Solana (SOL) Eyes $150 as Bitwise ETF Listing Pushes Institutional Exposure

• Solana gains institutional exposure after joining the Bitwise 10 Crypto Index ETF.
• Rising trading activity and stronger technical signals position SOL for a potential breakout.
• Analysts say SOL could soon test the $150 resistance if current momentum continues.

Solana is moving in the positive direction with an increment in its value due to changing conditions in the crypto sector. The SOL price has surged by 3.62% over the last 24 hours but is slightly down by 3.2% over the last week.

At the time of writing, SOL is trading at $136.78, supported by a 24-hour trading volume of $6.47 billion, marking a notable surge of 66.78% over the last 24 hours. Moreover, its market capitalization remains solid at $76.89 billion, placing the token among the market’s top performers. 

Source: CoinMarketCap

Also Read: Solana Holds $138 Support While On-Chain Data Reveals Tightening Liquidity

Solana Joins Bitwise 10 ETF, Boosting Institutional Demand

However, the data from Bitwise revealed that Solana (SOL), one of the fastest and most efficient blockchains, has been included in the Bitwise 10 Crypto Index ETF (NYSE: BITW). Solana, using both proof of history and proof of stake, is capable of transacting thousands of transactions per second. This also acknowledges the increasing presence of the network in the worldwide on-chain financial markets.

The BITW ETF provides investing opportunities in the top ten cryptos by market capitalization, providing the market with comprehensive exposure to the major cryptos. The Solana addition provides a blockchain platform that is gradually gaining popularity for various uses, including DeFi. This is a sign of the prominence of the network among investors.

Solana (SOL) Eyes $150, Mirroring Ethereum’s Bullish Path

Moreover, the crypto analyst, Ali, highlighted that SOL appears to be displaying initial stages of following the impressive bullish trend of Ethereum (ETH). Technical analysis indicates that the breakout patterns are similar to the previous bullish patterns of Ethereum. Additionally, increasing volume and higher lows are indicating that SOL might be on the cusp of a major rally.

Source: Ali

If this momentum is sustained, market analysts project the potential for the price of Solana, SOL, to reach the $150 level. Overcoming the resistance level will serve as a substantial indication for the achievement of the $150 target. It is a moment of significance for SOL due to the positive indicators and the developing environment.

Also Read: Solana Holds Trendline Support: SOL Could Pass $200 to Push The Rally to $550