As an experienced analyst, I believe that Solana’s recent price action is a result of the broader correction trend in the cryptocurrency market. The plunge below $64,000 for Bitcoin and the subsequent losses for major coins like Solana have forced many investors to re-evaluate their positions.
Solana Price Analysis: The cryptocurrency market prolonged its correction trend on Friday as Bitcoin continued to lose ground and recently plunged below the $64000 mark. The overhead supply has turned June into a bearish month with a majority of major coins including Solana revisiting their crucial supports. With a weekly downfall of 10.5%, the SOL price plunged to 7 7-week low of $128 seeking support at multi-month support of the triangle pattern.
Solana Price Analysis: 3iQ Applies to Launch Solana ETP in Canada
For the past three months, the Solana price has moved in a relatively flat pattern, bouncing between two trendlines that are gradually coming closer together. This sideways action has given way to a symmetrical triangle forming on the daily chart, with both dynamic resistance and support lines clearly defining this pattern.
As a crypto investor, I’ve noticed that the Solana (SOL) price has been showing signs of potential growth based on historical patterns. However, the recent market correction took a toll on SOL, causing its price to drop from $188.9 to $132.2 in a short period, resulting in a significant loss of 30%. Consequently, the Solana market cap also saw a decline, dropping to $61.1 Billion.
As a crypto investor, I’ve experienced a 0.6% loss today, but when I take a step back and look at the daily chart, I see a promising sign. A long-tail rejection has occurred at the support level of the triangle pattern. This rejection suggests that buyers have been actively accumulating during this dip, indicating a potential buying opportunity for those looking to enter the market or add to existing positions.
As a crypto investor, I’m always on the lookout for new opportunities to expand my portfolio. Exciting news came recently from 3iQ, a Canadian asset management company specializing in cryptocurrencies. They announced their intent to launch a Solana-based Exchange-Traded Product (ETP) in Canada, which I’ll refer to as the Solana Fund. This move aims to give Canadian investors direct access to investing in SOL, the native token of the Solana blockchain. Known for its high-speed and low-cost transactions, Solana is an intriguing project that could potentially bring significant benefits to those who invest.
Canadian cryptocurrency firm 3iQ has applied for approval to introduce a Solana Exchange-Traded Product (ETP) in Canada, named Solana Fund. This proposed investment vehicle aims to offer Canadian investors easy access to investing in Solana (SOL) by listing it on the Toronto Stock Exchange (TSX), if granted regulatory approval.
— Wu Blockchain (@WuBlockchain) June 21, 2024
With regulatory approval secured, the Solana Fund is slated for listing on the Toronto Stock Exchange. Moreover, this fund intends to share with its investors the earnings derived from staking in the Solana network. By tapping into Solana’s proof-of-stake feature, the fund seeks to generate income for its stakeholders.
The successful introduction of a Bitcoin Exchange-Traded Fund (ETF) has heightened expectations that the Solana Exchange-Traded Product (ETP) will similarly boost the value of Solana (SOL) coins.
As a researcher, I’ve identified a significant level of resistance in the form of an overhead trendline at $170 for the asset under observation. A potential reversal from triangle support may result in a price movement of approximately 27% upwards to reach this resistance level.
To confirm a new bull market, it’s crucial for buyers to exit the triangle pattern and achieve an upward breakthrough. This action could suggest that Solana’s price may reach an initial goal of $210, with further potential gains leading up to $354.
Technical Indicator
- EMAs: A bearish crossover between the 20- and 50-day Exponential Moving Average could accelerate the supply pressure in SOl to extend the consolidation trend.
- MACD: A stable bearish crossover state between the MACD (Blue) and Signal (orange) line no clear sign of reversal and project sellers as a dominant force in current price action.
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2024-06-21 23:42