Solana

Hope

Bitcoin

Strong

<ul> 
 <li>Solana hits a three-month high and outperforms Binance Coin.</li> 
 <li>Strong on-chain metrics and growing active addresses signal robust network health.</li> 
</ul> 
Solana (SOL) has drawn significant attention from traders amid the current market upheaval, buoyed by institutional support and a pro-crypto stance among politicians. These developments have bolstered confidence in the near future, with Bitcoin recently surging past $69,000. Notably, Solana has demonstrated consistent performance, outperforming Binance Coin (<a href="https://thenewscrypto.com/binance-coin-bnb-price-prediction/" target="_blank" rel="noreferrer noopener">BNB</a>) in market cap last weekend to secure the fourth position. 
Today, Solana hit a three-month high of $193, breaking the resistance at $185. It is currently trading at $193.10, a 6% increase. However, its trading volume has decreased by 28%, currently standing at $89 million. Analysts remain bullish on Bitcoin, predicting it could surpass $240 by August. Additionally, Solana’s Total Value Locked (TVL) has been on the rise since early 2024. 
Meanwhile, Solana’s on-chain metrics also show an upward trajectory, with active addresses reaching 2 million by mid-week. Analysts believe this growth indicates a robust and expanding user base, suggesting strong network health and the potential to attract further investment. These predictions instilled hope in the community of <a href="https://thenewscrypto.com/solana-consolidates-as-bulls-strive-to-drive-price-above-200-level/" target="_blank" rel="noreferrer noopener">SOL</a> surging past $1000 at the year’s end. 
<h3 class="wp-block-heading" id="h-solana-bulls-for-the-win">Solana Bulls For The Win?</h3> 
Solana’s recent price action reflects a bullish trend, with the potential to breach the $211 resistance level and possibly test $240 soon. However, the daily Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ASOLUSDT" target="_blank" rel="noreferrer noopener">RSI</a>) at 63 indicates potential overbought pressure, which may lead to a correction. 
Conversely, should bears regain control, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> could retrace to $115 initially, potentially falling further to $104 in a more pronounced decline. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc75Qt2tHEOzeQ3G5suoEIeqB78BoLM89oWMt2Ptr-lKv1gE9Xnzb7yimjoN8sLQn-okXBJkSMKCkfbQgiG_CCCc6yMdyXNIWdpTIOWTMVODO-VgRPpO6tWYBsrNvuHYwiv92cz--tAZS4-FE8AtJRHjj05?key=8_v2oGfEY43-pLjyxmLjfQ" alt="">
 <figcaption class="wp-element-caption">
 SOL Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div> 
In summary, Solana’s performance amid market chaos highlights its resilience and potential for further growth. With strong on-chain metrics and a bullish outlook from analysts, Solana seems well-positioned to continue its upward trajectory. However, caution is advised due to potential overbought conditions, which could lead to short-term price corrections. Investors should remain vigilant and consider market volatility when making investment decisions in Solana. 
Highlighted News Of The Day 
<a href="https://thenewscrypto.com/can-bitcoin-break-70k-before-august-amid-new-us-crypto-plans/">Can Bitcoin Break $70K Before August Amid New US Crypto Plans?</a>

Solana’s Three-Month High Ignites Renewed Investors’ Hope

Inhoudsopgave

TheNewsCrypto

Andere artikelen gepubliceerd op 29 jul 2024

Hong Kong Police Arrest Four, Including 14-Year-Old, for Counterfeit Crypto Scam

Ripple Leader Reveals Untold Beauty of Bitcoin

Floki Announces Valhalla Sponsorship for India’s Tour of Sri Lanka, Targeting 220M Viewers

Core Foundation Launches Dual Staking to Enhance Bitcoin Yields

Tokyo's BitFlyer Acquires FTX Japan, Aims For Crypto ETFs

Bitcoin Approaching the Crucial Resistance at $70,000: Here’s What to Expect in the Next 48 Hours!

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!