Why Are Solana Traders Betting On More Price Upside?

Solana (SOL) price has recently shown promising signs, as many crypto traders have been expecting a continued upward trend.

According to recent data, 71.87% of traders on Binance holding open Solana positions are betting on a price increase.

Moreover, a series of technical and fundamental developments suggests SOL price may see further gains in the coming weeks.

As the Solana crypto price hovers near critical support levels, traders are closely monitoring whether SOL can maintain its position and push higher.

Solana Price: Inverse Head and Shoulders Pattern Suggests Bullish Potential

Solana shows an upward trend through an inverse head and shoulders pattern on its 4-hour time frame.

An upward price movement becomes probable after neckline resistance fails. Ali Charts has shared that the market sentiment matches how 71% of traders on Binance are wagering on SOL’s upward movement.

The market price of SOL reached $134, which presented a slight downward move – less than 1% intraday. However, it demonstrated a 17% increase throughout the preceding week.

The IH&S chart structure has three distinct sections: the deepest central area is followed by the higher outer sections.

Based on its valuation, the identified pattern indicates approximately 40% market potential, which would help Solana price reach the $190 level.

SOL’s price has also reclaimed the 200-period exponential moving average (EMA) on the 4-hour chart. That’s a key technical indicator often seen as bullish momentum.

The Relative Strength Index (RSI) for Solana showed an opportunity for price increase because it remained below the overbought threshold.

Technical indicators showed Solana could maintain its upward trend if it manages to stay above important support points.

Canada’s Spot SOL ETFs Add Positive Momentum

A major catalyst for the recent Solana price rise was the launch of the first spot Solana exchange-traded funds (ETFs) in Canada.

These ETFs offer direct exposure to Solana’s price. Besides, experts consider it an important move that could increase institutional interest in the SOL coin.

On April 16, 3iQ Corp., Evolve Funds, CI GAM, and Purpose Investments launched their spot Solana ETFs on the Toronto Stock Exchange (TSX).

Thus, Canada became the first country in North America to offer such products. ETF approval processes will attract institutional and retail investors to enter the Solana marketplace.

These ETFs create an officially regulated mechanism through which investors can expose themselves to Solana prices, which should establish market liquidity alongside investor trust.

Canada cemented its position as a leader in cryptocurrency regulation when it introduced spot Ethereum and Bitcoin ETFs, as the latest approval indicates that investors trust how Canada manages crypto rules.

SOL Price Holds Steady as Traders Watch Key Levels

Solana price at press time was currently consolidating near the $133.9 level. Traders were closely monitoring whether the price would remain above key support zones.

A notable demand zone between $120 and $122 has held well in recent weeks. If SOL price revisits this support zone and holds, it could set the stage for a potential bounce, especially if buyers step in at these levels.

Market analysts showed minimal concern about a price reduction. A period of price consolidation indicates an upcoming new market trend.

The price of Solana has passed essential resistance marks thanks to both positive market trends and the ETF approval process.

The sustained support at the $120 level indicates the possibility of the price rising towards $150 to $180.

The price station at crucial levels encourages numerous traders to confirm a potential breakout.

A price rise above $135 will probably indicate the start of another upward push, although support breaking below $120 may trigger both a consolidation period and a price decrease.