• Solana gains momentum as Canary Capital files SEC ETF proposal, fueling strong market enthusiasm.
• Solana trades above $200, holding firm with a $108.90 billion market cap and notable daily trading volume.
• Technicals show SOL bouncing from trendline support, keeping bullish momentum alive unless key levels are broken.

Solana is back in focus with new developments sparking new interest in the markets. News of an ETF filing has given investors increased excitement, with technicals reflecting the asset holding above notable support levels. As more mainstream interest comes and critical price areas are in focus, Solana’s next move is closely monitored.

At the time of writing, Solana (SOL) is trading at $201.32, supported with a 24-hour volume of $21.73 billion and a $108.90 billion market cap. The token has recorded a 3.71% increase in the last 24 hours, revealing new strength amidst a cautious marketplace.

Canary Capital Files Solana ETF With SEC

Prominent crypto analyst, Crypto Patel, has just highlighted that Canary Capital has officially filed an S-1 paper with the U.S. Securities and Exchange Commission (SEC) to register a Solana Exchange-Traded Fund (ETF).

If registered, the fund would hold and stake SOL, allowing investors to have spot exposure to the cryptocurrency while also participating in staking revenue rewards. Most expect this to be an ambitious step to move SOL a step further into mainstream ETF territory.

Solana Finds Strength At Trendline Support

On the technical side, Alpha Crypto Signal pointed out that while SOL just fell below an important horizontal support level, the trendline support area swiftly intervened and triggered a bounce.

According to Alpha Crypto Signal, as long as there’s no violation of this trendline, SOL should still experience buying strength. But in case the token breaks out of this level with confirmation, a bearish setup might again appear, signifying a new bearish impulse.

Against the background of technical speculations about ETFs and critical technical levels, Solana remains one of the cryptocurrencies followed most closely. The coming weeks may determine whether SOL continues the rally or has another retreat.

Also Read | Solana Price Holds $195 Support as Bulls Target Key $220 Zone

Crypto Sentiment Points To Bullish Trend

The overall community attitude is very positive, with 85% of the electorate being bullish. This indicates the majority of the polled public expect increasing prices and improved market conditions in the short term. This high degree of bullishness reflects strong optimism and confidence amongst investors.

Conversely, 15% of the votes are bearish, implying there is a smaller group who think prices might fall. Though it’s the minority, it still reflects some cautiousness in the market. As a whole, the mood is very positive, reflecting strong community support to move forward.

Also Read | Solana Price Crash: Will SOL Rebound to $218 or Sink Below $200?