Render

Rally

Solana

Flash

Solana (SOL) was recently in the spotlight after the US Securities and Exchange Commission (SEC) adjusted its complaint regarding the classification of SOL. The network also ranked as the second largest revenue-generating crypto project on Monday. Following this, some market watchers shared their predictions regarding the token’s recent performance. Some highlighted that a recent rejection of a key level could plunge the prince to $150 before it’s ready for a massive rally. 
<h2 style="font-weight: 400" id="analysts-set-new-ath-targets-for-solana">Analysts Set New ATH Targets For Solana</h2> 
On Tuesday, crypto trader Yoddha forecasted his price <a href="https://www.newsbtc.com/analysis/solana-price-sol-challenges-200/" target="_blank" rel="noopener ">target</a> for Solana this cycle based on its performance over the years. According to his chart, SOL saw a 96% drop from its all-time high (ATH) during the last bearish rally. After the retrace, the token saw a 343-day accumulation period. 
Related Reading: <a href="https://www.newsbtc.com/news/render-continues-to-flash-red-in-all-timeframes-whats-going-on/" target="_blank" rel="noopener ">Render Continues To Flash Red In All Timeframes – What’s Going On?</a> 
This period was followed by a 600% surge to the yearly high above $200 seen in March. According to Yhodda, SOL is in an accumulation zone again, moving within a falling wedge pattern. The chart suggests to the trader that the token’s price could skyrocket over 455% in the coming months, hitting the $1,000 mark this bullish run. 
<img loading="lazy" decoding="async" class="wp-image-632545 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=860&amp;resize=860%2C617" alt="Solana" width="860" height="617" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=2644 2644w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=860&amp;resize=860%2C617 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=120 120w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=350 350w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTt2JZLaIAAtROS.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Meanwhile, analyst Inmortal Crypto <a href="https://x.com/inmortalcrypto/status/1818344005647974739" target="_blank" rel="noopener nofollow">highlighted</a> that SOL rejected the weekly opening (WO) price of $190, which traded above last week’s WO. To the trader, if SOL’s price doesn’t hold the $180 support level, it could potentially drop to retest the monthly opening (MO) of $147 before resuming its climb. 
Poseidon, another pseudonym analyst, shared a similar opinion. He stated that investors “will have a chance to buy SOL below $150 again” before it rallies to $500. 
According to Crypto Jelle, SOL broke out of “the re-accumulation structure” this month. Per the chart, a similar structure preceded the price expansion that led to Solana’s ATH. 
Jelle <a href="https://x.com/CryptoJelleNL/status/1818576044523196634" target="_blank" rel="noopener nofollow">considers</a> that Solana “looks ripe to push higher” and will enter a “mania-like stage” once it gets moving. He also suggested that SOL will be scaling out aggressively” after it breaks above its ATH. 
Nonetheless, he set the token’s final target to $600, disagreeing with those expecting a new ATH above $1,000. “People expecting $1000+ are in for a rude awakening I’m afraid,” said the analyst. 
<h2 style="font-weight: 400" id="sol-price-stays-still-despite-bullish-news">SOL Price Stays Still Despite Bullish News</h2> 
On Tuesday, Solana and its <a href="https://www.newsbtc.com/news/solanas-celebrity-tokens-down-94-mother-community-defends-the-memecoin/" target="_blank" rel="noopener ">community</a> received bullish news after the US SEC amended its complaint in the lawsuit against crypto exchange Binance. 
The regulator filed an amendment regarding its “Third Party Crypto Asset Securities” complaint, stating that there is no imperative need for the court to rule on “the sufficiency of the allegations regarding those tokens at this juncture.” 
Additionally, Lookonchain <a href="https://x.com/lookonchain/status/1818184648457081011" target="_blank" rel="noopener nofollow">revealed</a> that Solana was the second-largest revenue-generating crypto project on July 29. The network generated $940,000 in revenue in the previous 24 hours, surpassing Ethereum’s $844,300 revenue. 
Despite the news, SOL’s price didn’t register any notable <a href="https://www.newsbtc.com/news/analyst-predicts-solana-rise-to-1400-as-similarities-with-july-2021-emerge/" target="_blank" rel="noopener ">performance</a>, hovering between the $177 and $183 price range. As of this writing, Solana is trading at $182, a 0.3% price drop from yesterday and a mild 2.5% surge in the last week. 
<img loading="lazy" decoding="async" class="size-large wp-image-632544" src="https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-31_08-01-46.png?w=860&amp;resize=860%2C460" alt="solana, Sol, SOLUSDT" width="860" height="460" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-31_08-01-46.png?w=1102 1102w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-31_08-01-46.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-31_08-01-46.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-31_08-01-46.png?w=860&amp;resize=860%2C460 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-31_08-01-46.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

Solana Looks ‘Ripe To Push Higher’, Is A Mania-Like Rally To $600 Coming?

Съдържание

NewsBTC

Други статии, публикувани на 31.07.2024 г.

Today’s The Day? Pro-XRP Lawyer Discusses Potential Ripple-SEC Ruling

Olympic-Themed Meme Coin Meme Games Races Past $300K Raised In Presale

Tech Giants Experience Significant Market Value Losses

Russia Now Allows Crypto Payments in International Trade to Counter Sanctions

Altcoin Season Risks Surge as Index Drops to 18

RollBlock Drawing a Crowd as Whales Gather For 30% Dividends ADA and ETH Holders Make Room In The...

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!