Solana (SOL) Price Fluctuations: Relief Rally After CME Futures Announcement Amidst Market Downturn

On February 28, Solana (SOL) hit a 2024 low of $125, but experienced a 16% relief rally following the Chicago Mercantile Exchange (CME)'s March 17 announcement of Solana futures. The product is awaiting regulatory approval from the Commodity Futures Trading Commission (CFTC). Before the rally, Solana had been forming lower lows since February 24. A bullish divergence between price and RSI preceded the rally. A confirmed close above $143 would validate a bullish SFP, with immediate resistance at $160. On March 1, 11.2 million SOL tokens were unlocked, increasing the total market cap by 2.84%, worth $1.62 billion. Keyrock Trading predicted an 8% decline post-unlock, while a crypto trader suggested a potential bottom around $110-$120. Solana is currently trading around $130, a 33% drop in under two weeks, with $120 as a crucial support level to hold. Analyst Ali Martinez noted a potential shift from a bullish to bearish trend.