Will Solana Return to the $20 Price Zone Now That It Is Rising Weakly?
Key Points:
- Despite positive network developments, Solana has experienced persistent bias.
- The negative trend has been exacerbated by recent legal developments and regulatory ambiguity, including SEC lawsuits against major cryptocurrency exchanges like Binance and Coinbase.
- Due to high Ethereum gas fees and the rise in Bitcoin’s price, Solana’s network is becoming more popular, which could help SOL recover from its current decline.
Despite encouraging advancements in the Solana network, the native cryptocurrency, Solana (SOL), has performed poorly, with a sustained negative bias.
This downward trend could be attributed to a number of macroeconomic issues, such as concerns regarding the debt limit in the United States and debates regarding global cryptocurrency legislation.
The delisting of prominent cryptocurrencies by Bakkt, a derivatives exchange based in New York, had a significant impact on the altcoin market. The Securities and Exchange Commission (SEC)’s lawsuits against major cryptocurrency exchanges like Binance and Coinbase were the driving force behind this decision in the United States.
In their litigation cases, the SEC classified more than 20 digital assets, including SOL, as securities. Several trading platforms, like Robinhood, have stopped covering certain assets because of the regulatory ambiguity that comes with it.
Despite this, a surge of confidence from institutional investors who began to examine the commodity following the launch of a new crypto exchange and a high-profile ETF application has helped Bitcoin recently surpass $31,000.
The increase comes after BlackRock, the largest asset manager in the world, submitted a proposal for a spot Bitcoin ETF to the US Securities and Exchange Commission last week.
Additionally, the Ethereum network’s skyrocketing transaction costs are attributed to the rising popularity of the meme token Pepecoin (PEPE). Customers are looking for faster and cheaper alternatives, such as the Solana network, in response to the rise in Ethereum gas fees.
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The increased use of Solana’s network could possibly help SOL’s stock recover from its current decline and sustain it. Since SOL’s price forecast indicates an upward trend, investors are currently debating whether to purchase the stock.
From the $13.5 support level, a new upward trend in Solana’s price has just begun. Solana and Cardano have seen positive movements as a result of Bitcoin and Ethereum’s recent sustained gains.
From the previous support level of $17, which SOL broke earlier, the bulls are actively pushing the price up. In addition, the SOL price is currently above the 26.6% Fib level, suggesting a correction around the $16.2 price zone before a further rise.
SOL is currently above $17, but traders should keep in mind that the $20 price level is very important because it is where the bearish trend line from the April top and the 50% Fib meet. SOL will experience a significant rebound at this price.
