As an analyst with over a decade of experience navigating the dynamic world of cryptocurrencies, I find myself intrigued by Solana’s current market movements. The bullish trend, while promising, is not without its challenges, particularly the potential impact of a Kamala Harris presidency on the broader crypto industry.
The cost of Solana (SOL) is climbing, having increased by 6%, mirroring other significant players such as Bitcoin (BTC) and Ethereum (ETH). This bullish forecast arises after a fortnight of high market turbulence due to moderated expectations in the broader economy and regulatory sector.
Solana Price Market Movers: Kamala Harris Potential Win, Social Volume Spike, Weighted Sentiment Recovery
- Solana price signaled a new bullish footing, with short-term support at $140 coming in handy. The uptick above $145 mirrors growing interest among traders, aiming for the $200 target. However, the crypto community appears openly worried over the aftermath of a Kamala Harris win in US elections later in the year. Although Republican candidate Donald Trump is believed to be crypto’s favorite candidate, his chances of winning have diminished since President Joe Biden dropped out of the race.
Meanwhile, odds currently favor Harris, posing serious concerns in the crypto community because she is likely to uphold the same policies by the Biden Administration, possibly picking Gary Gensler, the current SEC Chair, for the key Treasury Secretary position, according to Santiment Insights. Gensler’s tenure at the SEC has been scoffed at due to his strict approach to regulating cryptocurrencies. With the SEC already raising concerns about Solana’s security status, his potential ascension to the Treasury Secretary office could mean a major setback for the broader crypto industry and select assets like SOL and Cardano (ADA).
- Based on data from Santiment, social media chatter around Solana is rising again after sustaining a downtrend since August 8. Consistent increase in social volume often indicates growing investor interest, potentially leading to increased trading activity and SOL price volatility. The spike in the weighted sentiment suggests that most of the messages making up the social volume are very positive.
Solana Price Analysis: Bullish Fractal Plays Out
Solana price technical structure is solid, holding above several key levels like the 200-day EMA and critical support areas at $140 and $130. The Moving Average Convergence Divergence (MACD) indicator is on the cusp of sending a buy signal on the daily range, affirming the SOL bullish case to $200.
Solana’s price action has been repeating a similar pattern, oscillating between roughly $130 and $190. The historical trends within this range indicate that it might surge back up to $190 or potentially even reach $200 after its recent rebound from the $130 support point.
As a crypto investor, I’ve been closely watching the Solana price prediction that emphasizes the 20-day and 200-day Exponential Moving Averages (EMAs). These indicators suggest that reaching $200 might be quite challenging due to an uphill struggle. If Solana’s price succumbs to potential selling pressure around $150, a correction towards $140 or even $130 could occur. This pullback would provide an opportunity for accumulating more liquidity before the bulls can regain control again.
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2024-08-20 16:49