Solana Looks for $200 After First SOL Futures ETF

Solana has rallied 5.75% in the previous 24 hours to $133.55 from $136.08 and $132.81. After falling 54% from its $285 peak, SOL is among the top 5 cryptocurrencies with a market worth of roughly $68.12 billion.

SOL is consolidating in a symmetrical triangle, but market mood is optimistic. Recent price behavior suggests traders are watching $134.

SOL Price Analysis

Since early March, SOL has been forming a symmetrical triangle pattern on the 4-hour chart, indicating consolidation after plunging from above $200. SOL is probing the top edge of this triangle at $134, with volume decreasing as the pattern develops, signaling a breakout.

The top trendline and $137.87 and $149.65 are major resistance marks. The lower trendline provides intraday support, followed by $125.94 and $113.16 if bear pressure increases.

The chart's pivot points show SOL between S1 ($125.94) and R1 ($137.87), with $134 being a crucial milestone. The pivot levels also indicate many resistance obstacles ahead, with R3 around $162.58 a crucial barrier to any protracted rise.

Stochastic RSI is 90.79/95.36, overbought. These signals suggest trend weariness and a near-term drop for SOL.

SOL Price Targets

SOL would aim R1 at $137.87 and R2 at $149.65 if it passes the downtrend line at $134-135. A sustained advance over this level would target R3 at $162.58.

A technical goal of $165-170 for an upward breakthrough or $100-105 for a downward breakdown may be created by the triangle's height of $30-35 over the chart at the breakout.

Wall Street Gets Solana Futures ETFs
On March 20, Florida-based Volatility Shares LLC will launch two Solana futures ETFs, boosting bullish pressure. The first altcoin-tracking Solana futures ETFs will have 0.95% and 1.85% cost ratios.

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