Will SOL ETF Launch Rumour Pump Solana Toward $200 Mark?

The Solana (SOL) crypto has depicted a double bottom formation and flipped from the trendline support mark of $120.

For weeks, the Solana crypto traded in an uptrend and floated in the bullish wave. Recently, the social sentiment turned bullish and favours the upcoming bull run.

Few hours ago, rumors were rife that the upcoming launch of the SOL ETF which might lead to a sharp rally ahead.

In a recent tweet by the co-founder of SkyBridge Capital @Anthony Scaramucci, he said that we are going to get a SOL ETF ready soon.

Source: X

Meanwhile, at press time Solana (SOL) price was in red at $166.25 with an intraday drop of 4.10%, reflecting profit booking in the last trading sessions.

The pair of SOL/BTC is at 0.00248 BTC, and the market cap is $75.16 Billion. Analysts are bullish and suggest that the Solana price may cross the $200 mark and might reach the ATH mark of $260 shortly.

Could Solana (SOL) Succeed To Cross $200 This Month?

Amidst the Ether ETF launch news, most of the crypto assets had gained traction and revealed bullish momentum. Solana crypto has depicted a notable recovery of over 25% this month.

Despite the follow on buying activity, Solana price has experienced a sudden push and witnessed profit booking at the highs.

Source: Santiment

Ranked at 5 per the market cap, SOL crypto has a total supply of 576.64 million and has a volume to market cap ratio of 0.0638. Going forward, the trading volume spiked over 37.28% to $4.76 Billion and is hinting at the investor speculation.

Sharpe Ratio Value Sustains Above 1 Mark

Amidst the decline this week, the sharpe ratio value still stays above the 1 mark and it guides a short term uptrend.

Source: Messari

Weighted Sentiment Looks Positive, Volatility Remained Flat

Per the Santiment data, the price volatility keeps lower and is signifying lower selling pressure.

Source: Santiment

Likewise, the weighted sentiment data stays above the midline region, hinting at the investors positive outlook.

Futures OI Data Hints Short Additions

Amidst the price downmove, the futures derivative data reveals sellers activity and is highlighting the short buildup.

Source: CoinGlass

The open interest data spiked over 0.90% to $2.32 Billion in the last 24 hrs and revealed the seller willingness to push SOL toward $150.

Social Dominance and Development Activity Data Outlook

The development activity data witnessed a consistent drop and reflected a drop over 32.78% to the 82.24 mark, highlighting the negative outlook.

Source: Santiment

Meanwhile, the social dominance data still looks neutral, as investors continue to show their interest and discuss the reports.

Conclusion

The Solana (SOL) price has retested its key 20 day EMA mark support and witnessed profit booking this week. Meanwhile, the trend is bullish and dips are bought quickly which is a positive sign.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.