Solana

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-shows-potential-for-significant-gains/" data-wpel-link="internal">Solana Shows Potential for Significant Gains</a> 
<a href="https://en.coin-turk.com/opportunities-in-cryptocurrencies-sol-coin-price-analysis-and-predictions/" data-wpel-link="internal">Solana</a>‘s (SOL) <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">price</a> slightly dropped by 0.4% in the last 24 hours, trading around $148. Despite this minor pullback, Solana rose by 8.3% last week, driven by high expectations surrounding spot ETF applications. In contrast, Bitcoin (BTC) lost some of its weekend gains, falling below the $61,000 threshold, currently exerting downward pressure on SOL’s price. 
<h2 style="text-align: justify" id="strong-solana-price-analysis-potential-scenarios-for-significant-gains-strong">Solana Price Analysis: Potential Scenarios for Significant Gains</h2> 
Solana’s network fundamentals and recent price movements reflect a positive trend. The price recently broke out of a Descending Channel Formation and is currently trading above the 50-day and 200-day Simple Moving Averages (SMA), indicating a bullish momentum is forming. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-367528" src="https://coin-turk.com/wp-content/uploads/2024/07/Solana-SOL-Altcoin-Analiz.jpeg" alt="" width="1280" height="565"> 
From a broader perspective, Solana is trading below a descending trend line. Although this is not a bullish signal, a breakout above this trend line (a 32% probability scenario) could lead to a sharp upward movement. 
The 14-day Relative Strength Index (RSI) for SOL is slightly above the midpoint at 52 and above its Moving Average (MA). This indicates significant room for upward movement, potentially entering the Overbought (OB) region. If this occurs, trading volume and bullish momentum are expected to increase, supporting this journey. According to data from the crypto data and price platform CoinMarketCap, Solana’s trading volume has already increased by 41% in the last 24 hours, indicating growing investor interest. 
<h2 style="text-align: justify" id="strong-future-expectations-for-solana-strong">Future Expectations for Solana</h2> 
Based on current technical indicators, Solana’s price could potentially rise by 16% in the coming days, reaching $173 if it maintains above the current trend line. Alternatively, in a bearish scenario, SOL could fall to around $131 (200-day SMA) or $120, finding support at one of these levels. 
As is well known, Bitcoin’s price movements significantly impact Solana’s performance. The largest cryptocurrency is currently trading at $60,900 after rising to $63,794 over the weekend. If Bitcoin continues its upward trend but falls below $60,000, it could negatively affect SOL and other altcoins, potentially pulling back to the Fair Value Gap (FVG) around $46,000. 
Currently, the Solana ecosystem is bolstered by <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">news</a> of ETF applications submitted to the U.S. Securities and Exchange Commission (SEC) by VanEck and 21Shares. If the SEC approves any of these ETFs, it would greenlight the first spot Solana ETF, potentially driving SOL’s price up to $1,000. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-shows-potential-for-significant-gains/" data-wpel-link="internal">Solana Shows Potential for Significant Gains</a></h5>

Solana Shows Potential for Significant Gains

Table of Contents

COINTURK NEWS

Other articles published on Jul 3, 2024

Crypto Airdrops with Simple Requirements

5-Day Positive Streak in US Spot Bitcoin Exchange Traded Funds (ETFs) Ends! Here are the Details

$TEA Memecoin Raises Staggering $3.4M in Just 10 Minutes From Presale

MoonBag Coin: Where Smart Investors Deserting EOS and Floki Inu Find Success

Price Review: BTC, ETH, BEAM, BONK, EGLD

Security Breach Forces Bittensor Shutdown

Join our free newsletter for daily crypto updates!