The crypto markets witnessed relief with fresh updates from the Whitehouse about tariffs and acceptance of a 30-day ceasefire between Ukraine & Russia. With this, the investor’s confidence climbed, leaving a positive impact on Bitcoin & the other altcoins. Solana’s price reversed the possibility of drawing below $110 as the rebound pushed it back above $120. Currently, the token appears to be in a ‘safe zone, ’ but the fear of a pullback may prevail until and unless the SOL price does not secure a pivotal resistance.
In a recent development, the SEC has delayed its decision regarding ETFs for Solana and other cryptos, which is believed to be extremely important for future institutional adoption. Meanwhile, the potential approval of Solana ETF is estimated to be 70%. On the other hand, the CME group is set to launch a futures contract for Solana on March 17, 2025, offering a platform for investors to deal with Solana.
Secondly, Solana has maintained its lead in decentralized exchange trading volume, surpassing BinanceSmartChain and Ethereum for the fifth consecutive month. On the other hand, a recent funding round for Solana-based decentralized computing platform Voltix secured $10 million, indicating ongoing investor interest in the ecosystem. These developments shed light on Solana’s growing influence and an increase in institutional interest.
The Solana price, which is trading around $123.25, has been showing signs of recovery but continues to face challenges due to recent market conditions. The broader market is experiencing panic, with technicals suggesting weak momentum and fading network activity, which raises concern about Solana’s ability to regain traction. The SOL price has dropped below the crucial range, which suggests the bears may soon take over the rally.
As soon as the price dropped below the support of the rising parallel channel, the Ichimoku clouds were preparing for a bearish crossover. While the RSI is heading towards the lower threshold, the CMF has plunged and plunged just below 0. This suggests the token in the long term has been sliding under bearish influence, and hence reclaiming $125 is extremely important for the Solana price rally.
Meanwhile, the experts believe Solana needs to reclaim the pivotal resistance at $133 to flip the prevailing bearish influence over the token, which is feared to drag the levels below $100.
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