Technical analysis by OnlyProfits8 about Symbol SOL: Buy recommendation (2/23/2025)

Recent news has bolstered our bullish outlook on Solana. Notably, Reuters reported that Franklin Templeton has filed for a Solana spot ETF—an institutional move that signals growing mainstream interest. This development is likely to pave the way for increased capital inflows and heightened liquidity, reinforcing Solana’s fundamentals.On the technical side, a recent report by The Market Periodical highlighted a bullish engulfing candle near the $175 level. Coupled with significant whale buying and staking activity, these factors are setting the stage for a breakout toward key resistance levels around $260.Key Points:Institutional Catalyst: Franklin Templeton’s ETF filing suggests that major asset managers are beginning to view SOL as a credible investment, which could drive upward momentum.Technical Strength: The formation of a bullish engulfing candle at $175, along with strong whale accumulation, indicates that the support is firm and a rally toward $260 is on the cards.Bullish Confluence: The convergence of institutional interest and positive technical indicators strengthens the case for a sustained bullish move in SOL/USD.Given these developments, the current setup is attractive for long-term bullish traders. If SOL/USD holds above key support levels, we anticipate a push toward our target area near $260.Join our trading group for real-time updates and in-depth analysis as we monitor these trends and refine our strategies. Let’s capitalize on these growing bullish signals together!t.me/onlyprofits8