What is happening
As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely followed Solana’s recent price movements and market trends. The past seven days have seen a remarkable 20% growth for Solana, with an impressive 8.5% surge on Friday alone.
Over the last week, Solana has seen a notable increase of approximately 20%. A remarkable surge of around 8.5% occurred specifically on Friday.
Starting from mid-April, the price has fluctuated between a relatively wide band, touching a floor at $115 and encountering resistance at $188.
In recent times, Solana’s price has surpassed the hurdles of the 100 and 50 Exponential Moving Averages (EMAs) on the daily chart and hasn’t looked back, suggesting robust market momentum.
Expert here: Crypto analyst Ali Martinez points out that Solana’s price chart exhibits a W-shaped pattern, implying a possible significant price surge ahead. This configuration means that the crypto’s price dipped around $123 on two separate occasions, positioning it for an uplift toward the anticipated $174 mark.
Solana ETFs on way?
The imminent debut of the initial Ether ETFs on the market is expected to pave the way for more crypto ETF offerings. One possible contender is a Solana-backed ETF.
Based on Eric Balchunas’ perspective as a senior ETF analyst at Bloomberg, the arrival of Ether ETFs is probable to spark the development of additional crypto ETFs focusing on Ether and Solana. He voiced this anticipation in a post dated July 15.
I see and value your receptiveness to new ideas, however, do bear in mind that following the initial launch, there will likely be additional Ethereum products and potentially other blockchain platforms like Solana joining the scene. This constant evolution may never come to an end.
— Eric Balchunas (@EricBalchunas) July 15, 2024
Price analysis
A triangular formation with bullish signs is emerging in Solana’s price chart. Historically, such a pattern has signaled a possible breakthrough leading to substantial price shifts.
The resistance level between $162 and $164, which was highlighted by Ali Martinez, is significant for Solana. Should SOL manage to surpass this hurdle, a potential next goal could emerge at $175.
As of now, SOL is traded at around $169. The $163 support level is key in the next few days.
If it cannot sustain the resistance level, it could drop to as low as $141-143.
The increasing demand for Solana as it surpasses the 100 Exponential Moving Average suggests investors are becoming more hopeful about its future potential. Should Solana successfully breach the significant resistance point near $170, further price increases may ensue.
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2024-07-20 13:42