto market with a series of new record highs, but amid the excitement of the so-called “Super Cycle,” many analysts warn it could just be a bubble waiting to burst.

Bitcoin Cools Off After Record Breaking Rally

News | Bitcoin | Editor Choice

Bitcoin Cools Off After Record-Breaking Rally

After a series of record-breaking gains, Bitcoin suddenly slipped more than 2% on Tuesday afternoon as a wave of profit-taking spread and investor caution returned to the crypto market.

Aster Accused Of Inflating Trading Volume, Token Price Drops 10%

News | Altcoin | Editor Choice

Aster Accused of Inflating Trading Volume, Token Price Drops 10%

The decentralized exchange Aster is facing heated controversy after being accused by DefiLlama of fabricating trading volume, causing the ASTER token to plunge sharply.

Bnb Price Surges Toward $2,000 Amid Altcoin Season Boom

News | Altcoin | Editor Choice

BNB Price Surges Toward $2,000 Amid Altcoin Season Boom

BNB continues to set new records as the altcoin season ignites, with investors eyeing the $2,000 milestone amid a wave of market optimism.

Screenshot 2025 09 10 100533