Solana (SOL) Price Triggered a Rebound Just Before the Previous Day's Close and Prevented Excess Price Drain Below $110

The crypto markets witnessed relief with fresh updates from the Whitehouse about tariffs and acceptance of a 30-day ceasefire between Ukraine & Russia.

The Solana price triggered a rebound just before the previous day’s close and prevented excess price drain below $110.

While the bullish momentum appears to have shaken to some extent, the possibility of an increase in the upward pressure may prevail until the SOL price does not break the required threshold.

Crypto markets witnessed some fresh updates from the Whitehouse about tariffs and the 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.

What’s New In Solana Today?

Solana is heating up with some institutional interest as the SEC has now delayed its decision regarding ETFs for Solana and other cryptos, which is considered extremely important for future institutional adoption.

Recently, the SEC has been postponing its verdict on several crypto ETFs, and it is speculated that the possibility of Solana ETF approval is around 70%.

In other news, the CME group is planning to introduce a futures contract for Solana on March 17, 2025. This move will provide investors with another avenue to engage with Solana in the futures market.

Furthermore, Solana is still in the lead in decentralized exchange trading volume for the fifth month, outperforming BinanceSmartChain and Ethereum. Additionally, a recent funding round for Solana-based decentralized computing platform Voltix has secured $10 million, showcasing the ongoing interest from investors in the Solana ecosystem.

These developments highlight Solana’s increasing influence and the growing interest from institutions in the cryptocurrency market.

What Next For Solana (SOL) Price

The Solana price, which is trading around $123.25 at the press time, showed some signs of recovery. However, the coin encountered challenges due to recent market conditions. The broader market experienced panic as technicals suggest weak momentum and network activity is also reported to be quickly.

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 nearly touched 0. This suggests that the token has slid in the long term under bearish influence.

Moreover, the Bollinger Bands are contracting, indicating a period of low volatility and a potential shift in price trend.

To flip the bearish bias, experts believe that Solana must reclaim the pivotal resistance at $133. A failure to do so could drag the levels lower, potentially aiming for the $100 psychological barrier.

However, the possibility of an increase in the upward pressure may prevail until the SOL price does not break the required threshold.