Could Solana (SOL) Reach $315? Essential Chart Indicator to Watch

Current Price Action: Solana (SOL) is trading around $132, near a key monthly support zone, having dropped 3% over the past week. Traders are monitoring this area as it aligns with a long-term ascending channel support level.

Long-Term Support Testing: SOL is at the lower boundary of its ascending channel on the monthly chart, which has historically served as a strong reversal zone. A successful bounce could lead to targets of $262.62 and $315.43.

Short-Term Price Movements: On the 4-hour chart, SOL is reacting at a support zone between $124 and $125. If it holds above $134–$135, a short-term upward move towards $145.84 and $149.31 is possible.

ETF Launch and Market Sentiment: Franklin Templeton launched a spot SOL ETF, which has seen significant inflows, although there have been outflows since late November. Recent inflows suggest a potential shift in market sentiment, with total assets remaining above $900 million.