Solana

Billion

<ul class="list-ic vertical">
 <li><span>1</span> <a>Solana (SOL) price has retested the 20 day EMA mark and might see a pullback ahead.</a></li>
 <li><span>2</span> <a>The technicals of Solana crypto looks bullish and the coin is poised for an upcoming bull run.</a></li>
</ul>
<p>The <strong>Solana (SOL) crypto</strong> has depicted a double bottom formation and flipped from the trendline support mark of $120.</p>
<p>For weeks, the<strong> Solana crypto</strong> traded in an uptrend and floated in the bullish wave. Recently, the social sentiment turned bullish and favours the<strong> upcoming bull run.</strong></p>
<p>Few hours ago, rumors were rife that the upcoming launch of the <strong>SOL ETF</strong> which might lead to a <strong>sharp rally ahead.</strong></p>
<p>In a recent tweet by the <strong>co-founder of SkyBridge Capital</strong> @<strong>Anthony Scaramucci</strong>, he said that we are going to get a <strong>SOL ETF </strong>ready soon.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">We are going to get a <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> ETF get ready.</p>— Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1793802801606279418?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 24, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<p>Meanwhile, at press time<strong> Solana (SOL) price</strong> was in red at $166.25 with an intraday drop of 4.10%, reflecting profit booking in the last trading sessions.</p>
<p>The pair of SOL/BTC is at 0.00248 BTC, and the market cap is $75.16 Billion. Analysts are bullish and suggest that the<a href="https://www.thecoinrepublic.com/2023/10/09/solana-price-prediction-will-sol-crypto-revert-back-from-here/" target="_blank" rel="noopener noreferrer nofollow"> <strong>Solana price</strong></a> may cross the $200 mark and might reach the <strong>ATH mark</strong> of $260 shortly.</p>
<h2 class="wp-block-heading" id="strong-could-solana-sol-succeed-to-cross-200-this-month-strong"><strong>Could Solana (SOL) Succeed To Cross $200 This Month?</strong></h2>
<p>Amidst the <strong>Ether ETF</strong> launch news, most of the crypto assets had gained traction and revealed <strong>bullish momentum</strong>. Solana crypto has depicted a notable recovery of over 25% this month.</p>
<p>Despite the follow on buying activity, <strong>Solana price</strong> has experienced a sudden push and witnessed profit booking at the highs.</p> <iframe loading="lazy" title="Santiment Chart: Price (SOL), Volume (SOL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2023-11-24T18%3A29%3A59.294Z&amp;dt=2024-05-24T18%3A29%3A59.294Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22node%22%3A%22line%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Ranked at 5 per the market cap, <strong>SOL crypto </strong>has a total supply of 576.64 million and has a volume to market cap ratio of 0.0638. Going forward, the trading volume spiked over 37.28% to $4.76 Billion and is hinting at the <strong>investor speculation</strong>.</p>
<h3 class="wp-block-heading" id="strong-sharpe-ratio-value-sustains-above-1-mark-strong"><strong>Sharpe Ratio Value Sustains Above 1 Mark</strong></h3>
<p>Amidst the decline this week, the sharpe ratio value still stays above the 1 mark and it guides a short term uptrend.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="520" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322-1024x520.png" alt="Solana" class="wp-image-206867" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322-1024x520.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322-300x152.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322-768x390.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322-1536x780.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322-750x381.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322-1140x579.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-322.png 1575w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: Messari</p>
<h3 class="wp-block-heading" id="strong-weighted-sentiment-looks-positive-volatility-remained-flat-strong"><strong>Weighted Sentiment Looks Positive, Volatility Remained Flat</strong></h3>
<p>Per the Santiment data, the price volatility keeps lower and is signifying lower selling pressure.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (SOL), Weighted sentiment (Total) (SOL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2023-11-24T18%3A29%3A59.294Z&amp;dt=2024-05-24T18%3A29%3A59.294Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Likewise, the weighted sentiment data stays above the midline region, hinting at the investors positive outlook.</p>
<h4 class="wp-block-heading"><strong>Futures OI Data Hints Short Additions</strong></h4>
<p>Amidst the price downmove, the futures derivative data reveals<strong> sellers activity</strong> and is highlighting the short buildup.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="227" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-323-1024x227.png" alt="Solana" class="wp-image-206868" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-323-1024x227.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-323-300x67.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-323-768x170.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-323-750x166.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-323-1140x253.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-323.png 1429w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: CoinGlass</p>
<p>The open interest data spiked over 0.90% to $2.32 Billion in the last 24 hrs and revealed the seller willingness to push <strong>SOL </strong>toward $150.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-development-activity-data-outlook-strong"><strong>Social Dominance and Development Activity Data Outlook</strong></h3>
<p>The development activity data witnessed a consistent drop and reflected a drop over 32.78% to the 82.24 mark, highlighting the negative outlook.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (SOL), Development Activity (SOL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2023-11-24T18%3A29%3A59.294Z&amp;dt=2024-05-24T18%3A29%3A59.294Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bdev_activity&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Meanwhile, the social dominance data still looks neutral, as investors continue to show their interest and discuss the reports.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The <strong>Solana (SOL) price</strong> has retested its key 20 day EMA mark support and witnessed profit booking this week. Meanwhile, the trend is <strong>bullish </strong>and dips are bought quickly which is a positive sign.</p>

Will SOL ETF Launch Rumour Pump Solana Toward $200 Mark?

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