Solana (SOL) Rebounds Briefly After Finding Key Support at $136 Level

Despite a recent low of $137, the price of Solana (SOL) is showing substantial momentum. as the price is seeing a remarkable comeback.

Solana (SOL) price is showing good momentum despite hitting a recent low of $137, as the price is seeing a strong recovery.

Solana is aiming for mass institutional adoption, aiming to completely bypass the retail sector. Fund managers are considering the launch of a spot Solana exchange-traded fund (ETF) in the United States. Previously, VanEck and 21Shares showed interest in the product, but now there’s a snag.

Solana exchange-traded fund (ETF) filings, submitted by asset management firms 21Shares and VanEck, have quietly vanished from the CBOE website.

In June, the two firms filed S-1 paperwork to begin trading Solana ETFs, pending approval.

Brief rebound

Crypto trader Kaleo is presenting a compelling comparison between Solana’s current price action and Ethereum’s performance in late 2020.

According to Kaleo, Solana is mirroring a bullish pattern that was last seen with Ethereum during its bull cycle.

Solana began the year with a strong bullish trend, hitting a high of nearly $200. However, the market has been volatile recently, and Solana dropped to a low of $113 on August 5.

Solana price found support at $136 level on August 16 and witnessed a brief bounce. At the time of writing, SOL is trading at $146, up 3.45% in the last 24 hours, as per data from CMC. Additionally, the trading volume is up 34.06%.

If the price manages to climb further and break above $150 level, then it will likely test $163 resistance level. However, if the price falls below the $140 mark, then the price is likely to test $136 support level.

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