As Solana continues to struggle for a break above the level of $145, the imminent launch of an SOL ETF in Brazil The product could lead to a recovery. Specifically, traders have anticipated a $160 target amid the product’s arrival. This token is on the decline since the August crash.
SOL’s price plummeted to just $110 due to the flash crash which affected much of the industry. It also plummeted following a period of strong performance. The end of the month was July. Solana The price of gold reached a high of $193. It was its highest point since April.
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Solana’s price is stuck at $145. Can the SOL ETF debut change this?
Solana will be the center of attention when 2024 reaches its midpoint. The asset has clearly established itself in crypto’s top three. It has, however, also put pressure on its pricing potential. The token’s price has been struggling to recover from the market crash of August 5.
After the crash, the token rose to $163. But that hasn’t been the case since. It is now trading for $146. This is a drop of more than 4 percent in the last thirty days. CoinMarketCap.
The Solana struggle could end with the launch of the Brazil SOL ETF, which could see the asset once more aiming for the $160 mark. The investment product’s arrival presents two distinct paths that SOL can travel.
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The two options are dependent on whether or not the crash in August was the biggest drop SOL could endure for this year. It becomes extremely difficult to reverse if it keeps falling below $130. The rebound is invalid, since it falls outside of the Fibonacci Retracement Level 0.618.
If the price can stay above $130 then a significant upward trend could occur. After August 5, the price failed to enter a bullish trend. A subwave also developed amid recent problems.
If a reverse occurs, the horizontal resistance would move to $160. It would be a sign of a future increase in price to at least $200. SOL will have the best performance this year.
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Source: watcher.guru