Solana SOL is currently in a bearish phase, down over 18% in the last 30 days. However, a potential Nasdaq listing could reignite momentum behind the asset. Indeed, a filing by Canadian firm Sol Strategies with the SEC suggests a move to list SOL on Nasdaq. The listing would certainly attract investors, possibly send SOL back up towards $160.
Current price data reveals liquidation heatmaps that indicate a dense liquidity cluster around $160. The cluster hints at a possible price movement toward that price if SOL starts to pick back up. That can occur if the Solana cryptocurrency is indeed placed on the Nasdaq composite. Sol Strategies, a Canadian stock exchange-listed company, has filed with the US SEC to be listed on Nasdaq. The firm aims to trade under the ticker name STKE.
Additionally, if the SEC approves the 40-F filing, we may see an increase in Solana (SOL) exposure for the company. The underlying asset will likely see a price bump if things go according to plan. Solana (SOL) also has several spot ETF applications currently awaiting approval with the SEC. According to Bloomberg ETF analyst James Seyffart, there is a 90% chance that the SEC will approve a spot SOL ETF this year.
Also Read: SOL Price: $8K Solana Could Flip Your Future as Experts Target $1,000
The timing of this filing also aligns with increasingly bullish on-chain signals such as the coin’s Liquidation Heatmaps, which show a dense cluster of liquidity has formed around the $160 level. These maps highlight areas of high liquidity, often color-coded to show intensity, with brighter zones representing larger liquidation potential. Typically, these price zones are magnets for price action, as the market moves toward these areas to trigger liquidations and open fresh positions.
Furthermore, open interest (OI) in SOL is up 3%. A rising OI suggests that more capital is flowing into the coin’s derivatives markets, reflecting growing conviction among traders about SOL’s potential upward price movement. SOL is currently struggling to breach the $150 mark. While the current dip is concerning, Solana (SOL) has proven to be quite a resilient cryptocurrency over the last few years. The asset’s price had fallen to below $9 after the collapse of FTX in 2022. Since its 2022 lows, SOL has hit multiple all-time highs. The asset may recover from its current predicament towards $160 if market sentiment rebounds.
