On the daily chart, the price of SOL coin is now undergoing a significant correction and may soon reach the next support level. The price of a Solana coin is currently hovering around $159, with a loss of more than 3% in the intraday session.
The weekly technical chart of the Solana price shows that the price is currently consolidating. On the daily chart, the price of SOL is trending downward. Near $200, the SOL’s hostile zone can be spotted. Meanwhile, the coin’s support may be found near $120.
The price of the currency is currently trading above the 50 and 100 Day Moving Averages. The 50MA line, which is at $120, is acting as brief price support. The coin has formed a downward parallel channel, which has the potential to drive the price to a new low. A high momentum can be detected if the price surges 15 to 20% over the present level. In the future, the SOL/BTC pair may reach a new high.
The price of the Solana is currently trending downwards, but it may soon recover to an uptrend. In the future, the SOL/BTC combination could see a lot of momentum.
On the Brighter side!
The coin’s return on investment (ROI) is 72261 percent and increasing. It is currently down over 26% from its all-time high and could set a new high in the near future. The bearish momentum of SOL has the potential to bring the price lower. SOLANA is expected to grow rapidly in the future years.
The SOLANA token has a market share of 2.13 percent and is steadily increasing. The SOL’s CMC ranking, as well as its market capitalization, are both on the rise. The coin’s volume is also surging, and it could soon reach a new high. The SOL’s volume to market cap ratio implies a strong upward trend in the future. Solana can be invested in according to one’s needs and risk tolerance.
Solana and Cardano Dominate As Crypto Sees Largest Weekly Institutional Inflows in History
Digital asset manager CoinShares says that last week, the crypto markets saw the biggest inflow of institutional capital ever recorded.
The crypto firm says that digital asset investment products have shattered the record for both weekly and yearly capital flows by a huge margin.
“Digital asset investment products saw inflows last week totaling US$1.47bn, the largest on record by a significant margin. The previous weekly record was seen earlier this year in February with inflows totaling US$640m.
Inflows year-to-date now sit at US$8bn, far surpassing the record in 2020 of US$6.7bn.”
CoinShares says that Bitcoin (BTC) accounted for the overwhelming majority of the funds on the back of positive sentiment stemming from the launch of the new ProShares Bitcoin futures exchange-traded fund (ETF).
“Bitcoin saw 99% of the inflows totaling US$1.45bn last week. The record inflows were a direct result of the US Securities & Exchange Commission [SEC] allowing a Bitcoin ETF investing in futures and the consequent listing of two Bitcoin investment products with inflows totaling US$1.24bn.
Inflows into Bitcoin products were also seen in other regions totaling US$138m, although there was evidence of profit-taking with some older investment products seeing outflows.”
Looking at altcoins, the asset manager says that the most notable coins seeing inflows were smart contract platforms Solana (SOL) and Cardano (ADA), as well as crypto exchange Binance’s BNB. Solana and Cardano saw $8.1 million and $5.3 million in inflows respectively, while BNB recorded $1.3 million.
Solana(SOL) Price Could Take Up Another 3x Rally To Reach $250 By This Day!
The crypto market is yet again on the verge to record a $1 billion trading volume with a market cap of more than $2.6 trillion. BTC price is back above $63,000 while the Bitcoin dominance sustains around 45.7%. And hence it has ignited the rest of the altcoins, specifically the top 10 including Solana price.
The asset formed its new ATH recently around $215 and since then was dragged back below $190 within a couple of days. However, the previous day’s trade witnessed a substantial rebound that uplifted the price above $205. Yet there is a tough fight between the buyers and sellers for a couple of hours. And hence the candles in the 4-hr frame mirror the Doji pattern.
Considering the pattern, the price is following a falling wedge pattern and quickly broke the channel to form a new ATH. With a strong retest at the support levels at $205 after a slight pullback from the higher levels. However, a rebound from here can increase the chance of smashing $220 in near future.
With the upcoming rally, a substantial surge is fast approaching which can elevate the target beyond $250 at $335 as said by analyst Stacking. However, with the intensified rally, the chances of the asset flipping Cardano(ADA) are pretty high in terms of market cap
One Low-Cap Altcoin Set for Massive Supply Shock As Solana Preps for Epic Rally: Crypto Analyst
A popular crypto strategist and trader is predicting a fresh price spike for smart contract platform Solana and says one low-cap altcoin is gearing up for a supply shock.
Pseudonymous crypto analyst Credible tells his 251,900 Twitter followers that he expects Solana (SOL) to ignite a massive rally after breaking out and starting a new wave of its cycle.
“SOL is leading the market and looks to have completed its macro 4th wave as a triangle. This implies we have begun the final fifth wave of SOL’s first macrocycle. This is going to be epic and a taste of what we will see across the board in the coming months. Expecting $500+.”
The trader relies on the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves.
The crypto analyst is also keeping a close watch on Curve (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance. According to Credible, he expects CRV to surge as high as $6.50 now that it has taken out key resistance at $3.50.
“CRV is synergistic with CVX (Convex Finance). I can’t explain the mechanics in a tweet – but when CVX goes up it increases the inherent value of CRV and when CRV goes up it increases the inherent value of CVX.”
Convex Finance is a platform designed to help CRV token holders and liquidity providers earn additional interest rewards. At time of writing, CRV is trading at $3.75 while CVX is exchanging hands at $19.61, according to CoinGecko.
Credible says he’s bullish on Curve because nearly 90% of its supply is locked for the coming years.
“Oh, and 89% of all circulating CRV is locked away for around 3.7 years lmao. So when we DO break out and everyone is clamoring to join in on the green candles, there is going to be a massive supply shock that sends prices even higher, faster. Get yours before it all starts… Yea so locking generates voting power – which in turn is used to boost yields for other protocols – so vote locked CRV is in high demand.”