Solana ($SOL) Price Analysis and Growth Potential
At the time of writing, Solana ($SOL) is trading at $165.03, up 3.50% in the past 24 hours. It is speculated that SOL will break higher in the coming days, especially with the positive influence of Bitcoin ($BTC) and Ethereum ($ETH). Ali_Charts supports this speculation.
This is the result of a pattern SOL has developed over the past few months. Solana draws a sideways triangle with decreasing volatility. The prices did change but still stayed within the stated range. It may take a stronger stance in the coming days. The spot Ethereum ETF is tentatively scheduled to receive final approval and instant trading on July 23, 2024, which will pave the way for more cryptocurrency ETFs. SOL is considered next.
Interestingly, the current price increase represents a rise of 20.41% over the past seven days and a rise of 16.92% over the past 30 days. As of press time, the 24-hour trading volume has also increased significantly by 4.435. The upcoming target is higher, potentially taking the cryptocurrency in question closer to $200. Its price may rise to $183.17 in the next 30 days. This would represent a surge of 14.31% from current values. First, it’s important to see a gain of at least 0.44% over the next five days. Therefore, SOL reaches $160.93.
Insights and Sentiments on SOL
General sentiment is bullish, with the FGI showing a greed sentiment of 61 points. The coin has been trading in the green 60% of days last month and currently has a volatility of 5.24%. The 14-day RSI is 57.32, the 50-day SMA and 200-day SMA are $148.21 and $137.46, respectively, for the same order.
21Shares co-founder Ophelia Snyder predicted bullish sentiment for SOL and substantial growth in the cryptocurrency market. Snyder believes that cryptocurrencies are still in the initial stages of adoption and have the potential to grow in the future. Interestingly, 21Shares has applied to list the Solana ETF on the US market.
The community is also bullish. Some members say a Solana revolution is coming.
Upcoming Events and Price Predictions
The recent surge in the value of cryptocurrencies, including SOL, has been linked to the assassination attempt on Donald Trump. On July 27, 2024, the former President of the United States will speak at the Bitcoin 2024 conference in Tennessee.
SOL will break through $160 by the end of July 2024, which will be the second time since July 15, 2024 that SOL has broken through $160. At the same time, the digital asset also reached a peak of $162.59. As of July 17, 2024, the highest value was $163.69.
