- Solana ($SOL) shows strong growth potential amid bullish market sentiments and the anticipated approval of the Spot Ether ETF.
- Analysts and community members are optimistic about SOL reaching new highs, driven by positive patterns and increasing trading volume.
Solana ($SOL) is currently trading at $165.03, marking a 3.50% increase over the past 24 hours. As market speculation heats up, many anticipate that SOL could break new ground in the coming days, especially under the positive influence of Bitcoin ($BTC) and Ethereum ($ETH). Notable analyst Ali_Charts supports this speculation, highlighting a pattern that SOL has formed over the past few months.
Chart Patterns and Market Sentiments
Solana has drawn a sideways triangle with reduced fluctuations, indicating that while prices have moved, they have stayed within a defined range. This pattern suggests that SOL could take a stronger position soon, especially with the potential approval of the Spot Ether ETF, expected to commence live trading by July 23, 2024. This milestone could pave the way for more crypto ETFs, with SOL anticipated to be next in line.
Over the past week, SOL has surged by 20.41%, and over the last 30 days, it has increased by 16.92%. The 24-hour trading volume has also seen a notable uptick of 4.43%. Upcoming targets for SOL are optimistic, with projections suggesting it could reach $200. Within the next 30 days, it might climb to $183.17, a 14.31% increase from its current value. An immediate target is to rise by 0.44% in the next five days, bringing SOL to $160.93.
Prevailing market sentiments are bullish, with the Fear & Greed Index (FGI) showing 61 points, indicating greedy emotions. SOL has seen green trades for 60% of the days in the past month and currently has a volatility of 5.24%. The 14-day Relative Strength Index (RSI) stands at 57.32, with the 50-day and 200-day Simple Moving Averages (SMA) at $148.21 and $137.46, respectively.
Bullish Predictions and Community Support
Ophelia Snyder, co-founder of 21Shares, predicts substantial growth for SOL and the broader crypto market. Snyder believes that cryptocurrencies are still in the early stages of adoption, with significant growth potential. Interestingly, 21Shares has filed to list a Solana ETF in the US market, further bolstering bullish sentiments.
The community’s optimism is palpable, with many members proclaiming that a Solana revolution is imminent. The recent surge in cryptocurrency values, including SOL, has been linked to political events, such as the upcoming speech by former US President Donald Trump at the Bitcoin 2024 Conference on July 27, 2024.
SOL reaching $160 by the end of July 2024 would mark the second time this month, having previously done so on July 15, 2024. The market cap recorded was $69.02 billion, which then increased to $71.10 billion the following day. The highest value reached was $163.69 as of July 17, 2024.
As the market watches closely, the optimism surrounding Solana and the broader crypto market continues to build, with many anticipating further gains and milestones in the near future.
