The price of Solana-SOL continues its downward march and is currently settling at $139.39 after hitting an intraday low of $136.39, which means a decline of 13.61% down from $157.88. But some analysts believe it could rebound and touch $260 in the future, thanks to the booming underlying data of the Solana blockchain and the superior performance of its transaction network capable of processing thousands of transactions per second at a low cost; developers choosing the Solana blockchain as a platform to launch their new projects and software contributes to the prosperity of its technical system and enhances its long-term capabilities, as SOL retains the confidence of investors who see its recent setback as a temporary obstacle to the rise.
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After Solana ETF launches in the US, Brazil approval of launch raises hopes
The board of directors of the Chicago options trading platform has removed news related to applications for the launch of VanEck and 21Shares’ Solana ETFs from its website. These applications were submitted during July July, 2024 and were reviewed by the U.S. Securities and Exchange Commission (SEC) without the commission announcing that it had received such requests, so many believe that these applications have been withdrawn, raising concerns about the possibility of SEC classifying SOL as an unregistered security and the lack of enthusiasm from US investment management firms to invest through Solana-related ETFs.
On the other hand, Brazil is moving forward with the launch plan for Solana ETFs managed by QR Asset and Vortx pending approval for launch on the Brazilian stock exchange, which could strengthen Solana’s presence in the financial markets, while the United States remains in a state of hesitation, indicating the varying levels of trust and acceptance related to Solana between the United States and other global markets. While canceling orders to create Solana ETFs within the US could hurt the value of SOL a lot as investor confidence declines, the Brazil’s approval could gain positive momentum.
TRUMPPUS MEME PRICE COULD BOOST DEMAND FOR SOLANA
The new meme currency on the Trump’s Pussy (TRUMPPUS) blockchain continues to gain great attention due to its potential to provide huge profits close to its counterparts for Shbiba Inu-SHIB and Dogecoin-DOGE, as the first investors of this currency may achieve huge returns of up to 18,000% – according to expectations – once it is listed on major platforms, as it is currently limited to some decentralized trading platforms (DEXes) only as Raydium.io and Jup.ag platforms, allowing traders to exchange their SOL balances for TRUMPPUS. The launch of this currency is very strong compared to other new meme currencies thanks to the availability of liquidity worth more than $3,000 when launched.
AS WELL-KNOWN MEME CURRENCIES SUCH AS DOGE AND SHIB CONTINUE TO LOSE MOMENTUM, INVESTORS CONTINUE TO BE INTERESTED IN NEWLY ISSUED MEME COINS ON THE SOLANA BLOCKCHAIN – SUCH AS TRUMPPUS – IN THE HOPE THAT THEY WILL GAIN IMMENSE POPULARITY WITHIN THE CRYPTO COMMUNITIES, AND THE SUCCESS OF THIS COIN CAN BOOST THE DEMAND FOR BUYING SOL AND RAISE ITS PRICE DUE TO THE NEED TO OWN IT IN ORDER TO BUY TRUMPPUS.
Price levels to watch for imminent movements as SOL stabilizes
Solana (SOL/USD) is currently trading at $141.18 as technical indicators indicate that its movements are at a crossroads, and the nearest support level is at $134.95 reinforced by an extended bullish trend line, and if this level is broken, the next support levels at $127.03 and then $116.07 could prevent the extension of the wave of declines. On the other hand, the most important resistance line is at the 50-day exponential moving average line at $145.40 as it converges with the extended bearish trend line of price movements, with the next resistance levels positioned at $148.81, followed by $157.51 and $163.54.
Solana Price Chart Also, the convergence of support and resistance levels to form a symmetrical triangle pattern is a sign of the current equilibrium of supply and demand forces, and the consolidation of the RSI reading at 46.44 indicates a period of equilibrium that may be followed by the price starting in either direction.
Conclusion: Consider selling if the $145 resistance barrier holds due to the likelihood of breaking the price movements of the symmetrical triangle pattern in the downtrend, and vice versa if the $145.40 level breaks up, which can be considered a signal of a wave of rallies that may push it to test the next resistance levels.
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