Solana continues to trade within a bullish pattern following the market trend, which has become less volatile in recent times. While Mt. Gox’s fresh transfers failed to impact the Bitcoin price rally, the rejection of the Solana ETF also did not influence the SOL price rally. With this, the SOL price appears to be backed by the trader’s confidence, which may keep the token above the crucial support in times of extensive compression.
In a recent update, the SEC has reportedly rejected the spot Solana ETFs filed by VanEck & 21 shares. As a result, the fillings have disappeared from the Chicago Board Options Exchange (CBOE). Regardless of this, there is scope for reassurance, which may have kept the SOL price rally within the bullish range.
The daily chart of Solana suggests the price is experiencing compression as the Bollinger bands are converging. No major deviation is recorded, suggesting a negligible impact of the ETF rejection on the rally. Moreover, the MACD displays a huge drop in selling pressure, with the levels heading towards a bullish crossover. Although the volume dropped consistently, the SOL bulls seem to preparing to take over the rally soon.
On the other hand, the trading volume on the Solana blockchain has surpassed all the other chains, including Ethereum. This suggests a significant rise in the trader’s interest in the token as well as the platform, which has kept up the momentum of the rally. Therefore, the Solana (SOL) price is expected to keep up the bullish trend and reclaim $160 in a short while.