As a seasoned crypto investor with a few years of experience under my belt, I have witnessed the ebb and flow of various digital currencies. The recent bullish trend of Solana (SOL) has piqued my interest, especially considering its impressive recovery from the June correction. With Bitcoin reaching new heights, it’s not surprising to see altcoins like SOL gain momentum.
The native cryptocurrency of the Solana network, SOL, is experiencing a bullish surge due to favorable market conditions. With Bitcoin surpassing the $65,000 threshold, Solana and significant altcoins show promising signs of rebound after the June correction. On Tuesday, during regular U.S. trading hours, the price of Solana hit a five-week high of $163.8, igniting anticipation for additional growth as ETF approval rumors swirl and decentralized exchange (DEX) volume increases.
Solana Price Plots Major Rally Amid Triangle Formation
In the midst of the ongoing market rebound, the Solana price formed a local bottom around $122 on the daily chart. This horizontal line of support, which has been in place since March 2024, aligns closely with the 23.6% Fibonacci retracement level.
Making a healthy adjustment, purchasers were encouraged to restock their investments, boosting the bullish trend and raising the asset value by 32% to hit $160. In turn, the market capitalization of Solana surged to an impressive $74.6 billion.
The bullish reversal caused the relatively flat trends of the 20-day and 50-day Exponential Moving Averages (EMAs) to change direction, signaling a strong buying force at play in the market.
Additionally, Ryan Connor’s latest finding reveals that Solana’s Decentralized Exchange (DEX) trading volume is approaching Ethereum‘s, an occurrence commonly known as the “flippening” event.
As a seasoned analyst with years of experience in the crypto market, I’ve witnessed Ethereum’s (ETH) uncontested reign over the Decentralized Exchange (DEX) landscape for quite some time. With its robust ecosystem and strong community backing, it has been the go-to choice for DEX users. However, my attention was recently piqued by the consistent surge in volume on Solana’s (SOL) DEXs.
Additionally, Solana is knocking the door of 40% DEX volume market share on a daily basis
— Ryan Connor (@_ryanrconnor) July 15, 2024
The second graph illustrates the daily rolling DEX volume market share of Solana in the T1D (1-day) timeframe, steadily moving closer to hitting the 40% threshold.
As a researcher studying the Solana price trends, I’ve noticed that based on the daily chart, there seems to be an impending 3.5% increase before encountering significant resistance from the triangle pattern. Over the past four months, this triangular formation has kept the SOL price within its confines, resulting in a sideways trend due to the two converging trendlines.
As a crypto investor, I’m keeping a close eye on the Solana (SOL) coin’s price action. Right now, the trendline above it is acting as a resistance level, preventing any significant upward movement. To break free from this consolidation trend, an upside breakout beyond this trendline is essential.
After a significant price increase past its previous resistance level, the Solana price forecast might reach a new goal of $188. Subsequently, there could be further growth leading to the next resistance at $210.
Key Takeaway
I, as an analyst, can tell you that Solana’s surge in Decentralized Exchange (DEX) volume is a clear indication of its strong infrastructure and rising acceptance in the market. Furthermore, based on my analysis of the SOL price chart, it appears to be in a favorable position to break out of the current consolidation pattern, signaling potential upward momentum. With the anticipated launch of the Ethereum ETF towards the end of July, the SOL ETF becomes an attractive alternative for crypto investors seeking new opportunities.
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2024-07-17 17:48