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The Solana price rose 2% in the last 24 hours to trade at $154.29 as of 03:51 a.m. EST on trading volume that dropped 5% to $5.4 billion.
This comes after Brazil’s securities regulator approved its first Solana ETF (exchange-traded fund) and now awaits the approval of the local stock exchange B3.
The new SOL ETF will reference the CME CF Solana dollar, developed by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF) to provide a uniform price quote for Solana.
Solana Price To Continue With the Bullish Trend Reversal
The Solana price, after soaring in July, took a tumble in August, dropping from the $193 resistance, within the falling channel pattern, according to data from GeckoTerminal.
Following the market clash on Monday, the price of Solana dropped below the lower boundary of the channel to the $113 support zone. The bulls then used this support as a cushion against downward pressure to rise over the upper boundary of the channel.
SOL price is now on a bullish trend, as the token crosses above the 50-day Simple Moving Average (SMA). If this trend continues, SOL could overcome the immediate resistance at $158.
Moreover, the Relative Strength Index (RSI) is climbing up above the 50-midline level, currently at 57, as the buying intensifies.
If the buying continues, the price of Solana could soar above the channel, as the bulls target prices above the previous resistance level at $193.
However, if the bears take control of the price at this level, SOL could retrace back to the $130 support level within the lower boundary of the channel.
Meanwhile, as the Solana price continues to soar, a SHIB-derivative project called Shiba Shootout (SHIBASHOOT) is attracting the attention of the 99Bitcoins YouTube channel, which told its more than 706k subscribers that the presale has 100x potential.
Shiba Shootout Soars Past $891K – Best Solana Alternative?
Shiba Shootout (SHIBASHOOT) is a Wild West-themed project that’s capturing the attention of the crypto community. This new project stands out in the crowded meme coin market by offering a unique blend of creativity, strategy, and play-to-earn (P2E) gaming.
Set in the fictional town of Shiba Gulch, players can earn $SHIBASHOOT tokens by participating in cowboy duels, adding an engaging layer of interaction to the crypto space.
In addition to its gaming appeal, Shiba Shootout features a lucrative staking system with an incredible 1,096% annual yield.
Introducing #CactusStaking! 🌟🌵
Stake your #ShibaShootout tokens on a digital cactus and watch your rewards grow! 🚀🌸 pic.twitter.com/Z8OXUJSb5D
— shibashootout (@shibashootout) August 6, 2024
With over $891K already raised in its presale, the token is currently available for $0.0198. With a price increase due in less than 5 days, buy before than to secure the best deal.
Purchase $SHIBASHOOT on the official website here using ETH, BNB, USDT, or a bank card.
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