PRICE SOLANA (SOL) surpasses the encryption market on April 11, an increase of 7.45 % over the past 24 hours to trade at $ 121.
Sol/USD Daily Chart. Source: Cointelegraph/Tradingvief
Let’s take a closer look at the factors behind the Solana Rally today.
Renewal optimism ETF Sol
Solana PRICE appears to benefit from the broader market throughout the cryptocurrency market and the rejuvenation of optimism surrounding the possible Solana ETF consent in the United States after the appointment of Paul Attins as SEC president. Atkins, known for his friend’s encryption position, has spoken speculation that the investment funds circulated in Altcoin, including Solana, may face a smoother way for approval.
The possibilities of betting for the approval of Sol ETF in 2025 now Stand In 76 % on polymarket. Over the past three months, the possibility of approval swings by 11 % in favor of bulls, which was about 65 % on January 4.
ETF approval possibilities on polymarket. Source: polymarket
Many major asset managers have submitted requests to Solana ETF, including Vaneck, Grayscale, 21shares, BitWise and Canary Capital.
Market participants believe that such an offer can attract new capital and enhance liquidity in the Sol trade.
The short margin of the reference
She also played the rise in the Solana derivative market in a gathering today, according to Data From Coinglass. The Crypto Futures market has seen the liquidation of more than $ 226 million in financial leverage positions in the past 24 hours, as it was $ 152.4 million short liquidation.
More than 9.3 million dollars have been filtered on SOL’s short sites for $ 2.1 million in long qualifiers during the same period.
Total encryption. Source: Coinglass
Related to: Rallies Fartcoin 104 % per week – will the Solana price (Sol) attend?
Solana’s RSI shows a bullish difference
On Sol’s daily chart, there is a bullish difference with the daily RSI that has previously increased prices today.
Sol/USD Daily Chart. source: Tradingvief
The upscale difference can be a hint that the bulls control, and if the direction is withstay, the Sol Price may gather towards SMA for 50 days above $ 130 in the short term.
This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.
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