The price of Ethereum Killer currently stands at $162.52 having changed its trajectory from a negative to a positive one in the last few days. SOL 24 hour gains have been impressive totaling 4.29% while over the last seven days they have amounted to approximately 13%. At present the market cap is standing at $75.6 billion with a trading volume of about $2.6 billion.
Ethereum upcoming July 23 ETFs (exchange-traded funds) launch is creating optimism among investors. According to Eric Balchunas of Bloomberg and insiders close to Wall Street Journal sources, such projections align with SEC’s feedback timeline.
Approval of ETH ETFs could open doors for SOL development that may boost investor confidence and drive prices higher.
Solana is particularly bullish right now as Bitcoin tests the waters above the $65K mark today. Investors are being lured by platform expansion strategies and growing ecosystem hence many believe that SOL will be a good bet for them.
Solana experienced massive gains throughout 2024 as seen in its price action. The year started with a sharp uptrend reaching beyond $210 in March. However this rally was followed by a correction where SOL plummeted by 58% and reached to its low of $121 on July 5th.
Currently SOL is trading within a bullish pennant pattern showing signs of increased momentum. It has entered the support area around $121 but has seen rejection four times before bouncing back up strongly after that.
Key technical indicators show a bullish picture as analysed in our previous report. This implies daily Money Flow Index at 58 indicates build-up of bullish momentum while MACD has recorded a bullish crossover reflecting positive outlook in the market. The nearest resistance level for bullish pennant in question is about to get retested. A break above it could mean that the price will keep on going up.
In fact, an analyst who is highly respected has drawn parallels between the current price action of Solana and a bullish pattern witnessed in 2021. At that time, SOL surged from $24 to hit its all-time high of $259. Solana appears to be forming a series of higher lows on its chart just like it did before the rally in 2021.
Furthermore, based upon this historical pattern and recent market trends, some anticipate that Solana may go up to around $500 as a new ATH. However, one should always remember that past performance does not necessarily indicate what would happen next.
Solana ecosystem has also been growing especially when it comes to memecoin space. Within only one day trading volumes exceeded $1.6 billion for top ten Solana memecoins suggesting a potential revival of this market segment.
The renowned analyst named Ali Martinez also mentioned on his most recent tweet about the W pattern shaping up on the chart of Solana cryptocurrency pointing at a possibility of heading towards $174 being expected.