As a seasoned crypto investor with a keen interest in Solana, I’ve witnessed its price fluctuations over the past few months. The recent surge of 7% to reach $160 on June 12th was an encouraging sign following the broader market recovery and the U.S. CPI data report. This less hawkish monetary policy indeed supports riskier assets like cryptocurrencies by maintaining favorable liquidity conditions.
On June 12th, the price of Solana coin experienced a significant surge of approximately 7%, reaching a value of $160. This increase transpired in conjunction with the broader market rebound, as crypto investors responded favorably to the U.S. CPI (Consumer Price Index) data. The U.S. announced that the annual rate for unadjusted inflation in May was 3.3%. Typically, a less aggressive monetary policy fosters an environment that is more conducive to riskier assets, such as cryptocurrencies, by preserving more advantageous liquidity circumstances.
New Addresses on Solana Network Hit 1.03 Million
For the past three months, the Solana coin’s price movement on the daily chart has exhibited a sideways trend. This is demonstrated by a series of lower highs and higher lows. The connecting trendlines sloping upwards and converging create the structure of a symmetrical triangle pattern.
As a researcher studying market trends, I would explain that this sideways movement in the pattern is theoretically short-term in nature. It provides an opportunity for buyers to regain their strength and rebuild their bullish momentum before the market rallies once again.
In the relatively unchanged price scenario of Solana (SOL), there’s been a notable surge in key on-chain indicators according to The Block. Specifically, the number of new Solana network addresses has grown from 769,970 on May 2nd to 1.03 million currently, representing approximately a 34% increase.
As an analyst, I would interpret this growth as a clear indication of increasing curiosity and implementation of Solana among investors and users. This trend could be a promising sign of solidifying foundations and hint towards the possibility of substantial price appreciation in the future.
The crypto market has responded favorably to the unexpectedly low CPI figures, causing the price of Solana (SOL) to bounce back from its triangle support. Based on the triangle’s past behavior, there is a possibility that SOL will experience a reversal from the lower support, leading to a 12% increase in value and a trading price of approximately $178 to reach the resistance trendline.
Until the two trendlines are intact, the sideways action in SOL price will continue.
With an increasing number of transactions on the network and a generally optimistic market outlook, Solana’s cryptocurrency has a greater chance of surmounting its current resistance level. If this resistance is converted into support by buyers, the projected price for Solana could reach as high as $210, with further potential for growth up to $310.
Technical Indicator
- EMAs: The SOL price back above the 100-day Exponential Moving Average hints the broader trend stays positive from investors.
Vortex Indicator: A negative crossover state between the VI+ (Blue) and VI- (orange) slope indicates the sellers are active towards this asset which prolong leads to prolong consolidation.
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2024-06-12 22:42