Solana Price Surges 6% Ahead of Two Solana ETFs Launch

On Wednesday, March 19, the Solana price recorded a +6% surge to reach its current trading value of $132.

Solana price surged by 6% on Wednesday, reaching $132 as the broader cryptocurrency market showed signs of recovery. The price jump followed the news of two Solana ETFs launching in the United States.

Solana ETFs Set to Debut in the U.S., Stirring Interest in Investor Products.

According to Bloomberg analyst Eric Balchunas, the first-ever Solana ETFs in the U.S. are set to launch tomorrow by Volatility Shares LLC. These funds will provide exposure to Solana futures, with one ETF offering standard exposure, ‘SOLZ,’ and the other offering 2x leveraged exposure, ‘SOLT,’ similar to BITO and BITX for Bitcoin futures. The ETFs are priced at 0.95% and 1.85%, respectively, and will track Solana futures.

Earlier this year, a batch of seven Solana ETFs were approved by the U.S. Securities and Exchange Commission (SEC), but none of them were able to start trading due to the legal battle between the SEC and crypto exchange Coinbase.

If these new Solana products find success, they could lead to an increase in demand for SOL, the native cryptocurrency of Solana.

Solana Price Aims for Key Breakout as Crucial Resistance Flips.

For the past seven days, the Solana price has been consolidating above the $116 horizontal level, which is also the 61.8% Fibonacci retracement level. This level acted as a major support zone, where buyers were able to regain strength after a 50% price recovery from the 2023 lows.

With the broader cryptocurrency market showing signs of reducing its correction, the Solana price bounced back from the $112 lows to trade at $133, marking a 20% recovery.

Solana price is now approaching a crucial downsloping resistance, which could be pivotal in determining the near-term trend. A successful flip of this resistance into support could propel the Solana price towards the next key resistance at $180, unlocking a 35% upside potential.

However, a breakdown below the $120 floor could negate the bullish thesis and open the door for a deeper decline, potentially pushing the Solana price below the $100 psychological handle.