During Friday’s U.S. trading session, the Solana price showcased a notable uptick of 2.19% to hit a $119.67 trading value. The bullish momentum likely followed the recent S-1 filing for Solana ETF by Grayscale and SOL price retested a yearly support trendline. However, the escalating tariff war continues to put pressure on the global stock market and cryptocurrencies, signaling the risk of further correction.
Key Highlights:
- A double bottom pattern at $112 support could drive the Solana price past the $150 resistance.
- Historically, data shows a bullish reversal from $112 has led to a rally extending from 60% to 140%.
- SOL price surge followed Grayscale’s official S-1 filing to launch a Solana ETF.
Grayscale files S-1 to Launch a SOL ETF
On Friday, April 4th, the investment management company Grayscale officially filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch a Solana (SOL) Exchange-Traded Fund (ETF).
The proposed ETF will see the renaming of the existing Grayscale Solana Trust to the “Grayscale Solana Trust ETF.” According to details disclosed by Grayscale, the ETF will exclude any staking functionality for SOL tokens but provide investors with a regulated exposure to the asset’s price movement.
If approved, the ETF would potentially bring institutional interest and gain bullish sentiment in the broader market.
Double Bottom Pattern May Push Solana Price Past $150 Barrier
An analysis of Solana’s daily chart shows the formation of a bullish reversal candle called a morning star at $112 yearly support. This marks a second reversal attempt from the SOL price within a month, signaling a potential development of a double-bottom pattern.
Theoretically, the chart setup displays a W-shaped reversal, projecting a high demand pressure from bottom supports. For these bullish upswings, the momentum indicator RSI shows a surge in buying pressure with fresh higher low formation.
If the theory holds, the Solana price could bounce 22% to challenge the immediate resistance of $148. A potential breakout from this resistance will signal a change in market dynamics and drive a sustained rally.
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