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
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 […]
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
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 Chicago Board Options Exchange (Cboe), known for trading Bitcoin exchange-traded funds (ETFs) approved earlier this year, has thrown its support behind the spot Solana ETF applications filed by asset managers VanEck and 21Shares. On Monday, the Cboe submitted a request to the US Securities and Exchange Commission (SEC) seeking to list ETFs tied to […]
An analyst has explained how Solana (SOL) is currently mirroring the same pattern that led to a bullish breakout for its price back in 2021. Solana Appears To Be Showing Similar Trend To 2021 Right Now In a new post on X, analyst Ali Martinez has discussed about how the pattern recently forming in SOL has been reminiscent of what the cryptocurrency showed back in the July of three years ago. Related Reading: Bitcoin MVRV Ratio At Make-Or-Break Test: Will Support Hold? Below is the chart shared by the analyst, that highlights the similarity between the two periods: As is visible in the graph, the Solana 3-day price has so far shown a trajectory that has been similar to the one in 2021. Not only that, the current Relative Strength Index (RSI) is also at around the same level as the one back then. The RSI refers to an indicator in technical analysis (TA) that basically measures the speed as well as the magnitude of the recent changes occurring in SOL’s price. This momentum indicator is generally used for determining whether the asset’s price is fair or not. When the indicator has a value greater than 70, it’s a potential sign that the cryptocurrency is becoming overvalued as its price is growing too quickly. As such, corrections can become more likely in this region. On the other hand, the metric being under 30 implies a possible oversold condition is forming in the asset, meaning that a bottom could be probable to form in its price. From the chart, it’s visible that the RSI is at around 40 for Solana currently, suggesting that the asset is slightly leaning towards being undervalued. Interestingly, back in 2021, this same RSI level led to a big bullish breakout for the cryptocurrency. Given that the coin’s price has shown a similar trajectory as back then, and its RSI has also been pretty much the same, it’s possible that another surge might start for Solana from here. It now remains to be seen if past pattern will repeat for the asset or if it will follow a new path entirely. Related Reading: Bitcoin ‘Extreme Greed’ Is Almost Here: Price Bottom Now Close? In some other news, a SOL whale made a massive move on the blockchain just a couple of days ago, according to data from the cryptocurrency transaction tracker service Whale Alert. The move, which involved the transfer of 287,019 SOL (equivalent to over $40.3 million at the time the transaction was executed), travelled from an unknown wallet, likely to be the whale’s personal address, to an exchange: Binance. Thus, given the direction, it’s possible that this humongous holder had made the deposit for selling purposes. Soon after the move had come, the asset’s price had seen a dip towards the $128 mark, suggesting that the whale had played a role or had at least anticipated the drop. Whatever the case be, though, Solana has already made recovery from the drawdown. SOL Price At the time of writing, Solana is trading around $141, down more than 8% over the past week. Featured image from Shutterstock.com, whale-alert.io, charts from TradingView.com
Solana started a recovery wave from the $128 zone. SOL price is up over 6% and the bulls seem to be aiming to reclaim the $150 level. SOL price started a decent upward move above the $132 resistance against the US Dollar. The price is now trading above $135 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could continue to rise toward $150 or even $155 in the near term. Solana Price Trims Some Losses Solana price managed to stay above the $120 pivot level. SOL formed a base above the $128 level and recently started a decent recovery wave, outperforming Bitcoin and Ethereum in the past two sessions. There was a move above the $132 and $135 resistance levels. The price cleared the 61.8% Fib retracement level of the downward move from the $144.15 swing high to the $127.88 low. There was also a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair. Solana is now trading above the $135 level and the 100-hourly simple moving average. It is now attempting a close above the 76.4% Fib retracement level of the downward move from the $144.15 swing high to the $127.88 low. On the upside, the price might face resistance near the $144 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could set the pace for another steady increase. The next key resistance is near $155. Any more gains might send the price toward the $162 level. Another Decline in SOL? If SOL fails to rise above the $144 resistance, it could start another decline. Initial support on the downside is near the $136 level and the 100-hourly simple moving average. The first major support is near the $128 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $112 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 – $136 and $128. Major Resistance Levels – $144 and $150.
Solana (SOL) recently experienced a price pullback after failing to break below the crucial $118 support level. This rebound indicates strong buying interest at this support level, preventing further declines and stabilizing the price. The $118 mark has proven to be a resilient support, with market participants closely watching Solana’s price action for signs of […]
In the first quarter of the year, Solana-based meme coins have emerged as the frontrunners, surpassing Ethereum’s meme coin ecosystem and artificial intelligence (AI) tokens, according to a recent report by market data platform CoinMarketCap. This shift in popularity signifies a change in dynamics within the cryptocurrency market, with meme coins gaining traction and challenging previously dominant narratives such as smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs). Solana Ecosystem Dominates Growth Chart The CoinMarketCap report highlights that the Solana ecosystem has consistently topped the growth chart for the past eight months, with over 20 new tokens introduced in Q2 alone. Ethereum’s ecosystem followed closely behind with 14 new tokens, while Derivatives and Stablecoins witnessed relatively lesser growth with 5 and 4 new tokens, respectively. This surge in Solana-based token offerings indicates a growing interest in the network and its potential. Related Reading: Toncoin Price Inches Closer To All-Time High – Will TON Hit $8 This Week? Solana’s meme coin ecosystem, in particular, has gained significant momentum in price performance and popularity since October 2023. Although Ethereum remains the dominant blockchain, Solana’s growing prominence suggests a noteworthy trend in the crypto space. Interestingly, SOL memes have significantly outperformed ETH memes, delivering an average return of 8,469% compared to 962% for Ethereum, as seen in the chart below. As “speculative capital” from other chains rushed into Solana, attracted by the explosive rallies of tokens like dogwifhat (WIF) and Bonk Inu (BONK), more meme coins experienced price surges, attracting additional attention and capital. The top winners in the meme coin space include the cat characters MEW, POPCAT, and Book of Meme (MEME). These tokens have outperformed even the most popular ones like WIF, BONK, Ethereum’s Pepe coin (PEPE), and Shiba Inu (SHIB). Notably, political memes also emerged as a popular subcategory, with the leading MAGA (TRUMP) meme coin gaining over 5100% year-to-date, largely due to vocal support for crypto from former President Donald Trump and the acceptance of crypto for campaign donations. Ethereum Tops Fee Income Rankings Despite Solana’s significant gains, Ethereum continues to dominate the Layer 1 (L1) smart contracts market, representing 62.11% of the major L1s. The report notes that Ethereum’s recent milestone was propelled by the SEC’s approval of Ethereum Spot ETFs. However, Binance Smart Chain (BNB) and Solana have also gained traction, adding $42 billion and $18 billion to their market share among L1 networks. Solana currently leads with over 1.6 million active daily addresses, followed by BNB with 1 million active addresses. Related Reading: Avalanche On The Verge: Will AVAX Break Out And Reach $65? In Q2, Ethereum experienced record low gas fees, reaching levels not seen since 2020 due to the growing adoption of Layer 2 solutions and the market excitement surrounding Solana-based meme coins. Despite representing 62% of the market cap among major L1s, Ethereum accounted for 70% of the daily revenue, generating approximately $2.7 million. Solana ranked second with around $900,000 in daily revenue. According to Lookonchain, Ethereum topped the fee income rankings in the past year with $2.728 billion, followed by Bitcoin with $1.302 billion. Other notable networks include Tron ($459.39 million), Solana ($241.29 million), Binance Smart Chain ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million). Despite both platforms experiencing success in various financial metrics and growth charts, Solana’s native token, SOL, has significantly outperformed Ethereum’s ETH token. As of the current trading price, SOL is valued at $143.25, showcasing a year-to-date growth of 650%. ETH has seen a more modest surge of 68% during the same time frame, currently trading at $3,310. Featured image from DALL-E, chart from TradingView.com
Leading asset manager and Bitcoin Exchange Traded Fund (ETF) issuer VanEck has officially filed a Spot Solana ETF with the US Securities and Exchange Commission (SEC), fueling bold growth predictions for the Solana ecosystem. Market-making firm GSR Markets recently released a report shedding light on the potential impact of a Solana ETF and highlighting the platform’s emergence as part of the “Big Three” in the crypto space. Speculation Of A Solana ETF Approval GSR’s report highlights Solana’s rapid rise within the cryptocurrency industry, positioning it as a major player alongside Bitcoin and Ethereum. With the Bitcoin ETF market already approved and Ethereum about to launch a spot ETF in the US, GSR predicts that it’s only a matter of time before Solana follows suit, potentially making the biggest impact. Related Reading: Bitcoin Miner Selling Cools Off – Is This The Breakout Moment? GSR’s analysis highlights three key technological advancements that set Solana apart from its competitors. Firstly, Solana’s proof-of-history enables validators to produce blocks efficiently, resulting in remarkable speed and scalability advantages. Second, Solana’s parallel transaction processing enables increased throughput and takes advantage of improvements in computing speed. Finally, the company said Solana’s architecture positions it to solve the “blockchain trilemma” by achieving global state synchronization at “unprecedented speeds” as hardware and bandwidth costs decline. In addition, GSR’s report addresses the likelihood of Solana securing a spot digital asset ETF. While the current regulatory framework requires a federally regulated futures market and a futures-based ETF before a spot product can be considered, GSR believes that the potential for change shouldn’t be underestimated. The company also claims bipartisan support for the crypto industry, and shifting attitudes among lawmakers indicate a more favorable environment for digital assets. A Trump administration and a liberal SEC commissioner could further pave the way for the launch of spot digital asset ETFs, creating opportunities for Solana and other cryptocurrencies, the report said. Projected Impact On SOL’s Price GSR emphasizes the importance of decentralization and potential demand in determining the next spot digital asset ETF. Factors such as permissionless participation, developmental control, token allocation, and stake characteristics contribute to a blockchain’s level of decentralization. Meanwhile, as indicated by metrics like market cap, potential demand serves as a crucial factor for issuers when assessing future inflows. GSR combines decentralization and demand scores to create an ETF Possibility score, which highlights Ethereum and Solana as leading contenders for the next spot in digital asset ETF. Related Reading: Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Increase Drawing parallels to the effect of spot Bitcoin ETFs on Bitcoin’s price, GSR estimates the potential impact of a Solana ETF on SOL. Adjusting for Solana’s smaller market cap relative to Bitcoin, GSR predicts a 1.4x to 8.9x increase in SOL’s price under different scenarios. However, the report acknowledges that the impact could be even higher, considering SOL’s active usage in staking and decentralized applications. In the event of a spot ETF approval, GSR suggests that the potential upside for SOL presents a significant opportunity in the market. As investor excitement over the development became apparent, SOL’s price reached a weekly high of $151 on Thursday, but in the past few hours, SOL has dropped nearly 4% to a current trading price of $143. Featured image from DALL-E, chart from TradingView.com
The Solana Foundation recently launched two new tools to facilitate the integration of Web3 capabilities into mainstream platforms and the adoption of blockchain. In a series of social media posts, the foundation launched “Actions” and “Blockchain Links” (Blinks), which, according to the announcement, is a step forward in allowing developers to build blockchain functionality into websites and social media platforms. Alongside these developments, the Solana ecosystem continues to expand its tooling and services, with notable advancements in transaction cost reduction and network efficiency. Seamless Web3 Transactions? Actions, one of the newly introduced tools, allows users to engage in Web3-native transactions, including asset transfers, non-fungible token (NFT) interactions, voting, betting, and tipping content creators. Complementing Actions, Blinks allows developers to format any Action into a shareable link, transforming websites and social media platforms into practical entry points for blockchain interactions. These tools reportedly provide an important bridge between traditional web applications and decentralized finance (DeFi), facilitating the integration of blockchain capabilities into everyday digital experiences. Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why In addition, to optimize transaction costs, Light Protocol and Helius Labs recently launched a testnet for ZK Compression on the Solana network. ZK Compression uses zero-knowledge proofs and call data to reduce the cost of transactions on the network. By minimizing the amount of on-chain data stored, ZK Compression enables considerable fee savings by reducing the computational demand of Solana transactions. Mert Mumtaz, CEO of Helius Labs, estimates that ZK Compression can cut the cost of airdropping tokens to one million users on Solana from $260,000 to just $50, providing a compelling, cost-efficient solution. Mumtaz further stated: example cost difference: take an airdrop to 1,000,000 users. This today would cost over $260,000 for state alone. Now, it’s $50 — 5,200x cheaper. But a token account is just one example of this — *everything* on Solana is an account, meaning everything can be scaled. ZK Compression On Solana While ZK Compression has garnered praise for its cost-saving potential, critics from the Ethereum community argue that it functions as a Layer 2 (L2) solution, contrary to Solana’s anti-Layer 2 ethos. Some skeptics contend that ZK Compression essentially operates as an L2 feature or a validity-based rollup. Adam Cochran, VP of Operations at SBT Partners, stated that ZK Compression is an L2 solution. In response, Anatoly Yakovenko, Solana’s co-founder, highlighted that ZK Compression addresses many issues commonly associated with Ethereum-based L2 solutions. Yakovenko emphasized its independence from security council multisigs, chain ID switches, governance tokens, and external sequencers while ensuring Solana validators receive transaction fees. SOL Price Analysis SOL experienced a temporary dip on Monday, with its price reaching a low of $122. However, crypto analyst “Skew A” has examined SOL’s 4-hour chart and pointed out its rebound, surpassing the recovery of other large tokens. According to “Skew A,” specific factors need to be considered when assessing SOL’s potential uptrend and price recovery. Firstly, SOL’s price movement above the 1-day 200MA (Moving Average) is a positive signal. This suggests the token’s value is trending above the average price over the past 200 days, indicating a potentially bullish sentiment. Furthermore, confirmation of SOL’s upward trend would involve observing higher highs (HH) above $150. Related Reading: 10x Your Crypto Portfolio: Top Analyst Highlights 4 Altcoins To Buy In the past 24 hours, SOL has notably recovered with a 9% increase, bringing its current trading price to $138. This upward movement positions the token favorably as it aims to surpass key resistance levels on its path toward consolidating above the significant milestone of $200. To reach the $200 mark, SOL must overcome and successfully breach major resistance walls at $150, $162, $174, and $186. These levels represent significant hurdles that must be surpassed before potentially breaking through the crucial $200 threshold. It remains to be seen whether the ongoing momentum and positive developments within the Solana ecosystem will sustain SOL’s current recovery and enable it to retest the higher price levels achieved in recent months. Featured image from DALL-E, chart from TradingView.com
The Solana bearish price action might be coming to a close, as many cryptocurrencies have started to show mixed price action in the past 24 hours. Dialing the price action further back shows Solana has been mostly bearish and has been on a price decline since the beginning of the month. Notably, the crypto recently reached a 30-day low of $123.96, representing a 29% decline from a monthly high of $174.65. However, some proponents remain undeterred and are still looking forward to a bullish Solana on the long run. Particularly, an interesting prediction from crypto analyst Crypto Patel puts the price of Solana rising to $1,000 in the long term. Solana To $1000? Crypto Patel, mostly known for his Bitcoin takes, recently dropped a brief analysis on social media platform X regarding Solana’s price trajectory. According to his Solana/TetherUS 1 week timeframe chart, Solana’s price formation on the long-term seems to lead up to a surge towards $1,000. Notably, the chart shows the formation of a giant cup and handle pattern, which is generally considered a bullish pattern. Related Reading: Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash? Solana has been on a U-formation since 2022, with a recent six-month surge since October 2023 completing the other side of the U cup. However, the pattern shows a prevailing neck line resistance around SOL’s current all-time high of $259, leading to the start of the handle pattern. According to the technical analysis, this handle pattern is expected to be completed sometime around late 2025. Following its completion, Solana will have the opportunity to break through this neckline resistance at some point in 2026, which would initiate a surge to new all-time highs. The first price target is around $430, and the second is just above $1,000, representing gains of 220% and 640%, respectively, from the current price levels. As explained above, the analyst’s technical analysis is more of a long-term outlook than on a short-term price prediction. This serves more as a strategic roadmap for the next few years. Related Reading: SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins It’s important to note that while Crypto Patel’s final SOL price target might be ultra-bullish, the path to attaining it looks very tough. Surprisingly, the analysis suggests that Solana could fall to as low as $46 during the formation of the handle pattern, a price that might not resonate well with Solana bulls. At the time of writing, Solana is trading at $136 and is 9% in the past 24 hours as the bulls look to undo a month long price decline. According to price history, investors can look forward to Solana kickstarting a bullish price action in July. This is because Solana has registered price increases in July for the past six years. Featured image created with Dall.E, chart from Tradingview.com
The Solana price has experienced a sharp decline over the past month in line with the broader market correction, intensifying concerns as rumors of a potential investigation into the popular blockchain platform have recently surfaced. Regulatory Storm Brewing? In a social media post on X (formerly Twitter), market expert Crypto Bitlord, who has a considerable following of over 300,000 people, hinted at a rumored investigation into Solana. The post read: We are hearing rumors that SOL is under investigation and a huge case is about to be made public. This has been brewing for weeks and couldn’t come at a worse time. Related Reading: Bitcoin Price Crashes Below $61,000: The Main Reasons While no specific details about the jurisdiction or agency conducting the alleged investigation into Solana have been disclosed, the United States has been at the forefront of an ongoing crackdown on the cryptocurrency industry since the collapse of the FTX crypto exchange in late 2022. The aftermath of the FTX incident resulted in a series of lawsuits and charges against various industry executives. Notable figures like Binance’s former CEO Changpeng Zhao (CZ) and Coinbase have faced legal scrutiny. A comparable scenario can be drawn with XRP and Ripple, as they have been engaged in a complex legal showdown over the sale of the digital asset. For Crypto Bitlord, who has contributed to projects such as Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe Coin (PEPE), the potential impact on the Solana price is significant. In response to skeptical comments, Bitlord warned, “Don’t cry when SOL is $3 again.” However, until further news emerges regarding the alleged investigation, these statements remain speculative. Solana’s founders have made no official statements regarding these rumors. Solana Price Analysis The Solana price has experienced significant losses across various time frames, with declines of over 9%, 18%, and 22% in the past seven, fourteen, and thirty days, respectively. However, despite the downward trend, trading volume for SOL has remained robust, surpassing $2.8 billion in the past 24 hours alone, according to CoinGecko data. Digital asset investment firm CoinShares reported notable inflows into various altcoins following the recent price weakness, with Solana seeing inflows of over $2.7 million. This suggests that despite the price decline, some investors see potential value in SOL and are strategically entering the market. Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10? Nevertheless, the Solana price faces a critical test as it approaches crucial support levels. Currently, SOL is trading just above a four-month support level at $127, which marked the uptrend when the Solana price reached a yearly peak of $210 in mid-March. If selling pressure intensifies and this support is broken, SOL could retrace down to $117, representing the token’s next significant mid-term support level. Other support walls for SOL in the event of a sustained bearish move are at the $109 and $102 levels. These levels should be watched closely by bullish investors looking to prevent Solana from falling below $100. Featured image from DALL-E, chart from TradingView.com
With the Bitcoin price drop from the $70,000 level to below $64,000, meme coins have understandably suffered as a direct result of this. During this time, meme coins, both large and small, have seen their prices drop significantly, raising concerns about whether the meme coin summer is over. However, going by previous crashes, there may […]
Amidst a wave of bullish sentiment sweeping across Solana and the cryptocurrency market, well-known cryptocurrency analyst and trader Crypto Jelle has offered insights on the price action of SOL, issuing a warning for SOL that there will likely be a substantial decline that might bring the price of the digital asset back to $140. Crypto […]
An analyst has explained how Solana could be setting up for a major 53% move based on a Symmetrical Triangle pattern forming in its price chart. Solana Has Been Travelling Inside A Symmetrical Triangle Recently In a new post on X, analyst Ali Martinez discussed a pattern that has recently taken shape in Solana’s daily price chart. The technical analysis (TA) pattern in question is a “Symmetrical Triangle,” which, as its name implies, looks like a triangle. The triangular shape comprises two converging trendlines, with the upper line joining successive lower highs and the lower one connecting higher lows. A key feature of this pattern is that these lines approach each other at roughly the same slope (hence the “symmetrical” in the title). Related Reading: Why Is Bitcoin Stagnant Despite ETF Inflows? Report Answers Like other TA patterns, when the asset price consolidates in the region bounded by these trendlines, resistance will probably be at the upper level and support at the lower one. A break out of either of these lines can suggest a continuation of the trend in that direction. Naturally, a break above the triangle could be a bullish signal, while a decline under the pattern could lead to a bearish outcome. Similar to the Symmetrical Triangle, there are other triangle patterns in TA. A couple of popular ones include the Ascending and Descending Triangles. These patterns differ from the Symmetrical Triangle in that one of their trendlines is parallel to the time axis. Now, here is the chart shared by the analyst that shows the Symmetrical Triangle that the 1-day price of Solana has been trading inside over the last few months: As the above graph shows, Solana has been closing in at the tip of this Symmetrical Triangle pattern recently. As consolidation becomes tighter, a break out of the pattern naturally becomes more probable. As mentioned earlier, which of the two lines the breakout happens from sets the direction the potential price move would go. “Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the SOL trend,” notes Ali. Related Reading: Is Bitcoin Overheated Right Now? This Metric Suggests No From the chart, it’s apparent that Solana is currently floating near the bottom line, so a retest could be coming up soon. If bullish momentum has to return for the coin, this retest must be successful. Moves resulting from a breakout of a Symmetrical Triangle may be the same length as the triangle’s height. In the case of this Solana Symmetrical Triangle, the height represents a price swing of 53%, so Ali believes that a breakout would also set the coin up for a move of a similar scale. SOL Price Solana hasn’t had the best times during the last few weeks, as its price is now down to $149. It remains to be seen whether a potential upcoming retest of the Symmetrical Triangle support would change the coin’s fate. Featured image from Shutterstock.com, charts from TradingView.com
Certain on-chain indicators paint a bullish picture for Solana (SOL), suggesting this may be an excellent time to purchase the crypto token. This aligns with Solana’s price movement on the chart, with technical analysts predicting that an upward trend might be on the horizon. Solana Enjoying Greater Adoption Data from the market Intelligence platform IntoTheBlock shows that the number of daily addresses on the Solana network has been growing at an impressive rate. On June 11, over 1 million new addresses transacted on the Solana network. This development is significant as SOL could enjoy future price surges as more new users continue to trade on the network. Related Reading: Famous Analyst Dave The Wave Says Bitcoin Still Has Wiggle Room, Sets $300,000 Target The massive growth enjoyed by the Solana network has also translated to greater trading volume on the network, which is also bullish for the crypto token. Data from DappRadar shows that there has been a 62% increase in transaction volume on the Solana chain in the last 24 hours, with over 8.83 million transactions processed during this period. Interstingly, Solana stands tall in this metric, as no other chain has processed this many transactions during this period. Solana has also processed more transactions than every other chain in the last seven days, with over 59.55 million transactions processed within this timeframe. The growing interest in SOL has been partly thanks to the meme coin ecosystem on the network. Solana has become the go-to platform for traders looking to make massive profits from meme coins, which have so far been the best-performing crypto assets in this bull run. Solana’s reputation as the home for meme coins has even attracted celebrities like Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate to the network. Bearing this in mind, it only seems like a matter of time before Solana’s price reacts positively to its network growth and ever-increasing network activity. Time To Buy SOL? Crypto analyst Altcoin Sherpa suggested that now might be a good time to buy Solana ahead of the meteoric price rally, which it could enjoy soon enough. The analyst said he expects “bigger things” for SOL later this year. For now, he expects Solana to keep chopping between $185 and $120 and just continue to witness a “prolonged period of consolidation.” Related Reading: Bitcoin Price Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH This period of consolidation is usually a good time for investors to accumulate the crypto token, considering that coins typically enjoy a parabolic uptrend after consolidating for a while. Meanwhile, Altcoin Sherpa claimed that this period of consolidation is healthy for Solana, given the huge run it has already had, rising to a yearly high of $209 on March 18. As to how Solana can rise, Altcoin Sherpa previously predicted that the crypto token will rise above $500 this year.
A crypto pundit has declared that Dogecoin (DOGE) and Solana (SOL) have reached their “make it or break it levels.” This assessment is set to generate a wave of optimism as DOGE and SOL could be getting ready for a rebound soon. Dogecoin And Solana At Make It Or Break It Point A Crypto analyst […]
Despite the relative tepid movement in the crypto market since Bitcoin hit a new all-time high (ATH) in March, Bitcoin, Ethereum, and Solana have continued to top traditional assets, including Gold. This was highlighted in a recent report that showed how crypto assets have provided the best returns for a while now. Bitcoin, Ethereum, And Solana Outperform Traditional Assets Raoul Pal, Co-Founder of Exponential Age Asset Management (EXPAAM), shared the crypto investment firm’s latest monthly update, showing annualized returns on all major assets. Related Reading: Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price Bitcoin, Ethereum, and Solana have topped traditional assets with annualized returns of 141%, 152%, and 224%, respectively. For context, NDX, the best major traditional asset, boasts an annualized return of 17%. Thanks to this, these crypto assets have been the best-performing assets in 11 of the last 14 years. These digital assets also look on course to outperform traditional assets again this year, as they boast higher year-to-date (YTD) gains. Data from CoinMarketCap shows that Bitcoin, Ethereum, and Solana currently have YTD gains of over 67%, 66% and 70%, respectively. On the other hand, Gold, the best-performing non-crypto asset this year, has a YTD gain of 13%. The NDX boasts a YTD gain of 10%, while the SPY has recorded a YTD gain of 11%. Interestingly, while the volatility of crypto assets has been criticized at times, this has largely contributed to why they have continued outperforming traditional assets. The Director of Global Macro at Fidelity Investments, Jurrien Timmer, previously highlighted how Bitcoin has continued to record the best risk-reward since 2020. He also alluded to Bitcoin’s high volatility, stating that Bitcoin’s huge drawdowns have also come with large gains. The same can also said about crypto tokens, especially considering that a token like Solana, which dropped to as low as $10 in late 2022, is now trading above $170. More Gains Ahead For BTC, ETH, SOL Bitcoin, Ethereum, and Solana are expected to record more YTD gains as the year progresses, given that the crypto market is currently in a bull run. Recent developments in the crypto market also paint a bullish outlook for these crypto tokens. One is the increased demand for the Spot Bitcoin ETFs. Data from Farside Investors showed that these funds recorded net inflows of $886.6 million on June 4, their best day since March. Related Reading: Crypto Pundit Shares “Inevitable” Prices For Bitcoin And 5 Altcoins Meanwhile, the Spot Ethereum ETFs are expected to begin trading by July. Crypto analysts like Michael van de Poppe predict these funds could spark a significant rally for Ethereum and other altcoins. ‘Solana Summer’ also looks to be on the horizon, with the crypto token showing signs of imminent parabolic upward trend. At the time of writing, Bitcoin has broken above the $70,000 resistance level and is trading at around $71,000, up almost 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Crypto Jack has suggested that Solana-based meme coin Dogwifhat (WIF) could soon witness a catastrophic crash. He noted what needs to happen for the meme coin to avoid this significant price decline. How Dogwifhat’s Price Could Crash Significantly Crypto Jack mentioned in an X (formerly Twitter) post that Dogwifhat’s price needs to stay above $3.5 as failure to hold above that level could be “catastrophic” for the meme coin. He also advised crypto traders to exercise caution while trading the meme coin so they do not get caught unaware and shaken out from their positions. Interestingly, data from CoinMarketCap shows that Dogwifhat has experienced a price drop below $3.5 from its weekly high of $4. Crypto Jack’s analysis suggests that the meme coin’s catastrophic crash may have already begun, as it could well hit new lows on its way down. It is worth mentioning that Dogwifhat is still up over 24% in the last seven days, which suggests that this recent price decline might just be a brief correction as part of an upward trend that the meme coin is currently enjoying. However, thanks to this recent price decline, over $1.2 million in long positions have been liquidated in the last 24 hours, according to data from Coinglass. Not Yet Time To Be Bearish On Dogwifhat Crypto analyst CrediBULL Crypto had previously revealed his bearish expectations for Dogwifhat, claiming that the crypto token could drop to as low as $1.6. He added that he would look to short the meme coin at $3.90, as he expected it to enjoy one last push to the upside before it declined significantly. However, despite Dogwifhat already attaining this height as predicted, CrediBULL Crypto suggested in a recent X post that it wasn’t yet the right time to be bearish on Dogwifhat. He claimed that the “Hat stays on a bit longer” because he believes Solana is approaching a bounce zone, which could cause it to climb to new local highs. If that is the case, he expects WIF to continue its upward trend, making it shorting it now a wrong move. Crypto analyst and trader Ponzi Trader also suggested that Dogwifhat still has enough bullish momentum to make another run following its recent price decline. He revealed that he is betting on WIF, bouncing from its current price range. Regarding how high Dogwifhat could rally on its next leg up, crypto analyst Alex Clay predicts the bullish sentiment towards the meme coin could send its price to $6.7. Crypto analyst and trader Unipcs (Bonk Guy) is bullish on Dogwifhat and predicts that the meme coin will reach $10 while claiming it will never drop to $1 again. Featured image created with Dall.E, chart from Tradingview.com
Online payment company PayPal is set to integrate its PayPal USD stablecoin (PYUSD) into the Solana (SOL) blockchain, which is increasingly becoming the preferred choice for memecoin issuers. This move follows the successful launch of PYUSD on the Ethereum (ETH) blockchain and its subsequent addition to PayPal’s Venmo peer-to-peer (P2P) payments service. According to Bloomberg, […]
The estate of bankrupt cryptocurrency exchange FTX has completed the sale of a substantial trove of discounted Solana (SOL) tokens, amounting to $2.6 billion. The auctions spanned several weeks and attracted buyers such as Figure Markets and Pantera Capital. These transactions mark a significant development in the bankruptcy proceedings of FTX, previously operated by convicted […]
Solana started a fresh increase above the $175 resistance. SOL price is up nearly 10% and might continue to rise if it clears the $188 resistance. SOL price jumped higher and tested the $188 resistance against the US Dollar. The price is now trading above $180 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $188 resistance unless it fails to stay above $175. Solana Price Starts Fresh Surge Solana price formed a support base near the $166 level and started a fresh increase. SOL followed recent Bitcoin and Ethereum surge to move into a positive zone. There was a move above the $175 and $180 resistance levels. The price even tested the $188 resistance. A high was formed at $188.00 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $166 swing low to the $188 high. Solana is now trading above $188 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair. Immediate resistance is 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 major increase. The next key resistance is near $195. Any more gains might send the price toward the $200 level. Are Dips Supported in SOL? If SOL fails to rally above the $188 resistance, it could start a downside correction. Initial support on the downside is near the $182 level. The first major support is near the $178 level and the trend line. The 50% Fib retracement level of the upward move from the $166 swing low to the $188 high is also at $178, below which the price could test $175. If there is a close below the $175 support, the price could decline toward the $166 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 – $158, and $152. Major Resistance Levels – $165, $172, and $180.
Solana started a fresh increase above the $150 resistance. SOL price is up nearly 15% and might continue to rise if it clears the $165 resistance. SOL price recovered higher and tested the $162 resistance against the US Dollar. The price is now trading above $150 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $165 resistance unless it fails to stay above $158. Solana Price Starts Fresh Surge Solana price formed a support base near the $138 level and started a fresh increase. SOL outperformed Bitcoin and Ethereum and moved into a positive zone above the $150 level. There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair. The pair even $155 resistance and spiked above $162. A new weekly high was formed at $163.76, and the price is now consolidating gains. It is holding the 23.6% Fib retracement level of the upward move from the $141 swing low to the $164 high. Solana is now trading above $160 and the 100 simple moving average (4 hours). Immediate resistance is near the $165 level. The next major resistance is near the $172 level. A successful close above the $172 resistance could set the pace for another major increase. The next key resistance is near $180. Any more gains might send the price toward the $188 level. Are Dips Supported in SOL? If SOL fails to rally above the $160 resistance, it could start a downside correction. Initial support on the downside is near the $158 level. The first major support is near the $152 level. The 50% Fib retracement level of the upward move from the $141 swing low to the $164 high is also at $152, below which the price could test $150. If there is a close below the $150 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 – $158, and $152. Major Resistance Levels – $165, $172, and $180.
Crypto analyst Javon Marks has provided insights into the future trajectory of Solana (SOL) after it hit a 1,100% return. The analyst is known to have called the crypto token’s previous high correctly, which is one reason his latest prediction is worth keeping an eye on. Solana Could Rise To As High As $453 Marks mentioned in an X (formerly Twitter) post that despite its recent pullback, Solana’s price may be getting ready for another price rally. He noted that a move of over 54% may already be in the pipeline and that such a price move could open up room for another run of over 93%, which would send Solana to $453. Related Reading: Cardano Ready For 15x Move, Crypto Analyst Reveals The Major Drivers Source: X Marks predicted last year that Solana would climb above $200, which it eventually did this year, peaking at a year-to-date (YTD) high of $202. Although the crypto token has dropped significantly from that price level, Marks’ recent prediction confirms that Solana’s run isn’t done yet and will still surpass its current all-time high (ATH) of $260. Solana rising to $453 looks more feasible considering that crypto analysts like Altcoin Sherpa have predicted that the crypto token could rise above $500 by year-end. Crypto analyst Hansolar also predicted that Solana could climb to $600 in this market cycle. Meanwhile, Crypto YouTuber Jake Gagain predicted that Solana will rise to $750, although he mentioned that it will likely happen in 2025. SOL Could Become The Third-Largest Crypto Token Solana’s rise to as high as $500 could lead to the crypto token becoming the third largest crypto asset by market cap, only behind Bitcoin and Ethereum. This is possible, as a rise to $500 is almost double Solana’s current ATH. Crypto analyst Chris O also previously predicted that this would likely happen as he predicted Solana and ADA would battle for the position. Meanwhile, asset manager Franklin Templeton also sounded confident in Solana’s potential to become the third-largest cryptocurrency. In a recent analysis, the asset manager highlighted the factors that could lead to this development. One is Solana’s technology, which they think will be perfect for the sectors that will drive the next wave of crypto adoption. Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Franklin Templeton also alluded to the upcoming airdrops on the Solana network, which could bring more liquidity into the ecosystem and possibly cause a surge in Solana’s price, just like when the Jito and Pyth airdrops occurred. The asset manager also noted that meme coin activity on the network isn’t slowing, which could contribute to Solana’s rise to becoming the third-largest cryptocurrency. Solana has become the foremost network for trading meme coins, which has led to an influx of new investors into the ecosystem. Therefore, a sustained network expansion will likely reflect positively on Solana’s price sooner or later. At the time of writing, Solana is trading at around $144, up in the last 24 hours, according to data from CoinMarketCap. SOL price at $144 | Source: SOLUSD on Tradingview.com Featured image from DL News, chart from Tradingview.com
Layer 2 (L2) blockchain Eclipse and developer-oriented bridge Neon EVM have formed a new collaboration to implement changes in the blockchain landscape, increasing interoperability and scalability with the integration of Ethereum (ETH) and Solana (SOL). Aiming to combine the capabilities of both blockchains, Eclipse has consolidated the compatibility between the Ethereum Virtual Machine (EVM) and the Solana Virtual Machine (SVM) by deploying Neon Stack. Solana And Ethereum Integration The primary objective of this collaboration is to integrate Solana’s transaction handling capabilities, which can process thousands of transactions per second, into Ethereum. Related Reading: Ripple Unlocks 1 Billion XRP From Escrow – How Will This Impact Price? This integration will be facilitated by Neon Stack, a standardized development stack that enables smart contract developers to achieve Ethereum Virtual Machine compatibility on Solana Virtual Machine-based blockchain networks. Eclipse plans to leverage Neon Stack on its SVM L2 to facilitate this integration. The Neon Stack consists of Neon EVM smart contracts and Neon Proxy. It has been live on the Solana mainnet since July 2023. It has deployed numerous Ethereum-native Solidity decentralized applications (dApps), including decentralized finance (DeFi), gaming, and decentralized exchanges (DEXs), on Solana from its existing codebase. Neon EVM-Eclipse Partnership For Cross-Chain Development Davide Menegaldo, Chief Commercial Officer (COO) of Neon EVM, expressed enthusiasm for Neon Stack and the collaboration, stating: With Neon Stack, we are paving the way for high-performance, scalable dApps infrastructure that transcends the limitations of traditional blockchain architectures and redefines computational efficiency. We are pleased to see Eclipse as the first industry partner to utilize the Neon Stack. On the other hand, Neel Somani, founder of Eclipse Labs, the company behind the development of the Layer 2 blockchain, also emphasized the importance of the partnership, saying: Our collaboration with Neon Stack enables developers to seamlessly deploy their dApps from EVM chains to Eclipse, further strengthening the harmonization between Solana and Ethereum. Solidity developers who wish to build on a high-performance L2 that leverages the strengths of the SVM can finally do so.” Interestingly, the Ethereum ecosystem hosts over 13,000 dApps, with only a small fraction, 0.4%, cross-chained with Solana. This collaboration between Neon EVM and Eclipse could also provide further opportunities for developers to build new dApps with the new integration. Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On? In sum, it is believed that developers will be able to build advanced dApps that leverage the features of Ethereum and Solana, along with their respective native ecosystems and virtual machines, by leveraging the design of the NEON Stack and Eclipse. As of the current update, the native token of NEON EVM, NEON, is trading at $1.0135. It has shown a 2.6% recovery over the past 24 hours, aligning with the overall positive movement in the cryptocurrency market. However, during the past 7 days, the token has witnessed a price decline, experiencing a nearly 8% drop. Featured image from Shutterstock, chart from TradingView.com
Despite the current market downtrend, crypto traders are still finding ways to make life-changing gains. This is the case of some Solana meme coin traders who recently turned $6,400 into $8 million in 24 hours. How These Solana Meme Coin Traders Turned $6,400 Into $8 Million On-chain analytics platform Lookonchain revealed in an X (formerly […]
Solana attempted a recovery wave above the $140 level. SOL price is now struggling to clear the $160 and $170 resistance levels. SOL price recovered higher and tested the $160 resistance against the US Dollar. The price is now trading below $160 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could start another decline if it stays below $160 and $170 for a long time. Solana Price Faces Resistance Solana price started a major decline below the $170 and $160 support levels. SOL tested the $115 zone and recently started an upside correction, like Bitcoin and Ethereum. There was a decent increase above the $130 and $140 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low. It even spiked above the $155 zone and the 100 simple moving average (4 hours). However, the bears are active near the $160 zone and the 50% Fib retracement level of the downward wave from the $205 swing high to the $115 low. The price struggled and corrected gains. Source: SOLUSD on TradingView.com Solana is now trading below $160 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $170. Any more gains might send the price toward the $188 level. Another Decline in SOL? If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line. The first major support is near the $132 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $100 support in the near term. Technical Indicators 4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $146, and $132. Major Resistance Levels – $155, $160, and $170.
Solana tumbled and declined toward $110. SOL price is now correcting losses above $140 and facing hurdles near the $160 resistance zone. SOL price gained bearish momentum and declined below $150 against the US Dollar. The price is now trading below $160 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could continue to recover if it clears the $150 and $160 resistance levels. Solana Price Starts Recovery Solana price started a major decline below the $180 and $160 support levels. SOL declined over 20% and even tumbled below the $150 level. Finally, the bulls appeared near $110. A low was formed at $115.04 and the price is now attempting a recovery wave like Bitcoin and Ethereum. There was a decent increase above the $125 and $132 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $204 swing high to the $115 low. Solana is now trading below $150 and the 100 simple moving average (4 hours). Immediate resistance is near the $150 level. The next major resistance is near the $160 level. Source: SOLUSD on TradingView.com There is also a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the $204 swing high to the $115 low. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $182. Any more gains might send the price toward the $200 level. Are Dips Supported in SOL? If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $140 level. The first major support is near the $132 level, below which the price could test $125. If there is a close below the $125 support, the price could decline toward the $115 support in the near term. Technical Indicators 4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $140, and $132. Major Resistance Levels – $150, $160, and $182.