The fast-emerging altcoin has been rallying since reports that reputable asset managers are interested in Solana.  SOL’s value has dropped by 16% during the previous month, but it has risen almost 5% in the last day, currently trading at about $148. 

Solana is trading above the 100-hourly simple moving average at $144. A positive trend line is building on the hourly SOL/USD chart, with support at $142, near the 50% Fibonacci retracement level of the last advance between $138 and $151. 

Should the bullish run acquire more gas, it might encounter resistance at $150, with a bigger barrier at $152. On the other hand, SOL may initiate a correction if it is unable to break the $152 resistance line. The first level of support is around $145, a short-term decline below $140 would drive it as low as $128. 

A document from VanEck made with the Securities and Exchange Commission (SEC) on Thursday, this was the first-ever bid for a Solana (SOL) exchange-traded fund in the United States. 

As global asset managers look to expand into more cryptocurrency-backed investment vehicles, the so-called VanEck Solana Trust will follow and reflect the performance of SOL prices. In keeping with updating prospectus filings for Ethereum (ETH) ETFs on the spot, VanEck emphasized in its filing that its Solana Trust would not be staked.  

It indicates that traditional investors are becoming more optimistic about Solana’s long-term survival. The premium paid may serve as a prelude to Solana’s future market position as it develops its infrastructure and applications. Furthermore, increased price stability and wider market adoption are facilitated by decreased entry barriers like investment trusts and increased liquidity. 

The approval of a SOL ETF will likely spur additional institutional and retail investment, like how Ethereum’s early ETFs increased investor involvement. With its developing ecosystem, governmental approval, and technological similarities to Ethereum, SOL is well-positioned to see a large increase in worth.