Solana price stabilized on January 28, erasing some of the losses made on Monday when Bitcoin and other altcoins crashed. SOL coin faces numerous catalysts that may push its price higher in the longer term, including an ETF approval and the potential inclusion into the Strategic Bitcoin Reserve (SBR).
Solana Price Stabilizes After Crash
Solana coin plunged on Monday as a sense of fear spread in the crypto market. No coin was spared, with Bitcoin price crashing below $100,000, and most Solana meme coins like Fartcoin and TRUMP falling by over 20%. The same performance happened in the equities market as blue-chip names like Nvidia and Broadcom plunged by over 10%.
Solana the stabilized on Tuesday and reached a high of $240, up by almost 10% from its lowest point this week. Its rebound also mirrored that of other coins, with Bitcoin rising to $103,000, and the market cap of all coins rising by 2.7% to $3.65 trillion.
SOL Could Benefit From Strategic Bitcoin Reserves Inclusion
Solana has numerous catalysts that may push its price higher over time. The number of Solana tokens has continued rising, with over 570,000 created in the last seven days. Solana has overtaken Ethereum in terms of fees this year, collecting over $220 million so far.
Odds that the SEC will approve a spot SOL ETF have continued rising and stands at 85% on Polymarket. Such a move would lead to over $6 billion in fresh institutional inflows, according to JPMorgan.
The other potential catalyst is where Solana is included in the Strategic Bitcoin Reserve, a hypothetical situation. Donald Trump has hinted that he may want to create an all American fund, meaning that Solana may be a candidate. Such a move would also lead to more Solana price jumps.
Solana Price Analysis: Chart Points To More Gains
Technicals suggest that Solana price has more gains ahead. On the daily chart, the coin has remained above the rising trendline that links the lowest swings since November 2023.
SOL price has also moved above the key support level at $210, its March 2024 highs. Notably, Monday’s crash helped it to form a small hammer candlestick pattern, a popular bullish reversal sign.
Solana Price Chart
Key Levels To Book Profit
Solana is also supported by the 50 moving average and has also formed what looks like a cup and handle pattern. The recent retreat was part of the handle section, which may lead to more gains in the near term. An inclusion into the Strategic Bitcoin Reserve will see it initially cross the all-time high of $294, with the next SOL price target being $500.
The bullish outlook will become invalid if the Solana price crashes below $168, the lowest point this month.
The post Here’s Solana Price Target If SOL Enters Strategic Bitcoin Reserve appeared first on CoinGape.
