Solana (SOL) Price Prediction: Will SOL Price Skyrocket after Ethereum (ETH) Spot ETF Approval?

Solana price has stabilized above a key support level as signs of bottoming emerge ahead of the spot Ethereum ETF approval.

Solana (SOL) price is showing signs of bottoming ahead of the approval of the spot Ethereum ETF, which could be a major catalyst for cryptocurrencies.

Solana price has found strong support at $120.50, where it has failed to move below four times since April 13th. This price is also a few points above the 38.2% Fibonacci Retracement point, indicating that bears are hesitant to short the coin below that level.

Solana price chart by TradingView

The 38.2% Fibonacci Retracement point is a key support level for SOL price, as it marks the level at which the coin found support after falling from its all-time high of $260.07 on April 3rd. If SOL price manages to hold above this support level, it could continue to rise towards the neckline of the double-top chart pattern at $188.20, which is about 35% above the current level.

However, if SOL price fails to hold above the 38.2% Fibonacci Retracement point, it will be a sign that bears have prevailed, which will lead to more downside.

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