Crash

SoSoValue

bullish

Solana

Time

Solana<a href="https://yellow.com/asset/sol" rel="noopener noreferrer nofollow">(SOL)</a> is showing a bullish technical setup with a path toward $115 after breaking out of a six-week consolidation range, as <a href="https://yellow.com/news/what-drives-solana-etf-inflows-while-bitcoin-ethereum-bleed-dollar143b" rel="noopener noreferrer nofollow">spot SOL exchange-traded funds</a> posted their strongest inflows in two weeks and U.S. regulators jointly classified the token as a digital commodity rather than a security.<h2 id="what-happened">What Happened</h2>Analyst Ali Martinez<a href="https://www.newsbtc.com/news/solana/solana-key-indicator-flashes-first-bullish-signal-since-january-market-rebound-incoming/" rel="noopener noreferrer nofollow">flagged</a> that SOL's SuperTrend indicator flipped from Sell to Buy on the daily chart for the first time since January, pointing to a potential relief rally.The token <a href="https://www.newsbtc.com/news/solana-clear-path-115-sec-guidance-etfs-demand/" rel="noopener noreferrer nofollow">jumped</a> 22% from its March lows and briefly touched a one-month high of $97 earlier this week before pulling back to $90 on Wednesday. It had been stuck between $77 and $92 for roughly six weeks, failing to break the upper boundary on multiple attempts.Martinez cited the UTXO Realized Price Distribution metric, which shows a demand floor between $82.60 and $85.55 where 76 million SOL tokens changed hands."This 38-day accumulation phase has effectively exhausted sell-side liquidity," he wrote, adding that SOL has "a clear path toward the $100 psychological level, followed by the $115 liquidity cluster." He stressed that the ceiling above current prices is "significantly thinner than the current floor" and that if SOL holds the structural support near $93, a rally could unfold "much faster than people think."As of this writing, SOL trades at $88, up 5.2% over the past month.Also Read:<a href="https://yellow.com/news/bitcoin-cycle-vs-2022-crash" rel="noopener noreferrer nofollow">Current Bitcoin Cycle Diverges From 2022 Crash Pattern, Analyst Claims</a><h2 id="why-it-matters">Why It Matters</h2>Spot Solana ETFs recorded $17.81 million in net inflows on Mar. 17, their highest single-day figure since the start of the month, according to SoSoValue data. The funds have maintained a five-week positive streak despite broader market volatility, bringing cumulative net inflows to $989.3 million — just short of the $1 billion mark.On Tuesday, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission issued joint guidance confirming that most crypto assets — including Solana, Cardano<a href="https://yellow.com/asset/ada" rel="noopener noreferrer nofollow">(ADA)</a>, and XRP<a href="https://yellow.com/asset/xrp" rel="noopener noreferrer nofollow">(XRP)</a> — qualify as <a href="https://yellow.com/news/sec-crypto-not-securities" rel="noopener noreferrer nofollow">digital commodities rather than securities</a>, placing them alongside Bitcoin<a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">(BTC)</a> and Ethereum<a href="https://yellow.com/asset/eth" rel="noopener noreferrer nofollow">(ETH)</a>. The move resolves years of regulatory uncertainty for market participants.Read Next:<a href="https://yellow.com/news/ethereum-price-resistance-2500" rel="noopener noreferrer nofollow">What Keeps Ethereum From Reclaiming $2,500 Level?</a>

Solana Flashes Buy Signal For The First Time Since January

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