Solana News: Key Price Levels and Significant Price Surge Revealed

Recent developments and analysis of Solana’s price action have shed light on important support and resistance levels, as well as a notable surge in its value.

Solana Support & Resistance Levels Based on On-Chain Data

Analytics firm Glassnode has revealed important Solana price levels to watch based on on-chain accumulation data. The URPD indicator shows how much of the SOL supply was purchased at which price levels. When the cryptocurrency set its new all-time high in January, certain price levels like $144 stood out in terms of the amount of supply they hosted.

Solana Surges by 5.83% Today, Eyes Bigger Rally Ahead

Solana ($SOL) has seen a significant increase of 5.83% over the past 24 hours, currently trading at $133.28. This upsurge has surpassed the psychological price level of $130, indicating potential for more price upswings. The bullish rebound could boost investor confidence in the future performance of $SOL.

Solana ETF Debuts in the U.S. – Evaluating Its Impact on SOL Prices

The first-ever SOL ETF tracking Futures will debut on 20th March. Bloomberg’s analyst Eric Balchunas cautioned that spot ETF approval could affect the Futures ETFs. Volatility Shares LLC plans to launch two funds tracking SOL Futures markets: Volatility Shares Solana ETF (SOLZ) and Volatility Shares 2X Solana ETF (SOLT), offering twice-leveraged exposure to SOL. Futures markets allow participants to speculate on SOL’s future price without owning the physical SOL asset.

Anatoly Yakovenko Apologizes for Controversial ‘America Is Back’ Ad

Solana Labs CEO Anatoly Yakovenko has addressed the reaction to the company’s “America Is Back – Time to Accelerate” controversial ad campaign, which combined themes of American patriotism and technological innovation with political messaging on gender identity. In a post, he expressed his unease over the company’s recent advertisement, stating that the ad was “gnawing at [his] soul” and that he is ashamed he downplayed it instead of calling it what it is – mean and punching down on a marginalized group.