As a seasoned researcher with extensive experience in the crypto market, I have closely followed Solana (SOL) and its recent price action. The past few months have seen SOL trapped in a consolidation mode, but the latest surge of more than 22 percent in the past two weeks has brought newfound optimism to the altcoin.
As a crypto investor, I’ve noticed an exciting development in the Solana (SOL) ecosystem. This top-tier layer one network, known for its thriving web3 environment, has been indicating a fresh bullish trend after a long consolidation period lasting nearly four months. With a fully diluted market capitalization of approximately $102 billion and an average daily trading volume of around $3.7 billion, Solana has experienced significant growth, surging over 22 percent in the past two weeks. This surge brought the price to around $176.54 on Wednesday.
In simpler terms, the cost of Solana has been checking its ground recently after breaking free from a downward trendline on the logarithmic daily chart.
Should the Stablecoin Orbit (SOL) price persistently finish trades above the indicated resistance or support threshold over the ensuing weeks, the associated altcoin is likely to challenge its historical peak in the near future.
In the previous week, the value of the altcoin consistently finished above its 50 and 200-day Moving Averages. This is a bullish sign for Solana (SOL). A significant upward trend for SOL would be confirmed if its daily Relative Strength Index (RSI) surpasses the 70 mark, which is currently at approximately 63%.
“Update on SOL: This chart is showing great strength; it has undergone a breakout and retest with success. My investment goals currently have me aiming for a final target near $1000, with sights set on significant growth.”
— CryptoBoss (@CryptoBoss1984) July 24, 2024
Solana Benefits for Spot Ether ETFs Approval
As a crypto investor, I’ve noticed an intriguing development: the SEC’s green light for spot Ethereum ETFs implies a shift in their perspective towards most altcoins. Previously, these coins were considered to be in violation of securities laws according to the SEC.
In simple terms, the green light given for Ethereum-based ETFs in the US markets enhances the prospects of comparable products for Solana. Experts at Franklin Templeton Digital Assets believe that Solana, alongside Bitcoin and Ethereum, exhibits impressive maturity and potential.
As a crypto investor, I’ve been closely following the development of Solana, and I’m excited about its recent progress. Despite encountering some technical challenges along the way, Solana has demonstrated impressive adoption and is continuing to mature. Its high-throughput, monolithic architecture holds significant potential in the crypto space.
VanEck has applied for a Solana ETF with the US Securities and Exchange Commission (SEC). A decision on this application is expected following the upcoming US general election. The increasing interest in Solana among both individual and institutional investors is driving up demand, which could ultimately result in the SEC granting approval for a spot Solana ETF.
Growing Demand
Over the past two days, significant whale activity was observed on Binance as they purchased over 238,000 Solana (SOL) tokens, equating to approximately $41 million based on current market prices. The surge in buying comes amidst heightened anticipation and rumors of a potential Solana Exchange-Traded Fund (ETF) launch.
In the past 2 days, 2 whales withdrew 238,893 $SOL ($41.4M) from #Binance and staked it!
— Lookonchain (@lookonchain) July 24, 2024
The positive perspective on Solana has largely stemmed from its thriving web3 ecosystem and meme coin sector. Notably, the Solana platform has outpaced Ethereum’s ecosystem for the first time in the past month in terms of trading volume for decentralized exchanges (DEXs).
Significantly, Raydium stands out as the premier Decentralized Exchange (DEX) on the Solana network, boasting approximately $1.18 billion in total value secured. The market capitalization of Solana’s meme coins amounts to roughly $9.48 billion, with a mean daily trading volume of approximately $2 billion. Over the past few months, a multitude of meme coins have arisen on the Solana network, spearheaded by dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), and Cat in a dogs world (MEW), among other notable contenders.
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2024-07-24 15:06