Solana Price Flashes Golden Cross as Staked SOL ETF Hits Key Milestone- Is $294 Next?

Solana price continued its strong surge on Tuesday, July 22, reaching its highest level since February this year. SOL token rose for three consecutive days, up by 112% from its lowest point this year. This surge could accelerate as the recently launched staked SOL ETF crossed a key milestone. 

Solana Price Flashes Golden Cross Pattern

The daily timeframe shows that the Solana price has staged a strong comeback in the past few months, moving from $95 in April to $204 today. It recently flipped the important resistance point at $186.90 into support, invalidating a double-top pattern that was forming and whose neckline was at $125.9. A double-top is one of the most common bearish patterns in technical analysis.

Most importantly, the SOL price is about to form a golden cross pattern as the 200-day and 50-day moving averages crossed each other. This cross often leads to double-digit gains. For example, the last time that Solana price formed this cross was in October 2023, when it was trading at $25. It then jumped to a record high of nearly $300 in January this year. 

The Relative Strength Index has jumped to 82, while the Percentage Price Oscillator (PPO) crossed the zero line. PPO is a popular indicator created by modifying the MACD. 

Therefore, the Solana price will likely continue soaring, with the next target to watch being at $294, its highest level in January. That surge implies a 43% surge from the current level. A drop below the golden cross point at $160 will cancel the bullish SOL price forecast, and point to more downside. 

Staking SOL ETF Assets Cross Key Milestone

The main catalyst for the Solana coin price is the rising hopes that the altcoin season index will keep rising this month. This index continued soaring as Bitcoin remained in a tight range. 

An altcoin season will benefit Solana because it is one of the most popular altcoins in the industry. It will also benefit it because of its meme coin ecosystem, which will likely lead the charge. Data show that the market cap of all Solana meme coins as soared to over $15 billion. 

SOL price has also jumped as the Rex Staked Solana ETF’s assets crossed the $100 million milestone and reached an all-time high of $107 million. This is remarkable growth for an ETF that was launched three months ago. 

The increasing inflows is a sign that Wall Street investors are warming up to altcoin ETFs. Polymarket data shows that the odds of the SEC approving a spot SOL ETF have jumped to nearly 100%.

Solana’s stablecoin supply has jumped by 6.3% in the last 30 days to over $11 billion. Its addresses jumped by over 85% to over 3.7 million, while the adjusted transaction volume soared by 60% to $132 billion. 

Summary

Solana price has been in a strong bull run in the past few months. It has formed a golden cross pattern as the 50-day and 200-day moving averages. At the same time, it has invalidated the double-top pattern and is showing strong momentum, pointing to more gains.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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