Solana

FOMO

Solana (SOL) is a popular smart contracts token among retail and institutional investors. The token has a history of major price movements backed by key developments in the ecosystem. <a href="https://coingape.com/price/solana">Solana price</a> frequently experiences major breakouts but also falls victim to high volatility. 
This article will delve into the technical outlook of Solana in the second quarter of 2024—micro and macro factors that are likely to trigger a major bull run to $250 and beyond. 
Meanwhile, Solana price dodders at $148 after growing 5% on the day on top of a 15% increase in seven days. SOL ranks #5 among other cryptocurrencies backed by a $68 million market cap. In the last 24 hours, this very competitive smart contract token commanded over $2 billion in trading volume. 
<h2 class="p1" id="can-solana-price-uphold-the-bullish-outlook-to-250">Can Solana Price Uphold The Bullish Outlook to $250?</h2> 
Solana is top among major altcoins with the spot ETF in sight. This extremely bullish outlook emerged last week after investment firm VanEck applied for a license to operate a Solana spot exchange-traded fund. 
VanEck reckoned in the accompanying statement that it believes Solana is a commodity just like <a href="https://coingape.com/markets/will-bitcoin-price-hit-70000-key-factors-influencing-btc-price-this-week/">Bitcoin</a> and Ethereum. The protocol is known to host decentralized applications, supporting the web3 sector. 
Solana’s blockchain stands out for secure high transaction throughput, low fees, scalability, and adaptability. Although very similar to <a href="https://coingape.com/ethereum-blockchain-network-boost-with-ssf-roadmap-says-vitalik-buterin/">Ethereum</a>, Solana boasts 50,000 transactions per second at an average of $0.00025. 
If the Securities and Exchange Commission (SEC) approves <a href="https://coingape.com/breaking-21shares-submits-application-for-solana-etf/">Solana ETFs</a>, the token will gain more legitimacy among investors both crypto and traditional, especially from institutions. 
In the previous bull run in 2021, Solana exploded to $260—reaching a new all-time high. The run-up fuelled by the approval of Bitcoin ETFs in Q1 propelled SOL to $206. This came after a drastic and damaging fall to $8 caused by the crypto winter and the collapse of Sam Bankman-Fried’s FTX exchange. 
Despite the correction in April, May, and June, Solana shows potential to recover and push above the crucial $200 mark. Subsequent movements to $250 and beyond would depend on the general sentiment, especially if the crypto market ignites a bull run later in the year. 
<h2 class="p1" id="solana-gearing-up-for-a-big-breakout">Solana Gearing Up For A Big Breakout</h2> 
According to the current technical picture on the daily chart, <a href="https://coingape.com/top-solana-memecoins/">Solana</a> holds between the 20-day Exponential Moving Average (EMA) and the 50-day EMA. The neutral Relative Strength Index (RSI) at 52 reinforced the bullish thesis such that SOL seems poised to push past the $150 resistance on Monday, July 1. 
<figure id="attachment_205371" aria-describedby="caption-attachment-205371" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-205371" src="https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07.png" alt="Solana price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07.png 2694w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-01_19-24-07-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-205371" class="wp-caption-text">
 Solana price chart | Tradingview
 </figcaption>
</figure> 
Should SOL breach this hurdle, FOMO will likely kick in as more traders back the uptrend while getting into new buy positions. Breaching the next seller congestion at $160 could push Solana above the descending triangle. 
This is technically a bearish pattern but if bulls manage to overpower the sellers’ grip, <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">Solana price prediction</a> reveals a quick climb to $200, paving the way for the upswing to $250. 
The post <a href="https://coingape.com/markets/solana-price-heres-when-sol-could-reach-250-expert-analysis/">Solana Price: Here’s When SOL Could Reach $250 – Expert Analysis</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price: Here’s When SOL Could Reach $250 – Expert Analysis

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