News
Solana (SOL) Might Be the Cryptocurrency to Consider Right Now
What is happening
Solana has seen a significant growth of 20% in the last seven days. On Friday, the cryptocurrency exploded as much as 8.5%.
Since mid-April, it has traded in a wide range, finding support at $115 and meeting resistance at $188.
Source: CoinMarketCap
Solana recently broke above the 100 and 50 EMA resistance levels and maintained its position above the 50 EMA on the daily chart, indicating a solid market performance.
Cryptocurrency analyst Ali Martinez highlights that Solana is forming a W pattern, suggesting a potential bull run. The pattern indicates that the price has bottomed around $123 twice, positioning Solana for a major bounce towards the $174 level.
Related
Solana ETF Coming Soon?
The upcoming launch of the first spot Ether exchange-traded funds (ETFs) will open the door to other exchange-traded crypto products, including a potential Solana-based ETF.
According to Eric Balchunas, senior ETF analyst at Bloomberg, the introduction of these Ether ETFs will likely lead to more Ether and SOL-based crypto ETFs. Balchunas expressed this expectation in a July 15 X post.
haha, I understand and appreciate the openness… but keep in mind that after launch there are flows and then additional eth products I’m sure, then solana, and then… it will probably never end. The dam has broken
— Eric Balchunas (@EricBalchunas) July 15, 2024
Price Analysis
A bullish triangle pattern is forming on the Solana chart, which historically indicates a potential breakout and significant price movement.
Ali Martinez identified the resistance range $162-$164 as a crucial barrier for Solana. If SOL breaks this range, the next target could be $175.
At the moment, SOL is trading around $169. The support level of $163 is crucial in the coming days.
If it fails to hold the resistance level, it could drop to $141-143.
Related
Increasing buying pressure following the break above the 100 EMA indicates investor optimism about Solana’s prospects. If Solana breaks the crucial resistance level around $170, it could lead to further gains.