Solana (SOL) Golden Cross Confirmed, Has Price Bottomed Out?
Solana has risen by over 4.5% in the last 24 hours as the asset rebounds amid positive sentiment. This coincides with the confirmation of a golden cross on the four-hours chart of the coin, accoreing to Tradingview data.Solanaâs golden cross signals possible bullish breakoutThe formation of a golden cross signals that a bullish rally could occur for Solana, which breached the $200 resistance in a swift move within the last 24 hours.For clarity, a golden cross is set when a short-term moving average crosses above a long-term moving average. For Solana, the 9-day and 26-day moving averages crossed on the four-hour chart at $200.68, a development that could further catalyze the price outlook.Solana Price Golden Cross | Source: TradingView">As of press time, Solana is changing hands at $203.44, which represents a 5.21% increase in price. The coin had previously hit a peak of $208.33, indicating that it has the potential for more growth if only volume lends its support.The trading volume has remained in the red zone by a significant 19.87% at $10.8 billion. The market feedback shows that while there has been an increase in institutional demand, retail investors are still cautious.The institutional interest might be as a result of the approaching deadline for the U.S. Securities and Exchange Commission (SEC) in considering a Solana ETF. The regulatory body has until Oct. 16 to decide on pending applications filed by different asset managers for a spot Solana exchange-traded fund (ETF).Has Solanaâs price finally bottomed out?With these bullish sentiments buzzing in the Solana community, it appears the assetâs price has bottomed out. The golden cross formation at $200.68 might become new support for the coin.This is likely if the trading volume receives a kick and clears the red zone into the green amid this bullish sentiment.It is worth mentioning that if the SEC gives the green light for a spot Solana ETFâ â â â â â â , the increased institutional exposure could impact the price. There are projections that if SOL could reclaim the $230 price level and stabilize there, it might soar toward $520.