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Famous crypto analyst Matthew Dixon has recently shared his Solana (SOL) forecast, stating that the cryptocurrencys downside correction could be completed soon. In the recent X post, Dixon noted that the fifth wave of Solanas correction has now exceeded the third one, which is a technical signal that commonly precedes a reversal. Dixons remarks have […]
Solana (SOL) is showing impressive strength amid the ongoing crypto market rally, holding steady near the $170 level after a brief pullback from recent highs. Despite this minor dip, SOL continues to trade within a strong bullish trend. Over the past week, the token has gained nearly 10%, while its performance over the last 30 […]
The crypto market witnessed heightened volatility last week, with most coins observing steep declines. However, today, June 27, the market has registered a slight recovery as most coins posted a few gains, but SOL’s gain is the most notable among all. Solana’s native token, SOL, recorded over 3% price growth over the past 24 hours, while others, like Bitcoin, barely crossed 1%, given the significant increase. The Ethereum killer is now number 9 among the top-gaining coins today. However, considering the steep volatility index, whether SOL bulls can sustain today’s rally remains uncertain. SOL Price Outlook Solana saw bearish days in June after the SEC listed it among tokens labeled as securities in its lawsuit against Binance and Coinbase. SOL’s price nosedived, dropping over 41% between June 3 and June 16. The asset’s price consolidated between $15 and $19 until July. Related Reading: Shibarium Bridge Goes Live In Beta But There’s A Catch However, SOL reached a monthly high of $29.31 on July 13 after news of Ripple’s win against the US SEC in the multi-year lawsuit circulated throughout the industry. Although the bearish momentum observed in the last seven days snatched some gains from the asset, its 30-day price movement remains bullish, with over 52% price growth. Solana has lost 2.33% of its market valuation over the past seven days before rebounding with notable gains today. On Thurdsay morning, SOL traded at $25.25, with a 3.71% 24-hour price increase. SOL-Based Investment Funds Skyrockets Following Heightened Regulatory Optimism SOL’s trading volume has increased in the last 24 hours. On July 26, SOL recorded a 57.07% increase in trading volume. This growth in trading activity suggests increased interest in SOL and SOL-related products. Following Ripple’s partial victory in the SEC’s securities lawsuit, Solana-based investment products have received massive attention from investors. According to CCData’s digital asset management review, Solana-based investment funds’ assets under management (AUM) increased in July. The report showed that most of the boost happened on July 14, a day after Judge Torres ruled that XRP token sales on the secondary market are not investment contracts. Judge Torres’ ruling acted as a point of reference to other assets, including SOL, marked as securities by the SEC. CCData’s report stated that the AUM for SOL-based investment products increased by 55.7% to $87.8 million in July. This observation could be attributed to SOL’s impressive performance over the past month. Solana DeFi Activity On Bullish Recovery Regulatory uncertainty and the FTX fiasco affected the sentiment around Solana-based dApps, dipping further into the Solana DeFi ecosystem. DeFi Llama data shows that Solana’s total value Locked (TVL) crumbled from a peak of $9.66 billion in November 2021 to less than $300 million in 2023. But with the partial resolution and the heightened optimism for a clearer regulatory atmosphere, Solana DeFi’s activities have improved. Related Reading: Is Arbitrum Promise Fading? Downtime, Metrics Decline Raise ARB Price Alarms As of July 14, SOL TVL hit a yearly peak of approximately $1.1 billion before retracing to $313.9 million. A close look at the chart shows SOL TVL has witnessed a slight increase and now stands at $316 million. Chances that SOL will see a more bullish rebound following a total resolution of ongoing regulatory issues are high. Featured image from Pixabay and chart from TradingView.com
Solana is enjoying a positive start to 2023 after spending most of 2022 in decline due to the crypto winter. Also, SOL’s exposure to FTX caused its price to decline rapidly following the FTX saga in November 2022. SOL has also been a beneficiary of the crypto market upturn as it continues its climb back to the top. Although it is still off its all-time high (ATH) value, it has shown positive signs in 2023. Related Reading: Bitcoin aSOPR Again Retests Bull-Bear Junction Level, Will Resistance Break This Time? What Is Driving The Solana Price Increase? Solana has launched a series of innovative projects that have increased interest among the crypto community. SolanaMobile announced on Twitter its plans to unveil the Solana Mobile stack and Saga phones. This mobile device intends to provide users with easy access to the blockchain. They assured their users of its availability for early 2023. Also, Solana offers its users a seamless payment protocol launched in February 2022. Brands such as @FastAF and @ASICSamerica, use this innovation. The payment channel allows merchants to interact on a secure blockchain and process payments efficiently. Moreover, the Solana network has become a developer’s hub as 2053 active developers worked on the blockchain in December 2022. These developers take advantage of the network’s unique proof-of-history mechanism to develop innovative apps on the network. The network prides itself on being carbon neutral since it does not rely on energy-intensive methods like proof-of-work. It means that the project aligns with environmental goals. The SOL network also progressed with Web3 advancement teaming up with Brave. Solana was integrated into the Brave browser, making it easier for more people to participate in the Web3 trend. These factors, and other macroeconomic factors such as inflation decline, have aided the price improvement noted in SOL. Investors will hope that the rally continues without any setbacks from external factors. Solana Price Prediction Solana is currently trading at $23.18 in the crypto market. On the price charts, more green candlesticks are showing increased bullish momentum. SOL trades above its 50-day Simple Moving Average (SMA) and below its 200-day (SMA). This pattern suggests the rally might be short live. However, SOL is close to its 200-day SMA and will likely surpass it in the coming days. The support levels are $20.53, $21.57, and $22.58. The resistance levels are $24.64, $25.68, and $26.69. Solana is currently testing the $24.63 level, with a slight pullback present in its uptrend. The Relative Strength Index (RSI) is in the overbought zone at 79.29; the RSI might retrace and fall into the neutral zone. The Moving Average Convergence/Divergence (MACD) is currently above its signal line and showing a bullish signal. Solana will likely continue its rise in the coming days. Related Reading: Whales Move Billions Of XRP Following Price Spike Investors should remember that if an altcoin loses half its value (50%), it will have to rally 100% to return to that value. Such a rally might be challenging. Volatility is also an essential factor to consider when investing in altcoins or any cryptocurrency. Featured image from Pixabay and chart from TradingView.com
The crypto market outlook is positive today, July 11, as its cap shows a gain of 0.69% at the time of writing. But while the top assets struggle, Solana (SOL) shows impressive gains in the 24-hour and 7-day trends. At the time of writing, SOL has gained 6.07% in 24 hours and 14.52% in one week. The question now is, since SOL is gaining when other assets are losing, what’s next for the crypto asset? SOL Gains While Top Coins Loses, Any Reason? Solana is an open-source project utilizing the permissionless feature of the blockchain to offer decentralized finance solutions. Since its launch in 2020, the crypto network has continued pushing its relevance. As of today, July 11, 2023, the crypto project occupies the 9th position on the Coinmarketcap ranking. Related Reading: Microstrategy Stock Surges 7% As Berenberg Highlights Bitcoin Halving’s Impact Apart from its rank, SOL is gaining today in price, trading volume, and market cap. The increased activities on its network have pushed the trading volume to $524,345,790, representing a 19.13% increase in 24 hours. Also, its market capitalization now stands at $8,867,175,756, showing a 6.11% increase in 24 hours. Usually, when the global market cap gains, it shows that many crypto assets are recording gains. But given that top assets are not gaining currently, network-related news or developments might be pushing SOL’s gains. One of the recent events related to Solana is the prediction that a former CEO of Goldman Sachs, Raoul Pal, released on it. Pal, now the Real Vision CEO, stated that Solana could move the way Ethereum did after losing massively in 2018. Pal pointed out that ETH gained 47x times after it recorded a very low value in 2018. As such, he expects SOL to surge 20x its price now. Pal said, “There is a potential, a dream scenario, for SOL to do the same thing Ethereum did from its low in 2018 when it increased 47-fold. Solana’s lowest price was $9, so the numbers could get very interesting with simple math. In my view, Solana could increase its value 20 times with current prices.” What’s Next For SOL Investors? Based on SOL’s daily chart above, the price trend is positive as the coin trades above the 50-day and 200-day Simple Moving Averages. This position shows that SOL is sporting a bullish trend in the short and long term. Related Reading: Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners’ Reduced Selling Also, the Relative Strength Index (RSI) currently stands at 68.78, close to the overbought region of 70. Since the line points upward, SOL will record more gains, but when it reaches the overbought zone, a trend reversal to the downside will likely occur. Lastly, the MACD line is above the signal depicting a bullish trend. But again, the faded histogram bars suggest a possible trend reversal very soon. So while SOL is currently bullish, traders should note the bars and the RSI pointing at a possible trend reversal. Featured image from Pixabay and chart from TradingView.com
Solana (SOL) has recorded progressive gains in the past week, with its 7-day high at 15.95%. It is currently trading at $18.73 today with slight gains on its price. Although SOL is still 92.61% below its all-time high value of $260, its recent gains in the past week have pushed its price closer to the $20 price level. SOL Price Outlook This Week Suggests A Bearish Trend SOL is in a sideways trend this week, following positive price action in the last two weeks. It has formed a small red candle on the weekly chart implying that the bears are active this week. Also, SOL is still trading in the lower region of the Donchian Channel (DC), expressing a bearish sentiment. Related Reading: Bitcoin Humpback Wallets Reach ATH, Is BlackRock Behind The Surge? Its Relative Strength Index (RSI) is at 45.60 in the neutral zone between the oversold region of 30 and the overbought region of 70. The RSI indicator reflects the sideways trend this week. SOL’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows convergence which is a bearish signal. Although the MACD displays a negative value, the Histogram bars are green, signaling a bullish recovery ahead. So if the bulls prevail, SOL will likely move to an uptrend in the coming weeks. SOL’s Key Support And Resistance Levels SOL is trading at $18.73 after it found critical support at the $15.43 price level weeks ago. This puts the altcoin close to the $19.48 resistance level. A break above the $19.48 resistance level will help to boost its price to reclaim the $20 psychological resistance level. If this happens, SOL will likely rally to the $21.81 resistance level after breaking above $20. However, a price decline below $18 in the short term remains possible due to its bearish outlook on the weekly chart. Factors Influencing Solana’s Price There are several factors right now that could influence the SOL’s price. These factors include macroeconomic factors such as inflation and crypto regulation in several areas. Also, utility and adoption are vital factors alongside recent trends and developments in the ecosystem. Another trend in SOL’s ecosystem likely influencing its price action this week is its decentralized exchange (DEX) volume. According to a report from the on-chain analytic platform DefiLlama, Solana’s weekly DEX volume increased to see it rank fifth on the list at press time. Related Reading: Lido (LDO) Sustains Weekly Run With 16% Gain – What Fuels It? SOL’s DEX volume surged by 84%, and its 24-hour volume rose above $38 million. This increase will likely help to boost its price action in the coming week. However, despite an increase in its total DEX volume, its Total Value Locked (TVL) is stagnant. DefiLlama shows that SOL’s TVL has been stagnant since its decline in November 2022 following the collapse of FTX. The TVL is currently sitting at $273.26 million, with no notable increase in value despite slight gains in SOL’s price on the daily chart. Featured image from Pixabay and chart from TradingView.com
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