Solana Price Sees Upsurge as ETFs Accumulate Millions of Tokens

Solana's price has recovered after briefly dipping below $117.26 on Tuesday, but the move may not be entirely bearish.

According to CryptoRank, the token quickly rebounded above Monday's low and is now trading near $119.13, putting the confirmation level of $118.89 in focus.

This range manipulation could drive a potential move toward the first upside target at $122.93 and then on to $124.13.

The accumulation of 4.37M SOL worth about $450M by U.S. spot Solana ETFs since July 13 may be supporting token adoption and contributing to the upside risk in the crypto market.