Solana (SOL) has been a victim of the recent decline in crypto asset prices, but several fundamental and on-chain factors seem to support an optimistic outlook for the Ethereum competitor.
Brazil officials approve a Spot Solana ETF, a key milestone for the Ethereum -competitor token. PayPal stablecoin supply on Solana exceeds that of Ethereum and the network sees a rise in transactions. SOL hovers around $145, and could extend gains by 20% to hit the $175 target in a bullish scenario. Solana has been a victim of the recent decline in crypto asset prices, but several fundamental and on-chain factors seem to support an optimistic outlook for the Ethereum competitor.
Before reaching it, SOL faces resistance at the psychological level of $150. The Relative Strength Index , a momentum indicator, reads 44.13 on the daily chart, close to the neutral level. This suggests indecisiveness among traders. SOL/USDT daily chart In case of a decline, SOL could find support in the Fair Value Gap between $139.37 and $142.21. A daily candlestick close under $142 could invalidate the bullish thesis.
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