- SOL forms golden cross, signaling strong technical bullish momentum shift.
- 21Shares files amended Spot Solana ETF application with SEC.
- Rejection candle shows strong demand near key $170 support level.
Solana (SOL) is showing early signs of a bullish shift in momentum. A golden cross pattern has formed on the daily chart, often seen as a strong reversal signal. Meanwhile, institutional interest is rising as 21Shares updates its Spot Solana ETF filing with the SEC.
Golden Cross Formation Signals Uptrend Continuation
Meanwhile, Solana’s 50-day moving average has crossed above the 200-day moving average. This technical setup, commonly known as a golden cross, often precedes bullish trends. The crossover is clearly marked on the SOL/USDT chart from Binance, where the price briefly surged past $200 before correcting.
Despite the pullback to the $180 range, the price remains above both key moving averages. This structure maintains the bullish bias, suggesting renewed upward pressure. Traders are closely watching the $182 level, which acted as intraday resistance.
At press time, SOL is trading at $181.16, slightly up by 0.02% on the day. The price also showed a strong recovery from a low of $172, rebounding sharply and forming a long-tail rejection candle. This candle pattern typically reflects active buyer interest near support levels.Â
ETF Filing Renews Market Optimism
On the regulatory front, 21Shares has filed an amended S-1 application for a Spot Solana ETF with the U.S. SEC. This filing, supported by Invesco Galaxy, marks a renewed push to gain approval. Solid Intel first reported the development, which has sparked optimism across the crypto sector.
The ETF news coincided with a dip in SOL’s price to an intraday low of $170.29. However, the market quickly reacted with strong buying interest, driving the price back above $180. The rebound supports the view that institutional demand may be influencing current price levels.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
