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Solana Charts Bullish Path with Golden Cross in Sight and Rebound Building
- Solana (SOL) has shown resilience, bouncing back from recent lows and currently trading at $151.
- Technical analysis suggests a potential golden cross formation on the MACD indicator, signaling likely upward movement.
- The RSI is at 47, nearing the neutral range of 50, indicating increased buyer interest and room for further gains.
- Solana's Balance of Power (BoP) at 0.36 signifies strong buying activity, supporting a positive short-term outlook.
- Institutional support, including Galaxy Digital's substantial investments, boosts confidence in Solana.
- Galaxy Digital's SOL staking has reached 660,000 SOL, totaling $101.01 million, showing a growing commitment to the token.
- Interest from large players like Solana Strategies and others enhances the overall positive sentiment around Solana.
- The possibility of a Solana ETF, with CoinShares filing an application, adds optimism and legitimacy to the token.
- Analysts estimate a 90% chance of the Solana ETF approval, which could impact price momentum positively.
- Solana is eyeing the next resistance at $157.92, with potential further gains if market support continues.
- Failure to maintain demand may lead to a fallback near $142.59, emphasizing the importance of ongoing market interest.
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