Recent events around Solana (SOL) raise questions about its market future. The ETF delay from Fidelity and the current state of charts create an intriguing analysis situation.
Fidelity's ETF Delay
Fidelity Investments has proposed an ETF for Solana, but its approval has been delayed. The US Securities and Exchange Commission (SEC) has requested public comments on these proposals, due within 21 days, and rebuttals within 35 days. Bloomberg ETF analyst James Seyffart noted that this delay was expected and interactions between the SEC and issuers can be viewed positively.
Current Price Predictions for SOL
Currently, the price of Solana has retreated from the 50-day simple moving average ($154), indicating strong bearish resistance. However, bulls are showing potential by not allowing the price to drop below the 20-day exponential moving average ($149). The narrowing price range may lead to a breakout in the coming days. If the price rises above $159, the SOL/USDT may attempt to reach $168 and then $185. Conversely, if the price falls below $144, it may suggest that bulls have given up, leading to further price declines.
What to Expect in the Coming Days?
On the 4-hour chart of SOL/USDT, a bearish descending triangle pattern is forming, which will complete with a break and close below $144. This could lead to a decline to $137 and then to the target price of $129. However, bullish sentiment remains, with buyers trying to push the price above the downtrend line, which could lead to increases up to the critical level of $159. A close above this level may complete an inverse head-and-shoulders pattern with a target objective of $192.
The situation surrounding Solana remains tense, with potential for both upward and downward price movements. Market participants should closely monitor changes and analyze current trends.
