{"id":562296,"date":"2024-08-08T12:04:55","date_gmt":"2024-08-08T12:04:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=562296"},"modified":"2024-08-08T08:46:51","modified_gmt":"2024-08-08T08:46:51","slug":"solana-price-hits-154-as-brazil-sec-approves-spot-solana-etf-and-traders-rush-to-buy-this-shib-2-0-for-100x-gains","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-hits-154-as-brazil-sec-approves-spot-solana-etf-and-traders-rush-to-buy-this-shib-2-0-for-100x-gains","title":{"rendered":"Solana Price Hits $154 As Brazil SEC Approves Spot Solana ETF And Traders Rush To Buy This SHIB 2.0 For 100X Gains"},"content":{"rendered":"

The Solana price rose 2% in the last 24 hours <\/span>to trade at $154.29<\/span><\/a> as of 03:51 a.m. EST on trading volume that dropped 5% to $5.4 billion.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Solana Price To Continue With the Bullish Trend Reversal<\/h2>\n

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 <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) is climbing up above the 50-midline level, currently at 57, as the buying intensifies.<\/span><\/p>\n

\"Solana
Solana Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Meanwhile, as the Solana price continues to soar, a SHIB-derivative project called <\/span>Shiba Shootout (SHIBASHOOT)<\/a> is attracting the attention of the 99Bitcoins YouTube channel, which told its more than 706k subscribers that the presale has 100x potential.<\/span><\/span><\/p>\n