Solana

Status

Coin

A crypto analyst has <a href="https://x.com/honey_xbt/status/1810680709679390842?s=46" rel="nofollow" target="_blank">declared</a> Solana to be one of the best coins, highlighting the cryptocurrency’s previous price movements, which are marked by upsides and its potential for a <a href="https://www.newsbtc.com/news/solana/solana-mirroring-2021-bullish-crypto-analyst/" rel="nofollow noopener" target="_blank">major bullish rally</a>.&nbsp; 
<h2 id="solana-gets-best-coin-status">Solana Gets Best Coin Status</h2> 
Solana, the fifth largest cryptocurrency by market capitalization has attained a new title as “one of the best coins.” A crypto analyst, identified as ‘Honey’ on X (formerly Twitter), made this positive statement and expressed <a href="https://www.newsbtc.com/news/solana/can-solana-hit-160-sols-resilience-sparks-rally-optimism/" rel="nofollow noopener" target="_blank">bullish optimism for SOL’s future outlook</a> in an X (formerly Twitter) on June 9. 
Sharing a price chart depicting <a href="https://bitcoinist.com/solana-bounces-back-after-failing-to-break-118/">Solana’s price</a> actions since the beginning of 2024, the analyst highlighted a series of sharp rallies the cryptocurrency has experienced over the past few months. The analyst has also based her bullish predictions for Solana on the possibility that the cryptocurrency maintains a level above the 1D 200-day Exponential Moving Average (1D&nbsp; EMA200). 
The EMA200 is a widely recognized technical indicator that traders use to identify long-term trends in a cryptocurrency. Staying above this unique trend line often indicates possibilities of bullishness, suggesting that SOL could be <a href="https://www.newsbtc.com/news/solana/solana-magnificent-autumn-rally/" rel="nofollow noopener" target="_blank">getting ready for a major upside</a>.&nbsp; 
Honey has also disclosed that once <a href="https://www.newsbtc.com/news/bitcoin/is-the-bitcoin-bottom-in-price/" rel="nofollow noopener" target="_blank">Bitcoin (BTC) reaches its bottom</a> and starts to recover, Solana will potentially witness a significant <a href="https://www.newsbtc.com/analysis/solana-eyes-150-rebound-sol/" rel="nofollow noopener" target="_blank">price rebound</a>. This implies that when Bitcoin hits its lowest point, it often influences the value and subsequent price action of various cryptocurrencies.&nbsp; 
Currently, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" rel="nofollow noopener" target="_blank">Bitcoin’s price</a> is on a major downward trend, trading below the $60,000 support level and <a href="https://www.newsbtc.com/news/bitcoin/if-history-repeats-bitcoin-price-crash-33-again/" rel="nofollow noopener" target="_blank">crashing</a> by more than 14.93% over the past month as selling pressures intensified. The cryptocurrency’s decline has had a major impact on the broader crypto market, causing popular altcoins like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-plummets-3150/" rel="nofollow noopener" target="_blank">Ethereum (ETH)</a> to follow its bearish trend.&nbsp; 
Against bearish market conditions, SOL has been one of the few cryptocurrencies performing well in the market recently. Although cryptocurrency has <a href="https://www.newsbtc.com/news/solana/solana-down-40-but-analyst-says-nows-the-time-to-buy-sol/" rel="nofollow noopener" target="_blank">experienced its own share of declines</a>, its price continues to steadily climb, fueled by <a href="https://www.newsbtc.com/news/solana/solana-sol-massive-870-premium/" rel="nofollow noopener" target="_blank">investors’ demand and interest</a> in the cryptocurrency.&nbsp; 
Moveover, after VanEck’s <a href="https://www.newsbtc.com/news/solana/sol-price-soars-as-first-ever-solana-etf-filing-surfaces-in-the-us/" rel="nofollow noopener" target="_blank">Solana Exchange Traded Fund (ETF) filing</a>, the cryptocurrency rallied sharply, rising above $150 at some point. At the time of writing, Solana is trading at $144.3, reflecting a 24-hour increase of 1.49%, according to CoinMarketCap.&nbsp; 
<h2 id="analyst-predicts-new-sol-price-target-at-200">Analyst Predicts New SOL Price Target At $200</h2> 
A crypto analyst and trader identified as ‘ToBTC’ on X has shared his optimistic stance on Solana, predicting a bullish surge to $200 this market cycle. The analyst <a href="https://x.com/_tobtc/status/1810918961481142499?s=46" rel="nofollow" target="_blank">revealed</a> that SOL’s price has been witnessing a major upside, triggered by the increase in investor excitement surrounding the potential approval of <a href="https://bitcoinist.com/cboe-initiates-regulatory-process-for-solana-etf/">Spot Solana ETFs</a> by the United States Securities and Exchange Commission (SEC).&nbsp; 
Underscoring SOL’s positive performance in the market lately, the crypto analyst also attributed his <a href="https://www.newsbtc.com/news/solana-price-marches-200/" rel="nofollow noopener" target="_blank">bullish $200 price target</a> for Solana to the rising on-chain activities within the Solana blockchain. ToBTC disclosed that the combination of increased on-chain activity and network engagement has fueled a 3% price surge for Solana. According to the analyst, this bullish development has positioned SOL to potentially surpass the $200 price target to reach new highs. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/eCEFL3Rj/" alt="Solana price chart from Tradingview.com" width="3286" height="1578">

Analyst Calls Solana ‘One Of The Best Coins Out There,’ Here’s Why

Daftar Isi

Bitcoinist

Artikel lain yang dipublikasikan pada 10 Jul 2024

Why BlockDAG Beats Stacks, TRON, and Shiba Inu: A Look at the Crypto with the Highest ROI Potenti...

Nigerian finance minister asks SEC to address crypto regulations

Pepe Coin Whale Dumps 9T PEPE; Token Price Down By 14% WoW

Bitcoin’s Profitability Woes: Miners Face Harsh Realities as Prices Fluctuate

Build Wealth with MoonBag Referrals (10% USDC Rewards) as it Surpasses Limitations of Avalanche (...

Crypto Whale Ethereum Sale: $21 Million Liquidated Ahead of Anticipated ETF Launch

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!