Solana [SOL] has emerged as one of the most lucrative coins in recent times with a strong narrative backing its viability. To cater to the growing demand for this altcoin, the Solana index was released on the 15th of November. After Bitcoin [BTC] and Ethereum [ETH], SOL has now become the third crypto with a standalone index.
Bloomberg LP and Galaxy Digital today released a new index to their suite of crypto-asset data products. The latest one is dedicated to Solana.
Galaxy Head of Europe Tim Grant announced the launch of the new Bloomberg Galaxy Solana Index and revealed that it is now live on the terminal. Interestingly, this happens to be the fifth index in the Bloomberg Galaxy family of indices. The collaboration of the two entities goes back to 2018. As the decentralized finance sector soared in tandem with the bull market, the duo launched an index focused on DeFi this August.
The five indices are:
- Bloomberg Galaxy Bitcoin Index [BBG TICKER: BTC]
- Bloomberg Galaxy Ethereum Index [BBG TICKER: ETH]
- Bloomberg Galaxy Crypto Index [BBG TICKER: BGCI]
- Bloomberg Galaxy DeFi Index [BBG Ticker: DEFI]
- Bloomberg Galaxy Solana Index [BBG Ticker: SOL]
All Bloomberg’s roughly 400k users worldwide will now be able to use. This marks our fifth index Bloomberg Galaxy Solana Index. Detailing on the index, Grant stated,
“In addition, the launch of this index has added significance as this is the first institutional-grade pricing source for Solana which will allow for registered Solana based products in certain jurisdictions that require a global pricing source.”
How does Solana’s [SOL] technical look?
As demand for Ethereum surged, other alternative projects also emerged in an attempt to compete. One such is Solana whose native token SOL has managed to capture the imagination of many investors. Despite the current market stagnancy, SOL was still up by well over 11,000% in the last year.
While comparing Etheruem and Solana, Matt Hougan, chief investment officer at Bitwise Asset Management had earlier said,
“A lot of the fastest-growing applications of crypto technology have been built on Ethereum and rely on the Ethereum blockchain to function. If you’re investing in Solana, you’re betting that its technical sophistication will help it leapfrog Ethereum.”
Over a very short duration, SOL has climbed up the leaderboard to acquire its position as the fifth-largest crypto by market value after surpassing the likes of Cardano [ADA], XRP, and Polkadot [DOT].
The short-term technicals look fairly optimistic while the trading volume remained consistent. The red closing bars of Awesome Oscillator [AO], for one, depicted a weak bearish momentum in the market. The Chaikin Money Flow [CMF], however, managed to cruise above the half-line indicating adequate capital inflow to the coin market. At 61.77, the Relative Strength Index [RSI] also projected buy signals.
Crypto’s Top-Ranking Ethereum Competitor Could Explode to Five Times Its Current Value, According to Coin Bureau
The host of the popular crypto channel Coin Bureau is explaining why he thinks one Ethereum (ETH) competitor and smart contract platform could explode in the coming months.
Pseudonymous crypto analyst Guy tells his 1.7 million YouTube subscribers that Solana (SOL) can potentially hit “an extremely bullish target that borders on fantasy.”
Smart contract platform Solana is currently the fifth largest crypto asset by market cap. It is a scalability-focused blockchain while remaining secure and decentralized. Solana’s native token, SOL, is used to pay for transactions on the network and in the governance of the network. At time of writing, SOL is down 1.4% on the day, trading at $221.68.
Guy says that recent Solana news is boding well for the Ethereum competitor’s future, including the release of the Solana Phantom wallet, multiple fundraising rounds, and the launch of the Grayscale Solana Trust earlier this week.
“It’s only been about a week, and Grayscale Solana Trust already has $10 million in assets under management.”
Guy even goes so far as to say that Solana could soon hit $1,000, a nearly 5x appreciation from its current value. However, Guy’s prediction comes with some major caveats.
“Assuming Bitcoin hits 100k and Ethereum hits 10k, as many people expect, this could give Solana enough wiggle room to hit $1,000.
But, I will note, this is an extremely bullish target that borders on fantasy.”
Though Guy says $1k SOL might be bordering on fantasy, he’s still bullish on Solana in the short term.
“SOL appears to be in the middle of painting a bull flag on the monthly and, if my measurements are correct, we could see a $290 to $300 SOL in the next month or two.”
Solana resumes uptrend towards new record high at $300
- Solana price sees continuing buying alongside the current uptrend line.
- SOL bulls face no real resistance before hitting all-time highs.
- Current headwinds could slow down the uptrend, and a break below the trend line a buy-the-dip response.
Solana (SOL) price is in a firm uptrend with bulls holding to a green ascending trend line for support as green candles march higher. . At this pace, SOL price should make new all-time highs by next week at around $300. The only element that could slow down the trend are Covid headwinds and global market turmoil, but even these do not look strong enough to really halt the uptrend.
Solana bulls target $300 as the ultimate profit target
Solana price sees a steady and solid rally with consecutive trading days making new highs.. Although the Relative Strength Index (RSI) is soaring towards the overbought area, there is still plenty of upside left over and the steepness of the rally is relatively mild. Therefore,bulls can add to daily positions and book gains without the trend losing steam.
SOL price is expected to hit an all-time high around next week. A squeeze is likely against the existing all-time high at $267.52 that will act as a baseline. The ascending trend line will then provide the tilted side of a bullish triangle. A breakout through the base will see accelerated buying and a quick spike up towards $300. Once there, expect a slight fade in the rally as the RSI will by then be overbought and likely lead investors to cash in some gains.
SOL/USD daily chart
Should the green ascending trend line break, however, expect a quick return towards $219.75, which is likely to provide a first line of defense where bulls will want to try and keep the uptrend intact. Should headwinds start to further weigh, expect a short break and pickup in SOL price action again at the 55-day Simple Moving Average (SMA), at $206. Even the psychological $200 level would be an additional factor that could likely limit any further correction, giving bulls three good reasons and entry points to buy the dip before recovering and driving higher to new all-time highs at $300.
Solana Forecast SOL/USD December 3, 2021
SOL/USD are traded at the level of 226.33 and continue to move as part of the correction and the downward channel. Moving averages indicate a short-term bearish trend in Solana. Prices have broken the area between the signal lines upwards, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the resistance level near the area of 235.05. Where can we expect a rebound again and the continuation of the fall in the Solana rate with a potential target below the level of 185.05.
Solana Forecast SOL/USD December 3, 2021
A test of the trend line on the relative strength index (RSI) will be in favor of falling quotes and the SOL/USD rate. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to drop the coin will be a strong increase in the value of the asset and a breakdown of the area of 250.05. This will indicate a breakdown of the resistance area and continued growth in the cryptocurrency rate with a potential target above the level of 275.05. With the breakdown of the support area and closing of quotations below the level of 215.05, we should expect confirmation of a price drop.
Solana Forecast SOL/USD December 3, 2021 suggests an attempt to correct and test the resistance area near the level of 235.05. Where can we expect a rebound and the continuation of the fall of SOL/USD to the area below the level of 185.05. An additional signal in favor of reducing Solana will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 250.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 275.05.