Solana Rebounds Briefly After Finding Key Support at $136 Level

• The CBOE website no longer has the Solana ETF filings.
• If the SOL price breaks above $150 level, then it will likely test $163.

Despite a recent low of $137, the price of Solana (SOL) is showing substantial momentum. as the price is seeing a remarkable comeback.

By ignoring the retail sector entirely, Solana is aiming for widespread institutional adoption. The introduction of a spot Solana exchange-traded fund (ETF) in the US is being considered by fund managers. Already, VanEck and 21Shares have shown interest in this product; nevertheless, there is now an obstacle.

Unexpectedly, the CBOE website no longer has the Solana exchange-traded fund (ETF) filings. Which were made by asset management companies 21Shares and VanEck. In June, the two firms submitted S-1 paperwork in an effort to get the green light to start selling Solana ETFs.

Brief Rebounce

A convincing analogy is made by crypto expert Kaleo between the present price trend of Solana and Ethereum’s performance in late 2020. This positive pattern that Ethereum displayed during its last bull cycle is being replicated by Solana, according to Kaleo.

With a high point near $200, Solana has shown a strong bullish trend from the start of the year. But the market has been up and down recently. And Solana had dropped all the way till $113 on August 5.

At the time of writing, SOL is trading at $146, up 3.45% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 34.06%. The price found support at $136 level on 16^th August and has witnessed brief rebounce.

If the price manages to climb further and break above $150 level, then it will likely test $163 resistance level. However, if the price falls below the $140 mark, then the price is likely to test $136 support level.