Solana Price Overview

Solana is trading at $133.55 and has increased 5.75% over the past 24 hours, with a high of $136.08 and a low of $132.81. With a market capitalization of nearly $68.12 billion, SOL is among the top 5 cryptocurrencies despite a 54% drop from its all-time high of $285.

The market sentiment for SOL remains positive as the token consolidates in a symmetrical triangle formation. Recent price action shows traders focusing on the $134 level.

SOL Price Analysis

The 4-hour chart indicates SOL has been forming a symmetrical triangle pattern since early March, suggesting a consolidation phase after declining from over $200. The current price action shows SOL testing the upper edge of this triangle around $134, with diminishing volume indicating a forthcoming breakout decision.

Solana Price Chart

Major resistance levels are at $137.87 and $149.65, with near-term resistance at the top trendline. Intraday support is at the lower trendline, further supported by $125.94 and a more substantial support at $113.16 should bear pressure increase.

Pivot points show SOL ranging between S1 ($125.94) and R1 ($137.87), with the critical $134 level as a make-or-break point. Resistance levels indicate hurdles ahead, with R3 at $162.58 being a significant barrier to an extended rally.

The Stochastic RSI indicator is currently reading 90.79/95.36, indicating overbought conditions which often suggest potential exhaustion and a near-term pullback for SOL.

SOL Price Targets

If SOL breaks above the downtrend line at around $134-135, the initial target is R1 at $137.87, followed by R2 at $149.65. If the move continues, R3 at $162.58 could be targeted.

The triangle height of $30-35 gives a technical price target of approx $165-170 for an upward breakout, or $100-105 for a downward breakdown.

Solana Futures ETFs to Enter Wall Street

Adding to the bullish sentiment around Solana, Florida-based Volatility Shares LLC will launch two ETFs tracking Solana futures on March 20. The new Solana futures ETFs will feature an expense ratio of 0.95% and 1.85%.

The Volatility Shares Solana ETF (SOLZ) will track Solana futures, while the Volatility Shared 2x Solana futures (SOLT) will offer 2x leverage.