Solana price defends $145 level following ETF approval

The cryptocurrency market remains energetic, and Solana (SOL) is showing notable resilience at the $145 price level following the approval of its exchange-traded fund (ETF). This support level has held firm amid recent volatility, indicating a potential bottom formation and increasing confidence among buyers.

Solana price resilience at $145 level indicates strong support from buyers

For more than a week, Solana's price has been consolidating around the $145 mark. This area is not just a random number; it coincides with a previous capitulation low that has transformed into a significant support zone. The sustained defense of this price point suggests that buyers are becoming more confident, particularly in light of the recent ETF approval that has attracted substantial investor interest.

Technical analysis shows signs of accumulation and demand absorption

From a technical standpoint, Solana's price structure reveals characteristics of accumulation. After a capitulation event that drove prices down to the $145 region, there have been multiple instances where lower prices were rejected. Each rejection has been accompanied by strong buybacks, indicating that demand is absorbing the selling pressure. This behavior typically signals that sellers may be running out of steam. Additionally, the alignment of the 0.618 Fibonacci retracement level with the current support strengthens this area as a likely pivot point for a price reversal.

Strong ETF inflows reinforce bullish outlook for Solana's price trajectory

The recent approval of Solana ETFs has added a significant layer of strength to the bullish outlook. Data reveals that these ETFs have seen inflows exceeding $9.7 million in just one day, marking seven consecutive days of positive investor participation. This influx of capital demonstrates growing institutional interest in Solana, which could bolster its credibility and support the current price defense.

Potential price movements depend on support maintenance and continued inflows

If Solana can maintain its support at the $145 level while continuing to attract ETF inflows, analysts suggest that a short-term rally toward the $180 to $200 range could be on the horizon. However, failure to hold this support may invalidate the current bullish scenario, potentially exposing the next downside target at $120. The coming days will be crucial for Solana as it navigates these market dynamics.