Solana Price Surges 20% Amid ETF Registration and Market Recovery

Solana (SOL) has been experiencing a surge in bullish momentum, with its price potentially rallying towards $200. This upward trend is fueled by several factors, including the broader recovery of the crypto market and positive developments within the Solana network. One significant development is the registration of the “Canary Marinade Solana ETF” in Delaware, which is the first U.S. ETF proposal to include staking. This ETF is powered by Marinade Finance’s SOC-2 compliant infrastructure, indicating growing institutional interest in Solana.

At the time of reporting, the SOL price is trading at $158.87, well above the 100 Simple Moving Average (SMA) support at $144.82. This bullish momentum has invalidated negative trends, positioning the price above crucial moving averages on both hourly and daily charts. A bullish move above the $164 resistance could propel the price to $178.50, potentially seeking further impetus from a golden cross. Conversely, a drop below the intraday low of $153 could pull the SOL price down to the $140 range. If the bullish trend continues, Solana could target $200 in the near future. According to the analyst's forecast, if the SOL price breaks above the $200 mark, it could experience a 5X-10X surge.

The registration of the “Canary Marinade Solana ETF” is a significant milestone for Solana, as it represents the first U.S. ETF proposal to include staking. This development suggests that there is growing institutional interest in Solana, which could further drive its price upward. The ETF is powered by Marinade Finance’s SOC-2 compliant infrastructure, which ensures that it meets the necessary regulatory standards. This compliance is crucial for attracting institutional investors who prioritize regulatory adherence and security.

The bullish momentum in Solana's price is also supported by the broader recovery of the crypto market. The recent feud between Elon Musk and Donald Trump has had a significant impact on the market, but Solana has managed to ride the bullish waves and maintain its upward trajectory. This resilience is a testament to the strength of the Solana network and its growing popularity among investors. As the market continues to recover, Solana is well-positioned to benefit from the increased demand for cryptocurrencies.