Crypto price prediction: Solana shows strong upward movement as price nears $141

Solana crypto analysis:

Solana (SOL) saw a big boost on Thursday after the world’s first spot Solana ETF was launched in Toronto. The news pushed the price up by 7%, but that excitement didn’t last long. By Friday, the price of SOL had dropped to about $134.41, showing signs that it might be taking a break after a strong run earlier in the week.

On Friday, the overall crypto market started to shift. Investors began moving their money out of altcoins  into Bitcoin and stablecoins. This change happened as people grew more cautious due to delays from the U.S. Securities and Exchange Commission (SEC) regarding Ethereum ETF decisions. The SEC was expected to make a decision by April 17, but they decided to take more time.

Read also:

The SEC used a rule that allows them to delay decisions for up to 90 days. This unexpected move made investors nervous, especially those holding altcoins. Because of this, the altcoin market started to slow down, and prices dipped as traders waited for more clarity from regulators.

Solana, which had gained attention from hopeful investors due to the ETF news and some favorable political trends, was hit especially hard. The strong interest had lifted the price earlier in the week, but with no new updates and more cautious trading, the excitement started to fade quickly.

SOL crypto chart analysis:

Solana (SOL) is currently trading close to the $141 mark, showing an impressive 8% rise in the last 24 hours. This recent jump in price has caught the attention of many traders. The next key level to watch is $150, which is acting as a resistance point. If Solana can move past this level, it may then aim for the next higher target at $175.

To keep this upward trend strong, the price needs to stay above $140. This zone is important because staying above it shows strength and can help Solana continue moving upward. If it holds this level, traders may feel more confident in the ongoing price increase.

Looking at technical indicators, things are also looking good. The RSI is currently at 59. This is above the neutral level of 50 and points to growing positive momentum. Another indicator, MACD, has also shown a bullish crossover, which means there's a lot of buying happening right now.

Read also:

If Solana fails to stay between $135 and $146, things could turn around. In that case, the price may fall back to the support level of $128. If the price drops below that, the next area of concern would be $120.

Solana is showing signs of strength with the current price and technical signals pointing upward. But traders should keep an eye on the key levels. Staying above $140 is important for the bullish trend to continue, while dropping below $135 could lead to a downward move.