Solana Price Hints at $180 Price Breakout as DEX Volume Spikes

The trend in the broader digital currency ecosystem has changed in recent times, with Solana in the spotlight in readiness to soar alongside its DEX volume

A look at CoinMarketCap data shows that Solana (SOL) is suddenly gaining ground in price. At the time of this writing, the coin had hit $160.81, signaling a possibility for SOL to hit $180 in a few weeks, or even days.

Multiple Elements in Favour of Solana Price Rally

Solana’s current price action equals a 9.23% increase within 24 hours. Analysts and market observers see the possibility that the next bull run will take it to $180. 

The recent SOL price rally is also the case with most altcoins, even as Bitcoin surged to $100,000. However, SOL’s gain is beyond this broader crypto market rebound sentiment. The increasing network activity is also instrumental to the rally.

The DEX volume on the network has exceeded 500 billion dollars this year alone. According to the on-chain daily price chart, SOL price fluctuations have followed a parallel channel for almost one month. Bulls appear to be vigorously defending the crucial support level at $141 even though the uptrend weakens after falling below the channel’s midline.

The outlook of the volume profile bars strongly supports the expectation that more buyers will enter the market at the current price. The Solana ecosystem has seen this price level attract significant buy-side volumes. History may repeat itself, and then SOL’s price rallies and breaks out of the channel to reach $180.

Potential Solana ETF as Price Catalyst 

A spot SOL Exchange-Traded Fund (ETF) is a potential catalyst for further SOL price gain. This fund will provide institutional clients more significant exposure to altcoins without making them vulnerable to crypto investment risks. 

Several asset management firms have applied to list and trade this crypto ETF in the last few months. This is in addition to other funds like DOGE, DOT, XRP, LTC, and APT ETFs. Amongst these many ETF filings, the Solana and XRP ETFs dominate. 

XRP is perceived as the top candidate likely to receive the SEC’s approval for a spot ETF in the United States. However, Solana has also gone neck-and-neck with XRP, boasting up to 11 filings. More recently, the odds of having the SEC approve the LTC ETF rose to 90%.

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