- The TD Sequential indicator predicted Solana’s intraday top before the Bybit hack and is now signaling a short-term buying opportunity.
- Franklin Templeton’s filing for a Solana spot ETF could attract institutional investment and boost market legitimacy.
- Technical analysis shows weak price action, with concerns that SOL may not move upwards until surpassing $209.
Solana ($SOL) has been in the spotlight recently, with significant technical and fundamental developments shaping its market outlook. Crypto expert Ali Martinez recently pointed out that the TD Sequential indicator perfectly predicted SOL’s intraday top just before the Bybit hack, showing its potential to forecast key price levels accurately.
Now, the same indicator is flashing a buy signal on the hourly chart, suggesting a potential upward momentum for Solana’s price in the short term. This shift could offer traders a potential opportunity for gains, depending on how the price action unfolds.
As of the latest data, Solana’s price stands at $174.44, with a 24-hour trading volume of $13.38 billion and a market capitalization of $84.87 billion. Despite the optimism, SOL has seen a decrease of 3.19% in the last 24 hours, with its market dominance sitting at 2.63%.
Solana Spot ETF Marks Key Milestone
In addition to this, another positive factor for SOL comes from the traditional finance world. Franklin Templeton, a renowned global investment management firm, has filed an S-1 security application for a Solana spot ETF.
The move signals growing institutional interest in the Solana blockchain and its native token, SOL. A spot ETF based on Solana could help bolster its legitimacy and bring in significant institutional capital, potentially driving up its market value. The filing marks a critical milestone for SOL, highlighting its increasing adoption among major financial institutions and investors.
Solana’s Bullish Hopes Dim as Weak Price Action Persists
From a technical analysis standpoint, More Crypto Online has highlighted concerns about SOL’s current price action. According to their review, the price has yet to form the expected five-wave move to the upside from this week’s low, signaling potential weakness. Their analysis suggests that SOL could face a bearish pathway until it forms the required five-wave move and breaks above the $209 level.
While some indicators point to short-term bullish potential for SOL, caution is advised as bearish signals persist in the market. Investors should keep an eye on SOL’s price action, as it could navigate between these mixed signals in the coming days.
Related Reading | SEC Crackdown? Consensys Warns New Rule Could Destroy U.S. Crypto Market