Despite growing rumors that the world’s largest asset manager may file a spot Solana ETF (exchange-traded fund) with the US Securities and Exchange Commission (SEC), BlackRock executive Samara Cohen has dismissed the possibility, at least in the near future. BlackRock Pours Cold Water On Solana ETF Hopes In a recent interview with Bloomberg, Samara Cohen, […]
Solana overtakes Ethereum on numerous metrics, but research finds its performance to be inorganic.
The US Securities and Exchange Commission (SEC) is seeking to modify its ongoing lawsuit against Binance to avoid a court decision on the security status of third-party tokens like Solana. In a joint July 29 court filing, the SEC requested permission to amend its original complaint against the crypto trading platform, stating that it aims […]
The post SEC seeks to amend Binance lawsuit to avoid ruling on SOL’s security status appeared first on CryptoSlate.
Solana extended gains above $180. SOL price is now struggling to reach the $200 level and showing some signs of a downside correction. SOL price started a downside correction from the $192 zone against the US Dollar. The price is now trading below $185 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $187 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start another increase unless it settles below the $175 support. Solana Price Fails To Test $200 Solana price remained in a positive zone and extended gains, beating Bitcoin and Ethereum. It traded above the $180 and $185 resistance levels. Finally, it tested the $192 zone and struggled to reach $200. A high was formed near $193.86 and the price started a downside correction. There was a move below the $190 and $188 support levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $165 swing low to the $193 high. Besides, there was a break below a key bullish trend line with support at $187 on the hourly chart of the SOL/USD pair. Solana is now trading below $185 and the 100-hourly simple moving average. The bulls are now active near the $180 support and the 50% Fib retracement level of the upward move from the $165 swing low to the $193 high. On the upside, the price is facing resistance near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another steady increase. The next key resistance is near $192. Any more gains might send the price toward the $200 level. More Losses in SOL? If SOL fails to rise above the $185 resistance, it could start another decline. Initial support on the downside is near the $180 level. The first major support is near the $175 level. A break below the $175 level might send the price toward $165. If there is a close below the $165 support, the price could decline toward the $155 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $180 and $175. Major Resistance Levels – $185 and $188.
After a drab week characterized by Bitcoin, Ethereum, and Solana prices either dumping or moving sideways, prices bounced off strongly by the end of last week. Of note, losses in Ethereum were arrested as prices recovered, rising from around $3,000. At the same time, Bitcoin and Solana pushed higher, closing in on $70,000 and $200, respectively. Interest In Bitcoin, Ethereum, And Solana Spikes According to Santiment data, despite weakness across the scene, there were hints of strength at the tail end of last week. Of note was renewed interest, where Solana, Bitcoin, and Ethereum saw a marked spike in trading volume. Related Reading: Fantom (FTM) Regains Momentum After Weeks Long Bleed – Will This Continue? When trading volume surges, it often suggests that market participants are curious and willing to engage, especially if prices are rising. Since these top coins were firm, rejecting losses, especially from Friday, July 26, buyers were in the equation, looking to capitalize. As Santiment analysts noted, how Bitcoin, Ethereum, and Solana perform tends to impact the general market. If Ethereum rallies, for example, it would benefit the broader layer-2 and 3 ecosystems. This will push meme coins and even decentralized finance (DeFi) activity even higher. There were multiple factors behind this interest. In Bitcoin’s case, shifting regulatory perspective on the world’s most valuable coin and increasing endorsement from politicians, especially in the United States, could explain why more are willing to learn about the coin. The Impact Of Trump, Spot Ethereum ETFs, And SOL Flipping BNB Over the weekend, Donald Trump, the former president and the presidential candidate in the upcoming November election, delivered a keynote address at the recently concluded Bitcoin conference in Nashville. Trump expressed his support for Bitcoin, saying he would make America the home of crypto. Meanwhile, eyes were on Ethereum following the approval of spot ETFs by the United States Securities and Exchange Commission (SEC). Though the derivative product began trading at leading bourses, including the NYSE and Cboe, inflows remain low. If anything, Farside data showed that by Friday, spot Ethereum ETFs had posted outflows for three consecutive days. Outflows from Grayscale’s ETHE chiefly drove this. Even amid this unexpected development, BlackRock’s spot Ethereum ETF product saw over $87 million inflows on July 26. Related Reading: Donald Trump Reveals Plans For US Government’s 213,239 Bitcoin If Elected Traders also tracked Solana after the coin flipped BNB as the third most valuable cryptocurrency, excluding stablecoins. According to July 29, SOL commanded a market cap of $88.5 billion, while BNB stood at $86.5 billion, according to CoinMarketCap data. Over the past few weeks, SOL has been edging higher. To put in the numbers, SOL is up 56% from July lows. It will likely register fresh Q3 2024 highs if buyers breach $200. Feature image from DALLE, chart from TradingView
Solana liquid staking tokens are increasing the network’s onchain activity as its TVL crosses $5.5 billion.
The Solana memecoin creation tool’s cumulative fee revenues are approaching $75 million, according to DefiLlama.
In June this year, the Solana blockchain emerged as a hub for people who liked joke currencies. It was a busy month for everyone. The ecosystem now has 30 celebrity-themed tokens that reflect famous people from different fields, such as social media influencers, singers, and reality TV stars. Even though these launches got a lot […]
Solana (SOL) has been one of the best-performing assets since the last quarter of 2023 and so far this year. This positive run has sparked several conversations about the altcoin’s bullish potential and its likelihood of significantly surpassing its current all-time high in this cycle. However, it appears that several crypto enthusiasts are still not […]
Today, the Render Network finalized its RENDER crypto AI token migration and upgrade. Following the highly anticipated rebrand, the AI token saw a positive price action, surging over 15% on the last day. Investors and market watchers expressed optimism about the rebranded token and consider it could hit $10 soon. Related Reading: Ethereum Targets Recovery: Can It Mirror Bitcoin’s Performance? From RNDR To RENDER Last year, the Render Network Foundation changed from Ethereum (ETH), where it was initially launched, to Solana (SOL). The move followed a community vote that passed two major upgrades for the Network. According to the announcement, the Solana switch was “proposed for faster transactions, cheaper fees, and the project’s needs to achieve more ambitious goals with more on-chain data and transactions.” The community also voted to rebrand the token from RNDR to RENDER, which would conclude in 2024. This month, the foundation informed users that many crypto exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, would automatically swap the RNDR tokens for the rebranded token on a 1:1 ratio. On Monday, the RNDR delisting from crypto exchanges began ahead of the scheduled migration on July 26. Exchanges halted most operations with the token, negatively impacting its performance over the week. Moreover, Whales seemingly contributed to the impact of the token’s price. Online reports revealed that some major holders sold their RNDR following the news, dragging the price from above the $7 support level to below the $6.5 price range. The token continued to plunge in the following days, dropping below the $6 mark, a 17% drop in four days. Nonetheless, the highly anticipated migration and listing of the new RENDER token seems to have kickstarted a price recovery. AI Token Skyrockets 17% Following Binance Listing The newly rebranded crypto AI token surged over 17% today after being listed by crypto exchange Binance. On Friday, the exchange announced that RENDER had been added to Binance Simple Earn, Buy Crypto, and Binance Convert. Additionally, it revealed that the Binance Margin and Futures options would be available today for the AI token. Meanwhile, the Auto-Invest option will be added on Monday, July 29. On that date, Kraken, the crypto exchange, will also list the RENDER and delist the RNDR. Investors and market watchers expressed their optimism over the rebrand and Binance listing. An X user claimed that, as the project begins this new era, “the RENDER token with this fresh chart of around $6.5 lows has potential to reach unimaginable heights.” Crypto analyst Coinboss considers that the token could “do a flipperino” if it has a clean break out above the $7 resistance level. A successful retest of the target could potentially lead the token to reclaim the $11 mark, further fueling a surge above RNDR’s all-time high (ATH) of $13.53. Another pseudonym crypto analyst believes RENDER could reach $10 soon, stating, “Thanks for the fud. See you above $10.” Some users also consider that investors will regret not getting the “greatest buying opportunity.” Related Reading: Solana’s Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin In the last 24 hours, the crypto AI token has seen a remarkable 140% surge in market activity, with $83.1 million daily trading volume. As of this writing, RENDER is trading at $6.89, a 15.6% rise in the past day. Featured Image from Unsplash.com, Chart from TradingView.com
Recent events have brought Solana (SOL) to the spotlight, drawing in both experts and investors due to its notable price gain. According to market expert Ali Martinez, the price of Solana is likely to see a remarkable growth of 900%, which will ultimately result in the price reaching $1,630. Related Reading: Ethereum Name Service (ENS) 153% Rally ‘Underway’, Analyst Says Based on his prognosis, Solana might be about to perform better in the coming weeks or months. This is because it has recently displayed a pattern called a “bull pennant”, which in technical lingo usually means the price is set for a big ascent. The next period of stabilization, during which volatility dropped and price action became more narrow, led to the pennant shape. Martinez says that Solana’s recent break above the top trendline of this pennant is a strong sign that prices will go up. This big step forward and last week’s 20% rise show that the market’s mood has changed a lot. #Solana $SOL has officially broken out from this bull pennant, suggesting a potential 900% rally ahead. pic.twitter.com/CWQdWGny0X — Ali (@ali_charts) July 24, 2024 Market Situation Shows Mixed Signs Notwithstanding the hopeful estimate, the state of the current market shows a mixed picture. Currently selling at $166, Solana shows a 9.70% drop only this week. Meanwhile, Fisher Transform, which predicts market turning moments, shows a bearish signal for Solana. This implies that although the break from the pennant is positive, instantaneous market circumstances could not entirely support the predicted upward trajectory. Observing that the TD Sequential indicator flashed a Sell signal on three separate timesframes for Solana, Martinez had earlier expected this retreat. He says that although the 868% increase to $1,630 is still a long-term possibility, it is not likely to happen right away. Solana: Forecast Creates A Complex Picture Unlike Martinez’s very optimistic view, current Coincheckup data offers Solana a more cautious estimate. Solana is selling 14% below its projected value right now, according the statistics for the next month. With a forecast 4.37% increase over the next three months, the short-term view is still cautiously positive nonetheless. This little rise implies that the crypto is likely to hold steady even if quick rebound might be sluggish. Related Reading: Debunking Doubts: How XRP Could Achieve A 3-Digit Surge — Analyst Looking ahead, the six-month projection shows a more significant increase of 72%, indicating great increasing momentum as the state of the market gets better. The one-year estimate also shows a 55% rise in Solana’s value, therefore highlighting a generally good long-term future. This long-term projection fits the general pattern of increasing confidence in Solana’s adoption and development despite transient swings. Featured image from TheStreet, chart from TradingView
Solana started a fresh increase from the $165 zone. SOL price is showing signs of strength and might climb further above the $182.50 resistance. SOL price started a decent upward move from the $165 support against the US Dollar. The price is now trading near $175 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $170 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could aim for more upsides if it clears the $182.50 resistance level. Solana Price Remains In Positive Zone Above $165 Solana price started a downside correction from $152.50 like Bitcoin and Ethereum. It traded below the $175 and $172 support levels. There was a drop below the $170 level. Finally, it tested the $165 support. A low is formed at $165.12 and the price is again rising. There was a break above the $170 and $172 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $182.51 swing high to the $165.12 low. Besides, there was a break above a connecting bearish trend line with resistance at $170 on the hourly chart of the SOL/USD pair. Solana is now trading near the $175 level. It seems to be struggling near the 61.8% Fib retracement level of the downward move from the $182.51 swing high to the $165.12 low. On the upside, the price is facing resistance near the $175 level. The next major resistance is near the $182.50 level. A successful close above the $182.50 resistance could set the pace for another steady increase. The next key resistance is near $192. Any more gains might send the price toward the $200 level. Are Dips Limited in SOL? If SOL fails to rise above the $182.50 resistance, it could start another decline. Initial support on the downside is near the $172 level. The first major support is near the $170 level. A break below the $170 level might send the price toward $165. If there is a close below the $165 support, the price could decline toward the $155 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $172 and $170. Major Resistance Levels – $175 and $182.50.
Yona Network, a Solana Virtual Machine (SVM) Bitcoin Layer 2 network, has adopted Neon Stacks to introduce Ethereum Virtual Machine (EVM) compatibility to the Bitcoin network. According to a July 25 statement shared with CryptoSlate, this collaboration aims to drive innovation in the Bitcoin DeFi ecosystem while enhancing accessibility and scalability for decentralized applications (dApps) […]
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Memecoins in the Solana ecosystem continue to outperform the wider crypto market by generating double-digit weekly gains.
Solana (SOL) is currently one of the high-flyers in the crypto market. The crypto token recently recorded one of the most gains following the market-wide rebound. Crypto analyst Rekt Capital, however, suggested that the crypto token is just getting started, revealing key levels to watch as Solana eyes higher prices. Key Levels To Watch For Solana’s Price In an X (formerly Twitter) post, Rekt Capital highlighted $180 and $202 as key price levels to watch for Solana’s price. The analyst claimed that a successful retest of the $180 price level as new support could continue an upward trend over time for Solana. SOL could rise above $200 in the short term as it moves further to the upside. However, the crypto token would need to break the resistance at $202 as it looks to break its all-time high (ATH) of $260. Related Reading: Will Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why $90,000 Is Possible Following the recent market-wide rebound, Solana had risen above $180, a three-month high for the crypto token. Although the crypto token has dropped below this price level again, another rise above $180 will help SOL establish that price range as new support and prime it for further moves to the upside. As highlighted by Rekt Capital, the $135 and $122 price levels have already been established as solid support for the crypto token. Rekt Capital’s analysis follows crypto analyst Ali Martinez’s recent prediction that Solana could skyrocket and rise to as high as $1,000. Martinez stated that early signs of a breakout from a bull pennant suggest a potential 900% rally ahead for Solana. Crypto analyst Javon Marks also offered a bullish prediction for Solana, stating that the crypto token will rise to $233 and then $450. He made this prediction based on SOL’s bullish structure, which he noted also recently confirmed a hidden bullish divergence. Marks explained that this divergence could send Solana’s price back above $204 and lead to a price rally of over 40% to $233.8 as prices “hold broken out of a much larger resisting structure.” The analyst also suggested that this bullish divergence will cause Solana’s price to rise to $450. Enough Reasons To Be Bullish On Solana There are enough reasons to be bullish on Solana, especially considering how the crypto token has earned the status of being among the ‘big 3’ alongside Bitcoin and Ethereum in this bull run. Solana’s dominance in this market cycle is one reason market participants anticipate that a Spot Solana ETF will likely be approved next. Solana’s price appears to be reacting to such expectations, with fund issuers VanEck and 21Shares filing to offer Spot Solana ETFs. If they eventually launch, these funds could contribute to more parabolic price gains for SOL, considering the Spot Bitcoin ETFs’ impact on BTC’s price. Related Reading: Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout To $0.22 The steady rise in Solana’s total value locked (TVL) also paints a bullish picture for the crypto token. Data from DeFiLlama shows that Solana’s TVL has been rising significantly since the start of the year and has continued to hit new highs. The network’s TVL currently stands at $5.21 billion, the third highest among all chains. At the time of writing, Solana is trading at around $173, down over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Franklin Templeton will keep exploring more assets to back new spot cryptocurrency ETFs, including those based on Solana.
In a move highlighting the growing intersection of traditional finance (TradFi) and blockchain technology, Hamilton Lane, one of the world’s largest asset managers, has announced the launch of a private credit fund on the Solana (SOL) blockchain. The fund, named Senior Credit Opportunities Fund (SCOPE), will now be accessible to investors through the Solana network, according to a recent report by Fortune. Institutional Fund Directly On The Solana Blockchain Hamilton Lane, which has over $290 billion in assets under management, has partnered with Libre, a Web3 protocol developed by Brevan Howard’s WebN Group and Nomura’s crypto firm Laser Digital to facilitate this initiative. Related Reading: Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETH’s Price Reaching $8,000 In Q4 According to Fortune, Libre will serve as the “backbone infrastructure,” enabling the issuance and distribution of tokenized real-world assets (RWAs) on-chain. With this, Hamilton Lane aims to expand its distribution channels and reach a broader range of investors, including the “mass affluent” and crypto-native traders. Dr. Avtar Sehra, CEO and founder of Libre, emphasized that Solana’s “low latency and high throughput capabilities” make it an ideal network for tokenization. Interestingly, this move marks a significant milestone for the Solana ecosystem, as it is the first institutional fund to be launched directly on the blockchain, with the potential for more to follow as RWAs have been an increasing investment vehicle for institutional investors to capitalize on crypto technology over the past year. Financial Inclusion Through Tokenization? Hamilton Lane’s foray into blockchain technology is not entirely new, as the firm previously tokenized SCOPE and an equity fund using the digital securities issuance platform Securitize. Victor Jung, Head of Digital Assets at Hamilton Lane, expressed satisfaction with the inflows generated by these efforts. However, he heralded the launch of Solana as a critical step forward for the company, enabling the tokenization of collateralized lending. Jung said: This is for the decentralized finance natives. We believe that this is just a start of a portion of the financial asset class that will be available to a new audience with a different risk return profile. Related Reading: Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout To $0.22 Similarly, proponents of these initiatives argue that the tokenization of financial assets will modernize and democratize conventional financial markets. BlackRock CEO Larry Fink, for instance, has expressed his belief that the next step in the industry will involve tokenizing every stock and bond, envisioning a future where all financial assets reside on a unified ledger. While tokenized private credit has gained traction, Fortune reports that some challenges remain. Startups like Maple and Centrifuge have faced difficulties selling to crypto investors due to factors such as long lock-up periods and the varying risk appetite of this particular audience. Additionally, some crypto investors prefer higher returns offered by meme coins, which can overshadow the more modest returns from traditional assets over a longer time horizon. At the time of writing, SOL was trading at $173, down nearly 5% in the 24-hour time frame, led by Tuesday’s broader market decline. Featured image from DALL-E, chart from TradingView.com
A crypto analyst has predicted that Solana (SOL) is set to rally by 1,000% this bullish cycle. According to his analysis, SOL is preparing for a mega surge to new all time highs of $1,800. Solana Sets Sight On $1,800 Price Increase In a recent X (formerly Twitter) post, Ali Martinez, a prominent cryptocurrency analyst, expressed bullish sentiment regarding Solana’s future price outlook. According to Martinez, Solana is poised for a significant price surge, potentially reaching an impressive $1,000, marking new all-time highs. Related Reading: Here’s Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It The crypto analyst’s optimistic forecast for Solana is rooted in the cryptocurrency’s recent price movements. Sharing a price chart illustrating SOL’s price action from late 2023 to the end of 2024, Martinez predicted a maximum bullish surge to $1,800 for the altcoin. The analyst also based his bullish projections on early signs of an identified technical bull pennant pattern in Solana’s price chart. A bull pennant is a continuation pattern that often signals the extension of continuation of an upward trend after a period of consolidation. For Solana, this unique pattern suggests that SOL may be gearing up for a substantial bullish breakout this year. In accordance with his analysis, Martinez foresees Solana experiencing a whopping 900% rally by the end of 2024. This price surge would signal a major milestone for the cryptocurrency, considering Solana has only been able to rise as high as $259.96 in 2021. While Martinez has maintained a bullish stance on Solana’s price outlook, the analyst also cautioned that his projected surge will not happen instantly. He disclosed that the flagpole for the bull pennant pattern took about 184 days to form, during which Solana climbed from an initial price of $11 to $192. Given this gradual price progression, Martinez revealed that there will be multiple corrections or temporary price dips for SOL along its path to its $1,000 price target. One of the said corrections is expected at the breakout point of $167, suggesting that Solana may drop to this level before it can reach new highs. After this slight correction, SOL is expected to continue on a bullish upward trajectory, potentially reaching $1,000 in due time. SOL Price Analysis Solana has been on a bullish trend over the past month, steadily approaching the $200 price mark. The cryptocurrency has witnessed substantial gains, recording an increase of approximately 14.71% in the last seven days, according to CoinMarketCap. Related Reading: Will Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why $90,000 Is Possible At the time of writing, SOL price is trading at $177.56, underscoring the cryptocurrency’s strong fundamentals amidst market volatility. In a more recent X post, Martinez disclosed that Solana’s TD sequential is now presenting a buy signal on the hourly chart. According to the indicator, this suggests that it might be a good time to purchase Solana, as the price is expected to increase soon. Featured image created with Dall.E, chart from Tradingview.com
The Solana price has been on an incredible run in recent weeks, returning above $170 to close what has been a positive seven-day period for the market. Interestingly, the altcoin appears to be on the verge of an even bigger move, according to a popular crypto analyst on the X platform. SOL Price Could Rally […]
Bitcoin turned up sharply and broke above the overhead resistance, indicating the resumption of the upmove toward $70,000.
Bitcoin turned up sharply and broke above the overhead resistance, indicating the resumption of the upmove toward $70,000.
Due to organic, "market-generated" growth, the Oracle solution could witness another tenfold increase in trading volume.
A new method used by fraudsters has emerged, catching Solana (SOL) holders off guard on the Pump.fun platform, leading to significant losses. Going by the pseudonym “Short Form King”, a crypto researcher sheds light on this new trend and exposes the tactics used by these fraudsters. Rising Threat To Solana Holders A recent social media post […]
At spot rates, Bitcoin and top altcoins like Ethereum and Solana continue to edge higher. Despite the retracement earlier today, BTC is firm and trending above the $60,000 psychological round number. At the same time, ETH and SOL prices are firm above $3,300 and $155. Bitcoin, Crypto Prices Rising Though Liquidity Is Low One analyst has picked out an anomaly as crypto and altcoin prices push higher, recovering after the June and early July drawdown. Taking to X, one observer noted that the rally is organic. Related Reading: Why Is The Ethereum Price Up Today? Of note, there are no usual catalysts, including an uptick in liquidity marked by steep inflows, as expected when the market spikes. As seen in the past, and especially when prices rose in 2021 due to central banks across the world easing or after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, there are no signs that prices are edging higher due to more capital pouring in. At the same time, it happens when the United States Federal Reserve (Fed) has not slashed rates, like in 2020 through 2021, triggering a lift-off now that inflation was expected to rise, and it did. What’s happening is that Bitcoin and crypto prices are edging higher without major catalysts. A major reprieve came when the German government finally sold all its coins by July 12. This coincided with Bitcoin and crypto prices bouncing from July lows. The bounce saw BTC clear immediate liquidation levels, now support, to float above $62,000. Will The Next BTC Bull Run Be “Crazier” And “Longer”? For this reason, the analyst thinks the upcoming bull run will be not only “crazier” but also more extended. At press time, Bitcoin remains firm, expanding above $60,000, and traders expect more gains in the days ahead. Technically, buyers have the upper hand now that prices are trending above the middle BB for the first time in over four weeks. Buyers are unyielding, soaking in the selling pressure of July 4 and 5. Still, optimism is high that Bitcoin has more room to bounce. A key resistance line to watch in the days ahead is $66,000. If this level is broken, the odds of BTC floating above $72,000, a zone that wasn’t broken in June, remain high. Drivers of this leg up would include hopes of the United States Fed slashing rates by the end of the year. More traders are betting on multiple rate cuts by the end of the year. Related Reading: Solana’s Popcat Nears $1 Billion Market Cap After Hitting ATH Goldman Sachs’ analysts are already convinced that all macroeconomic conditions are ripe for rate cuts. From recent releases, inflation is cooling off while the United States labor market is strong. Feature image from DALLE, chart from TradingView
First Bitcoin, then Ethereum, now Solana. ETF issuers will stop at nothing so long as they believe they can make money.
Solana (SOL), the fifth largest cryptocurrency in the industry, saw a notable resurgence over the weekend, in line with the broader market rally and Bitcoin’s (BTC) rebound towards the $63,000 mark for the first time in over a week. SOL’s price has successfully recovered from the losses of the past few months, surpassing the $150 level and overcoming key resistance walls, coupled with an optimistic statement from Daniel Cheung, co-founder of the hedge fund Syncracy Capital, who believes that SOL is exhibiting similar fractal patterns reminiscent of the third quarter of 2021, potentially leading to explosive gains. More Gains Ahead For SOL In a social media post on Sunday, Cheung expressed his bullish perspective on SOL’s price action as the token closed the past week on a bullish note, also drawing comparisons to the third quarter of 2021, from which SOL’s price began its rise from a low of $27 at the end of July that year, eventually reaching its current all-time high of $259 in November 2021. Cheung also drew parallels to the fourth quarter of 2020, highlighting that in both cases, the most significant returns are just around the corner, suggesting that further price gains are on the cards in the last half of the year, as was the case in 2021. Related Reading: Bitcoin Price Surges Past $63,000: The Key Reasons Cheung further emphasized that Solana is expected to remain a hub for on-chain activity throughout the rest of this market cycle due to its accessibility to retail investors, making it an appealing asset. The potential introduction of a Solana exchange-traded fund (ETF), which is anticipated to have a substantial impact on SOL’s price, coupled with the increasing probability of Trump’s re-election, serves as additional fuel for the Solana ecosystem, Syncracy Capital’s co-founder stated. Solana Market Cap Projection In an interesting observation, Daniel Cheung also stated that he believes the Solana ecosystem can ” likely” reach 50% of Ethereum’s market capitalization this cycle as optimism around the blockchain grows. Currently, Solana boasts a market cap of $71 billion, significantly lower than Ethereum’s $403 billion. Still, according to Cheung’s analysis, if SOL were to reach 50% of Ethereum’s market cap, its market capitalization would reach a staggering $280 billion, triggering an exponential rise in SOL’s price and pushing it to new all-time highs. Related Reading: XRP Price Confirms Bullish Reversal: Crypto Analyst Forecasts ‘God Candles’ Ahead It remains to be seen whether this latter scenario will play out, with expectations of a more favorable regulatory framework in the US, with the potential for new legislation for the industry with a Trump victory in the November election and the potential approval of the anticipated Solana ETF market. Nonetheless, Solana is trading at $152 at the time of writing, up over 6% in the 24-hour time frame and a significant 438% year-to-date. Featured image from DALL-E, chart from TradingView.com
Bitcoin and altcoin traders set their sight on new all-time highs now that BTC price is back above $63,000.
Solana (SOL) price is currently on a bullish move, climbing over 5% in the last 24 hours with strong bullish momentum toward the $160 resistance mark. Analyzing Solana’s growing momentum reveals that it could be fueled by recent active buyers’ activity in the market and optimism that the digital asset could be poised for further gain. As Solana draws closer to the $160 mark, we will delve into an in-depth examination of SOL’s upswing based on current price actions, and key indicators supporting this upward trend, exploring what this means for SOL’s future price prospects. SOL’s price is currently trading at around $153 and has increased by 5.66% with a market capitalization of over $71 billion and a trading volume of over $2 billion as of the time of writing. In the last 24 hours, SOL’s market cap and trading volume have experienced an increase of 5.68% and 28.45% respectively. Analyzing Technical Indicators Supporting SOL’s Bullish Trend Currently, the price of Solana on the 4-hour chart with bullish momentum has risen above the 100-day Simple Moving Average (SMA) and the 4-hour bearish trendline. The digital asset has been able to maintain its bullish sentiment since these breaks and could continue its upward move toward the $160 resistance level. Also, the formation of the 4-hour Relative Strength Index (RSI) suggests that SOL’s price may continue its bullish move toward the $160 resistance level as the signal line of the RSI indicator has been maintaining its bullish sentiment above 50% and is currently trending the overbought zone. On the 1-day, the price of SOL has broken above the bearish trendline, and it can be observed that the crypto asset is currently attempting a bullish move above the 100-day SMA towards the $160 resistance level. Since the break above the bearish trendline, Solana has been showing bullish resilience, keeping a steady pace toward the $160 mark. Finally, on the 1-day chart, a careful examination of the formation of the 1-day RSI reveals that SOL could sustain its bullish trend above the 1-day SMA and the bearish trendline toward the $160 resistance mark as the signal line of the indicator has risen above 50% and is currently attempting a move towards the oversold zone. Resistance And Support Levels For Solana To Watch If SOL can maintain its current bullish momentum to hit the $160 resistance level and close above, it may continue to move upward to challenge the $188 resistance level. When this level is breached, the digital asset may experience further price gain toward the $205 resistance level and possibly other levels above. Conversely, should SOL pull back at $160, it will start to decline once more toward the $118 support level. Following a break below this level, the crypto asset may see further price decline to challenge the $99 support level and perhaps other levels below. Featured image from Adobe Stock, chart from Tradingview.com
Solana started a steady increase above the $135 zone. SOL price broke the $150 resistance and is now consolidating gains. SOL price started a decent upward move above the $135 resistance against the US Dollar. The price is now trading above $145 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $147 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could correct lower, but the bulls might remain active near $147 or $143. Solana Price Jumps Over 5% Solana price managed to start a fresh increase above the $125 pivot level. SOL gained pace for a move above the $132 and $135 resistance levels, like Bitcoin and Ethereum. The price even cleared the $145 resistance and surpassed the $150 hurdle. A high was formed at $152.05 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $134 swing low to the $152 high. Solana is now trading above the $145 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $147 on the hourly chart of the SOL/USD pair. On the upside, the price might face resistance near the $152 level. The next major resistance is near the $155 level. A successful close above the $155 resistance could set the pace for another steady increase. The next key resistance is near $165. Any more gains might send the price toward the $172 level. Are Dips Limited in SOL? If SOL fails to rise above the $152 resistance, it could start a downside correction. Initial support on the downside is near the $150 level. The first major support is near the $147 level and the trend line. A break below the $147 level might send the price toward $143 or the 50% Fib retracement level of the upward move from the $134 swing low to the $152 high. If there is a close below the $143 support, the price could decline toward the $138 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $147 and $143. Major Resistance Levels – $152 and $155.
The ongoing frenzy over memecoins created on top blockchains over the past year has found a notable competitor in the Solana-based marketplace Pump.fun, a crypto project reminiscent of the anonymous social media platform on the Ethereum blockchain 4chan. Over One Million Memecoins Created In 7 Months According to a Bloomberg report, since its launch in […]