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Crypto: Solan Heading Towards a Return to $150?

Wed 10 Jul 2024 ▪ 3 min read ▪ by Mikaia A.
Getting informed Altcoins

Solana (SOL) had a particularly difficult third week of June in the crypto market, with poor performance. However, at the beginning of July, SOL showed signs of recovery, almost reaching $120 on July 5th before falling again. These fluctuations make us ponder about the future of Solana as experts predict a potential rebound. Let’s dive into the subject to understand what might influence this promising cryptocurrency.

Image représentant la future explosion de la crypto Solana

SOL: An Emotional Roller Coaster

SOL, Solana’s cryptocurrency, has experienced highs and lows that have left investors dizzy. After a severe drop in June, the beginning of July offered a welcome respite.

Optimistic forecasts suggest a possible return to around $150 by the end of the month, thanks to a generalized recovery in the crypto market.

Analysts even compare the current situation of SOL to that of 2021, where a similar pattern preceded a strong rise.

So, should we believe it? That is what many are hoping for, despite the persistent challenges.

Bitcoin and the Crypto Market in Turmoil

The crypto market recently underwent turbulence, particularly due to Bitcoin reimbursements by Mt. Gox and significant BTC sales by the German government – which have not yet occurred.

However, the increasing inflow into Bitcoin ETFs has rejuvenated the market.

This positive dynamic could reflect on SOL, especially with the imminent launch of an Ethereum ETF, which could trigger a similar surge in activity as observed with Bitcoin. In short, the general climate is improving, and Solana could benefit from it.

Technical Prospects of Solana’s Crypto

Currently, Solana is trading around $143, with resistances at $142 and $146.

The increase in trading volume indicates renewed interest from buyers. The RSI at 49.02 shows that SOL is neither overbought nor oversold, suggesting room for growth.

If SOL exceeds the current resistance levels, the $150 threshold becomes a plausible target. Conversely, support levels at $131 and $126 offer stabilization points in case of a drop.

Increasing institutional interest and wider cryptocurrency adoption, coupled with speculation of a Solana spot ETF, provide a solid foundation for a Solana rebound.

The future of SOL remains uncertain but promising, with fluctuations that can offer exciting opportunities for bold investors. By keeping an eye on technological developments and market trends, Solana could well regain its former glory.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.