Key Points:
The narrowing range of SOL indicates that there may be an expansion of the range in the coming days. The likelihood of an upward breakout remains high as bulls buy on every slight dip.
Fidelity's proposed spot Solana (SOL) exchange-traded fund has been delayed, as the U.S. Securities and Exchange Commission requires public comments within 21 days and rebuttals within 35 days.
Bloomberg ETF analyst James Seyffart stated in a post on X that this delay was expected. In another post, Seyffart mentioned, "The interaction between the SEC and the issuers/exchanges should be viewed positively."
Can Solana break through its upper resistance before the anticipated possible approval? Let's analyze the charts to find out.
On Monday, Solana pulled back from the 50-day simple moving average (SMA) ($154), indicating that bears are fiercely defending this level.
On the bullish side, they have not allowed the price to drop and stay below the 20-day exponential moving average (EMA) ($149). The trading range is narrowing, suggesting a potential breakout in the coming days.
If the price breaks above $159, momentum may strengthen, and the SOL/USDT pair could rise to $168, eventually reaching $185.
Conversely, if the price drops and falls below $144, it indicates that bulls have given up. This could pull the price down to $137, followed by $130.
The pair has formed a bearish descending triangle pattern on the four-hour chart, which will complete upon breaking and closing below $144. This could initiate a downward move to $137, then to the pattern target of $129.
Buyers have other plans. They are trying to push the price above the descending trend line, thereby invalidating the bearish setup. If they succeed, the pair could climb to $159. This is a key level to watch, as a close above $159 would complete a reverse head and shoulders pattern with a target of $192.
Related: Bitcoin News Update: BTC Range Tightening Suggests Price Breakout to New Highs
Original: “SOL News Update: Bullish Chart Setup Trumps Solana ETF Delay”
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