Solana (SOL) Is Truly In Limbo If This Happens, Warns Crypto Analyst

A recent statement made by Austin Federa, a strategist at the Solana Foundation, has sparked a widespread debate within the crypto community. On Monday, Federa proposed a novel conceptualization for several enhancements on the Solana blockchain via a post on X, suggesting that “most of the L2-ish things on Solana are better thought of as Network Extensions.” While the underlying tech stack might resemble Bitcoin or Ethereum L2s, the function and role is so radically different I think founders would best be served by Network Extensions. Network Extensions extend the Solana network to new places, or bring new execution environments, specialized processing, etc to the Solana network. State Compression, cNFTs, Neons EVM layer, maybe even Phoenix all fit this mental framing imo, Federa wrote. Why This Could Put Solana In Limbo Responding to this post, Ignas, a popular crypto analyst and co-founder of Pinky Brains, voiced his analysis and concerns to his 105,000 followers on X. Ignas highlights the critical nature of the ongoing debate about Solana’s developmental strategy. He raises a fundamental question about whether the crypto community will embrace the new “Network extension” terminology or continue to favor the Layer 2 framing. Related Reading: Solanas Surge: Heres Why This Analyst Is Predicting A Rise To $360 Ignas elaborates on the potential risks associated with Solanas rebranding of its scalability solutions as Network Extensions. He cautions that if Solana’s transition leads to negative outcomes similar to those experienced by Ethereumsuch as liquidity fragmentation and a degraded user experience due to the complexities of bridging between layersthen the future of SOL could be jeopardized, leaving it in a state of limbo. ETH was stuck between BTC and SOL during this bull run. BTC was better money for less conservative and institutional investors, and SOL as a faster, simpler, and cheaper smart contract platform with higher upside than ETH. If Solana narrative shifts from a monolithic model to scaling with L2s (like Ethereum), SOL could become the new ETH. [..] then SOL is truly in limbo, Ignas warns. The impact on the Solana price could be significant. According to Ignas, Ethereum would remain the safer option for long-term investors because of its higher decentralization and no downtimes. Plus, if degens start chasing network extension tokens for SOL beta instead of buying SOL, it could stagnate SOL’s price growth, the analyst added. Related Reading: Analysts Unanimous: Solana (SOL) To Soar 100% Details Meanwhile, Ignas did not dismiss the potential advantages of Solana’s strategy entirely. He acknowledged that integrating Network Extensions from the outset, with aggregation layer solutions already in placea step Ethereum had not taken during its initial Layer 2 rolloutscould mitigate some of the common challenges associated with Layer 2 solutions. This proactive integration could preserve a unified user experience and prevent the fragmentation of liquidity. As a result, Solana could maintain the monolithic narrative while benefiting from modular approach solutions. The network extension narrative could then prevail, Ignas concludes. However, if the Solana narrative shifts to L2s, there could be an empty void for a new monolithic champion. The crypto analyst concluded: Solana’s shift to a modular scaling approach creates an opportunity for a new monolithic scaling champion in the eyes of crypto community. Could this be the perfect moment for Monad to launch? Or will another Layer 1 blockchain seize the monolithic chain crown from Solana? Exciting! At press time, SOL traded at $134. Featured image from Solana.com, chart from TradingView.com

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Analyst Predicts A Solana Price Crash To $80 If This Happens

Veteran crypto analyst, Peter Brandt has unveiled a new bearish forecast for Solana (SOL), predicting a massive price crash to new lows around $80. Despite this grim outlook, there remains a potential for a price recovery as other analysts foresee Solana jumping as high as $208. SOL Heading For $80 Price Crash As of writing, the price of Solana just hit $150, up from an initial value of $148 and successfully breaking past resistance levels around $149. This significant price increase represents an 8.49% surge, underscoring investors’ strong interest and demand for the altcoin.  Related Reading: Dogecoin Forming First Golden Cross In 4 Years, Is A 3700% Rally To $3.8 Possible? Despite the recent bullish performance, Brandt has issued a bleak forecast for Solana, anticipating a steep 46.67% price crash in its price from current levels. The crypto analysts pessimistic prediction on X (formerly Twitter) is grounded on the possibility of Solana failing to break through key support levels. Brandt points out that if Solanas price falls below the $129 support mark, and this support gives way, then a large rectangle pattern would be complete. This concluded rectangle could lead to a significant price drop, with a potential downward spiral to $80.  Following his post, a crypto community member questioned Brandt on why he refers to the pattern as a rectangle, rather than a descending triangle. He also inquired if the wick of the July high was influencing his classification of this rectangle.  Responding, Brandt clarified that the interpretation of whether it is a rectangle or a descending triangle depends on how the boundaries of the chart pattern are drawn. He stated that regardless of wicks, closing prices, real body and candle sticks, both shapes could lead to similar expectations in terms of price movements.  In his Solana price chart, Brandt also noted a new resistance level around the $204 mark has emerged for the altcoin, suggesting a possibility for the cryptocurrency to reach that threshold.  Moving forward, the implications of an $80 price decline for Solana would reflect a considerable downside risk that could be financially detrimental for investors. As Solana continues to navigate the volatile market, investors can monitor key changes in the cryptocurrencys trajectory to make more informed investment decisions.  Solana Price Decline To Spark $208 Rally While analysts like Brandt are anticipating a price crash for Solana, another market expert identified as TraderXO on X has provided a more conservative price decline that would precede a major bull rally.  Related Reading: Is This The End For Ethereum Or A Generational Opportunity? Essentially, TraderXO is bullish on the long-term outlook of Solana. The analyst revealed that the price of Solana could begin trading into the $120s again, declining from its present price of $150.  However, the analyst revealed that he would be considering longing again around this declined level, anticipating a major bull run to $208 for the cryptocurrency. For this to happen, Solana will have to experience a significant 38.67% increase from its current price.  Featured image created with Dall.E, chart from Tradingview.com

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XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric

The long-standing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has finally made significant progress in court, and the case may be nearing its end, with a surge for XRP. As expected, this development revitalized interest in XRP, Ripple’s native cryptocurrency, which in turn led to a noticeable surge in XRP’s activity across the crypto industry.  On-chain data reveals a surge in the number of transactions and trading volumes for XRP on major cryptocurrency exchanges. One of the most noteworthy instances of this trend can be seen on the South Korean exchange, Upbit, where XRP trading volume has surged dramatically. This surge has been so pronounced that XRP’s trading volume on Upbit has eclipsed that of major cryptocurrencies like Bitcoin, Ethereum, and Solana. The price of XRP experienced a rapid surge in the immediate aftermath of a pivotal court ruling by Judge Analisa Torres, a decision that Ripple executives and the community interpreted as a positive outcome for the payments technology company. As reported by Bitcoinist, the federal judge ordered Ripple to pay $125 million in civil penalties to the U.S. Securities and Exchange Commission (SEC), which is significantly lower than the $2 billion initially sought by the regulator.  Related Reading: CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level In reaction, XRP surged from $0.50 to $0.6368 in less than two hours, according to data from Coinmarketcap. This sharp increase in value was accompanied by an extraordinary spike in trading activity, particularly on the South Korean-based exchange Upbit. During this period, Upbit’s trading volume reached an astounding 746 million XRP, valued at over 610 billion KRW within a 24-hour time frame.  At the height of this trading frenzy, XRP accounted for more than 30% of the total volume on the exchange. This huge trading volume was enough to account for 14% of the total transactions worldwide after the court ruling. Chad Steingraber, a fervent XRP enthusiast, shared this statistic on social media platform X.  Bithumb, another prominent cryptocurrency exchange in South Korea, also witnessed a dramatic increase in XRP trading volume. The altcoin’s trading volume surged past other major cryptocurrencies, including Bitcoin, Ethereum, and Solana, accounting for 22% of the total trading volume on the exchange. Whats Next For XRP? The recent ruling means XRP is now free from the burden of the lawsuit that has hampered its price growth for the past four years. However, despite this positive development, the case could continue to cast a shadow over XRP if the SEC decides to appeal the ruling. An appeal could extend the legal proceedings, thereby prolonging the uncertainty that has followed its price performance. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The Clear Winner At the time of writing, XRP is trading at $0.6046. The recent price surge means the cryptocurrency has broken out of a descending triangle pattern again. According to a recent technical analysis, a significant breakout from this pattern could translate into an extended XRP price surge into new all-time highs. Featured image created with Dall.E, chart from Tradingview.com

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Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The Clear Winner

A crypto analyst has reignited the debate between Ethereum (ETH) and Solana (SOL), evaluating which cryptocurrency was more superior. Considering recent market trends and performances of both altcoins, the analyst has finally identified a clear winner in the competition.  Solana Wins Battle Against Ethereum In a recent X (formerly Twitter) post, legendary crypto trader and [...]

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Solana Tests All-Time High Against Ethereum Amid ETHE Outflows: Report

Popular crypto analyst Daan Crypto recently pointed out certain interesting pattern in the market of cryptocurrencies. In a recent X post, the analyst highlighted that the SOL/ETH ratio is at the highest level ever with the fourth attempt at the current market cycle. This trend highlights Solanas resilience, even as Ethereum experiences a vulnerability observed […]

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Solana Dump Far From Over? Whales Continue To Dump SOL

The Solana dump looks far from over as whales continue offloading their SOL holdings during this market downtrend. The recent shakeup in the crypto space might have also contributed to these whales bearish sentiment towards Solana.  Crypto Whale Offloads $16 Million Worth Of Solana In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain [...]

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Can Solana Replicate Ethereums Run To Reach $1,000? Expert Answers

A crypto market expert has expressed bullish optimism for Solana (SOL), predicting that the cryptocurrency is currently on track to replicate Ethereums historical rise to new highs. As a result, the expert foresees SOL hitting new all-time highs of $1,000 this bullish cycle.  Solana Sets Sights On $1,000 On August 12, a crypto analyst identified [...]

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Strong Bearish Signal Appears In Solana Chart, Where Is Price Headed Next?

Expectations of the Solana price going above $200 have been rampant with the most recent recovery. In some cases, predictions have reached as high as $1,000 for the cryptocurrency, but one crypto analyst is going in the opposite direction. In a recent analysis, Alan Santana has predicted a crash for the SOL price that could eliminate all of its gains from the past week. Solana Shows Similar Patterns To 2023 In the analysis, crypto analyst Alan Santana points out that the Solana cryptocurrency is showing similarities to a trend that was seen back in 2023. Last year, the trend was with a rise in the trading volume of the altcoin, which was the start of a bullish run. However, this time around, there is more of a bearish run in the volume, which could suggest the beginning of a bearish trend for the digital asset. Related Reading: Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy Back in July 2023, Solana saw a notable rise in the buying volume, which was the highest level at the time. As the analyst points out, this strong buying volume began after around 45 days of bullish price action for the altcoin. The result of this was a continuation of bullish rallying, eventually reaching as high as $209 less than one year later. Applying this trend to the current trend could help to identify where the Solana price could be headed next. This time around, there has been a notable uptick in the selling volume of SOL. It is coming after 140 days of continuous bearish action on the SOL price. Using the result of the 2023 trend here would tell us that the Solana price could be headed for a further crash. Given that the current selling volume is the highest in over a year, the resulting crash is expected to be quite significant. How Low Will The SOL Price Go? With the bearish sell pressure mounting on the Solana price, it has posed a threat to SOLs triple-digit status. In his chart, Alan Santana points out multiple levels where he sees the SOL price falling to, and both of them are below the $100 mark. Related Reading: Crypto Analyst Says End Of This Bitcoin Bear Trap Could Drive Price To $72,000 The first of the two is around $90, which is around a 40% price decline from its current level. Moving love, the second target is placed below $60, meaning an over 50% decline in price. Additionally, a drop to this level would mean a new one year high, since the SOL price hasnt been below $60 since November 2023. Featured image created with Dall.E, chart from Tradingview.com  

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Solana Correction Nears Completion: Analyst Recommends DCA Strategy

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 […]

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Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price

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 Solanas Price In an X (formerly Twitter) post, Rekt Capital highlighted $180 and $202 as key price levels to watch for Solanas 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 Capitals analysis follows crypto analyst Ali Martinezs 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 SOLs bullish structure, which he noted also recently confirmed a hidden bullish divergence.  Marks explained that this divergence could send Solanas 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 Solanas 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. Solanas dominance in this market cycle is one reason market participants anticipate that a Spot Solana ETF will likely be approved next.  Solanas 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 BTCs price. Related Reading: Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout To $0.22 The steady rise in Solanas total value locked (TVL) also paints a bullish picture for the crypto token. Data from DeFiLlama shows that Solanas TVL has been rising significantly since the start of the year and has continued to hit new highs. The networks 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

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Analyst Says Solana Price Will Surge 1,000% To $1,800, Heres When

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 Solanas 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: Heres Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It The crypto analysts optimistic forecast for Solana is rooted in the cryptocurrencys recent price movements. Sharing a price chart illustrating SOLs 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 Solanas 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 Solanas 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 cryptocurrencys strong fundamentals amidst market volatility. In a more recent X post, Martinez disclosed that Solanas 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

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Bitcoin, Ethereum, Solana Over 150% Annual Gains Leave The Stock Market, Gold In The Dust

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 Bitcoins high volatility, stating that Bitcoins 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

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Solana ETF Approval Could Skyrocket SOLs Value 9x Higher, Report Finds

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

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BREAKING: 21Shares Joins Race To Launch Spot Solana ETF

In a significant development for the cryptocurrency industry, investment firm 21Shares filed an S-1 registration form for a Spot Solana ETF with the US Securities and Exchange Commission (SEC) on Friday.  The 21Shares application follows a similar filing by Bitcoin ETF issuer and asset manager VanEck on Thursday, indicating a growing interest in Solana as a potential competitor to the anticipated Ethereum ETF market, which is expected to begin trading in July. 21Shares Introduces Core Solana ETF The 21Shares Core Solana ETF, as described in the filing, is designed to issue common shares of beneficial interest that trade on the Cboe BZX Exchange.  Related Reading: SOL Price Soars As First-Ever Solana ETF Filing Surfaces In The US Its investment objective is to track the performance of SOL, providing investors with a convenient and cost-effective method to gain exposure to SOL without making a direct investment in the asset. Based on the index, the ETF will hold SOL and value its shares daily. The Trust will be sponsored by 21Shares, with CSC Delaware Trust Company acting as the trustee. Coinbase Custody Trust Company will serve as the SOL custodian, holding all of the Trust’s SOL on its behalf.  SOL Price Consolidates After Initial ETF Announcement While the SEC’s approval of a Solana ETF is subject to regulatory review and compliance, these filings demonstrate the increasing demand for investment products that expose Solana’s digital assets.  If approved, the ETFs would provide investors with a regulated and accessible way to participate in Solana’s potential growth and performance. Related Reading: Bitcoin Miner Selling Cools Off Is This The Breakout Moment? Notably, this could be the start of new filings with the SEC by the world’s largest asset managers, as has already been the case with Bitcoin and Ethereum ETFs.  Nonetheless, SOL has not had the same reaction as it did on Thursday with VanEck’s announcement of its Solana ETF filing, which sent SOLs price to a 9% price recovery towards $150 after a dip to $121 earlier in the week. Now SOL is trading at $142 due to a 4% price correction experienced over the past 24 hours.  Featured image from DALL-E, chart from TradingView.com

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Spot Solana ETFs: Analyst Says Dont Get Too Excited About The Market Recovery

Crypto analyst Ali Martinez has warned the crypto community not to get too excited about the recent market recovery trigger by Spot Solana ETFs filing. Bitcoin (BTC) and the broader crypto market witnessed a relief bounce following recent bullish developments, but the analyst highlighted what could send the market into a downtrend again.   Why The Crypto Community Should Not Get Too Excited After Solana ETFs Rally Martinez mentioned in an X (formerly Twitter) post that the crypto community should not get too excited because $22 million will be liquidated from the crypto market if Bitcoin drops to $60,700. A significant amount in liquidations could lead to further decline in the crypto market, especially with other traders and investors looking to close their positions for fear of being liquidated.  Related Reading: Why Is The Bitcoin Price Down Today? Martinez issued this warning following the market rebound made by Bitcoin and altcoins. This rebound followed news that asset manager VanEck had filed for a Spot Solana ETF with the US Securities and Exchange Commission (SEC). Solana, in particular, saw a price gain of over 8% and rallied to as high as $150 following the news.  The crypto market was also buoyed in anticipation of the US presidential debate. The crypto community had anticipated crypto being a major talking point during the discussion, although that didnt happen. Regardless, there is still enough reason for the crypto market to be excited, as VanEcks filing for the first-ever Spot Solana ETF marks a significant milestone not just for the Solana ecosystem but the crypto ecosystem in general.   Other asset managers can be expected to file for a Spot Solana ETF in due time, and the potential approval of these funds could usher in more crypto ETFs just as the approval of a Spot Bitcoin and Ethereum ETF motivated VanEck to file for this Spot Solana ETF. Meanwhile, the Spot Ethereum ETFs are expected to begin trading soon, providing more bullish momentum for the crypto market.  Technical Indicators Also Point To More Rallies For Bitcoin Martinez recently highlighted an Adam and Eve bottoming pattern, which he claimed seems to be forming on Bitcoins chart. He stated that this signals a potential 6% rise towards $66,000 if Bitcoin can maintain a candlestick close above $62,000. Additionally, Martinez recently noted that the crypto market sentiment has turned into fear, which suggests that crypto prices are currently undervalued and that a market rebound is imminent.  According to Martinez, Bitcoins relative strength index (RSI) also shows that this is a good time to buy the Bitcoin dip. Historical trends suggest that a parabolic rally is already on the cards for the flagship crypto. Once Bitcoin makes its move to the upside, the broader crypto market is expected to enjoy a massive bounce.  Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% Crypto analyst Javon Marks also alluded to Bitcoins RSI and highlighted a bullish divergence pattern that had formed on Bitcoins chart which he claimed validates a bullish outlook for the crypto token. He predicted that Bitcoin could soon make a rebound to $72,000 and possibly new all-time highs (ATHs) should this bullish pattern hold.   Featured image created with Dall.E, chart from Tradingview.com

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Pundit Is Undeterred By The Solana Price Crash, Says Price Is Headed For $1,000

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 Cardanos 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 Capitals 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

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Solana Developer Shares Big News That Could Send The SOL Price Flying

Mert Mumtaz, CEO of Solanas development platform Helius Labs, recently shared big news that presents a bullish outlook for the Solana ecosystem. This development could also positively impact Solanas price, which has recently been on a downtrend.  A New Dawn For Solana Mumtaz mentioned in an X (formerly Twitter) post that ZK compression is being introduced directly on the Solana network without requiring layer-2 networks. He claimed that this changes everything and every impression one has about Solana and scaling layer-1 networks. Mumtaz further explained what the ZK compression is really about. Related Reading: Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales? He stated that they have managed to compress the on-chain state to get 10,000x scale improvements, which he claimed brings them one step closer to building the financial computer. He added that this means that developers can now build and scale anything they want directly on Solana without needing to leave it. Mumtaz also gave an example to highlight how significant this development was in terms of a reduction in transaction costs. He claimed that it would usually cost over $260,000 for a project to carry out an airdrop to 1 million users. However, ZK compression makes it way cheaper now as only $50 will be needed now to airdrop these tokens to those 1 million users.  Furthermore, on the technical side, Mumtaz highlighted how this is a much-welcome development for Solana developers. He noted that allocating accounts, paying rent, and scaling with users has been a massive roadblock for them, but that has now been fixed with this ZK compression.  Mumtaz also highlighted how this opens the door for Solana to enjoy significant growth, noting that state growth has been a major issue for scaling blockchains. However, that is set to change now as ZK compression makes it possible to compress all Solana state. The Helius CEO added, “This has further implications for hardware requirements and the overall performance of the entire network. Mumtaz believes Solana has a real shot at this crypto thing when this ZK compression is combined with firedancer, multiple concurrent leaders, async execution, and ecosystem of thousands of insanely cracked devs. Institutional Investors Also Believe In Solanas Potential The introduction of ZK compression on Solana follows the recent prediction made by Pantera Capitals analysts that Solana will steal a massive chunk of the crypto market from Ethereum in terms of blockchain developer activity. These analysts highlighted Solanas monolithic architecture, which enables several use cases and user experiences.  Related Reading: Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000 They added that Solanas technology enables compelling applications and gave examples of crypto projects that have benefitted from Solanas capabilities, including the non-fungible (NFT) platform DRiP. Asset manager Franklin Templeton also previously predicted that Solana would become the largest crypto token by market cap thanks to the networks superior tech. They claimed that Solana would host the sectors that will drive the next wave of crypto adoption and also alluded to the firedancer update as one of the reasons they are bullish on Solana.  Featured image created with Dall.E, chart from Tradingview.com

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Is Solana A Good Buy? Finance CEO Predicts Magnificent Autumn Rally

Raoul Pal, the co-founder and Chief Executive Officer (CEO) of Real Vision, a financial media platform, has indicated that Solana is on the brink of reversing its bearish trends. The financial expert has predicted a magnificent autumn rally for the cryptocurrency in this market cycle.  Solana To Witness Major Autumn Rally Solanas recent downward trend could potentially signal a great buying opportunity for investors who remain optimistic about the cryptocurrencys future outlook. Being a popular supporter and long-term investor of Solana, Pal has expressed confidence in the cryptocurrencys ability to witness a major price increase soon.   Related Reading: Bitcoin Price Drops Below Critical Support Level Following Rejection At $70,000 In an X (formerly Twitter) post on June 18, Pal highlighted Solanas present market dynamics, sharing a detailed price chart of the cryptocurrency, depicting its price movements from July 2023 to July 2024. The analyst described Solanas price actions as a banana that was slowly ripening, emphasizing the cryptocurrencys steady rise to peak value. He also underscored the cryptocurrencys significant growth potential and performance amidst market downtrends, highlighting Solanas ability to witness a magnificent rally in the upcoming autumn season. In this context, the autumn season signifies a cryptocurrency season characterized by a surge in market capitalization followed by initial signs of market weakness, as investors take profits and volatility increases. Typically, crypto autumn precedes the winter season which is the harshest period in the market where bears attack and cryptocurrency prices fall dramatically. Pal has suggested that investors who wish to add more SOL to their existing holdings can do so during this period to take advantage of potential buying opportunities.  He portrayed Solanas present price as a prime entry point for crypto investors to position themselves before an impending rally. However, a few crypto community members expressed skepticism about Pals predictions, including crypto analyst, Jerry Jordan who queried about the timeline for this projected banana season.  Responding to Jordans comment, Pal acknowledged that while a banana season for Solana was inevitable, ongoing market volatility makes the timeline for its projected surge uncertain. He emphasized that Solana will need to break out of its current sideways consolidation before it can witness a significant price increase.  Sharing Pals bullish sentiments for Solana, popular crypto analyst, Ali Martinez has disclosed a key support zone at $141 for the cryptocurrency. He revealed that Solanas TD Sequential was showing a major buy signal on its daily chart, predicting a possible rebound if the cryptocurrency holds the aforementioned support level.  SOL Price Fundamentals Remain Strong Amidst Downturn The price of Solana has been on a major downward trend lately, recording a significant 19.84% decline since the beginning of the month. Despite the markets volatility, the price of Solana has continued to maintain a value above $135, underscoring its strong price fundamentals amidst wavering market conditions.  Related Reading: Shiba Inu To The Moon: Analyst Predicts A Run Above $0.00015 If This Happens According to CoinMarketCap data, Solana is trading at $139.78, reflecting a 0.31% surge in the last 24 hours. The cryptocurrency is steadily pushing toward the $150 threshold despite witnessing an 8.44% decline over the past seven days.  Featured image created with Dall.E, chart from Tradingview.com

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Bitcoin, Solana Suffer As Institutional Investors Pull $600 Million Out Of Crypto Funds

Crypto funds witnessed outflows last week after recording five weeks of consecutive inflows. According to CoinShares data, digital asset funds saw $600 million in net outflows for the week ending June 14. The outflows were concentrated in Bitcoin and Solana funds, which saw $621 million and $0.2 million exits, respectively. These outflows come amidst a corresponding drop in the price of Bitcoin throughout the week and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting held during the week. Crypto Funds Bleed Largest Since March, With Bitcoin In The Lead Crypto funds witnessed outflows of $600 million last week after an intense $2 billion inflow in the prior week, bringing a recent $4.35 billion inflow run over five weeks to an end. The outflow recorded, according to CoinShares data, was the largest since March 22, 2024, and it occurred under comparable circumstances. Notably, the outflow ending March 22 came after a period of significant inflows totaling $3 billion in the week prior. Investors had to pull out their exposure to more stable assets due to the outcome of the FOMC meeting.  The FOMC held its most recent meeting on June 11 and 12, 2024, holding interest rates at 5.25%-5.50%, leading many crypto investors to pull out. Crypto is seen as a risky, speculative asset, and so it is only natural for investors to move into safer havens considering the high interest rate.  Unsurprisingly, most of the outflows came from Bitcoin, with crypto funds of the leading crypto asset losing about $621 million. Furthermore, the majority of this Bitcoin outflow was registered in Spot Bitcoin ETFs trading in the US. According to data, Spot Bitcoin ETFs witnessed outflows every day last week, save for a $100.8 million inflow on June 12. As a result, these Bitcoin ETFs registered a total of $580 million in outflows last week. The negative Bitcoin investor sentiment was also reflected in short Bitcoin products receiving $1.8 million worth of inflows. Solana, which also had a rough week in terms of price action, recorded $0.2 million of outflows in its investment products. In addition, multi-asset investment products experienced outflows amounting to $1.1 million. Trading volume averaged around $11 billion for the week, well below the $22 billion weekly average for the year. These outflows and little trading volume saw the total assets under management (AuM) fall from over $100 billion to $94 billion over the week. On the other hand, Ethereum received $13.1 million in outflows as investor interests continued to grow in anticipation of the launch of Spot Ethereum ETFs. BNB, Litecoin, XRP, Chainlink, and Cardano also witnessed inflows of $0.3 million, $0.8 million, $1.1 million, $0.7 million, and $0.8 million, respectively. Featured image created with Dall.E, chart from Tradingview.com

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Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed?

Solana (SOL) whales are at it again, as they are seen to have moved a significant amount of their Solana holdings in the last 24 hours. This comes amidst the bearish sentiment in the crypto market, which has also caused Solanas price to decline.  Solana Whales Move Over $500 Million Worth Of SOL In Several Transactions On-chain data shows that Solana whales have conducted six large transactions in the last 24 hours. The first transaction involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) a majority of the transferred funds (1 million SOL tokens). Related Reading: Ethereum Withdrawals From Coinbase Top $1.2 Billion, Whats Going On? The third transaction involved the transfer of just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom), which moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr). This unknown wallet then transferred the received tokens to a Coinbase-linked wallet. This transaction suggests that the Solana whale may be looking to offload their tokens, which would negatively impact Solanas price. However, the earlier transactions indicate that the other Solana whales may just be rotating their capital between wallets rather than offloading them on the market.  This is also feasible considering that there has been a lot of activity on the Solana network, with traders actively trading due to the ongoing meme coin frenzy. Data from DappRader shows that the transaction volume on the network has continued to soar despite SOL’s declining price.  What Next For SOL’s Price Crypto analyst Ali Martinez recently mentioned that Solana is set for a major 53% price move. He added that the market should keep an eye on the $143 support and $178 resistance levels to gauge sentiment on the crypto token.  Crypto analyst Jelle seems to have a bearish sentiment toward SOL. He recently revealed that Solana has failed to repeat a similar pattern from earlier in the year and has now lost the $150 support level. He stated that he wouldnt be surprised if Solana dropped to as low as $140.  Crypto analyst Altcoin Sherpa also revealed his bearish sentiment for SOL, stating that the current celeb meta isnt healthy for the crypto tokens ecosystem. He added that Solanas chart looks pretty scary and that Ethereum will probably continue outperforming it for this next stretch.  Related Reading: Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million Altcoin Sherpa also discussed the possibility of Solana dropping to as low as $120 while analyzing its USDT pair. He stated that he wouldnt invest in Solana until it dropped to $140 and that he might just continue to wait until it fell to around $120. In the long term, the crypto analyst is still bullish on Solana and expects it to rise above $500 this year.  Featured image created with Dall.E, chart from Tradingview.com

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