{"id":336447,"date":"2024-07-03T12:33:24","date_gmt":"2024-07-03T07:03:24","guid":{"rendered":"https:\/\/dripp.zone\/news\/solana-struggles-to-rise-amid-bitcoin-price-uncertainty-crypto-news\/"},"modified":"2024-07-03T12:36:44","modified_gmt":"2024-07-03T07:06:44","slug":"solana-struggles-to-rise-amid-bitcoin-price-uncertainty-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/solana-struggles-to-rise-amid-bitcoin-price-uncertainty-crypto-news\/","title":{"rendered":"Solana Struggles to Rise Amid Bitcoin Price Uncertainty – Crypto News"},"content":{"rendered":"

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Solana price dropped by 0.4% in the last 24 hours to trade around $148 during European business hours on Wednesday. This small regression in price is overshadowed by the 8.3% surge in price Solana experienced in the past week, caused by the prospect of Solana ETF filings. Bitcoin, on the other hand, wiped off some of the gains it made over the weekend and dropped back down to $60,900.\u00a0<\/span><\/p>\n

Solana Price Analysis: 16% Gains in Sight If This Trendline Holds\u00a0<\/span><\/h2>\n

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Solana network has a lot going for it currently and its price action echoes the same. SOL price<\/a> recently broke out from a falling channel and has been in an uptrend. The price action is trending at the 50-day and above the 200-day simple moving averages (SMA), depicting an asset that is slowly turning fully bullish.\u00a0<\/span><\/p>\n

Zooming out, the SOL price is currently in a descending channel, which is generally not a bullish chart pattern. However, if the 32% chance of a breakout to the upside happens, it is usually explosive and aggressive.\u00a0<\/span><\/p>\n

The SOL 14-day relative strength index (RSI) is trending just above the midpoint around 52 and also above its moving average (MA). This is bullish for the asset since there is a lot of upside room for movement. The journey to the overbought (OB) region will be characterized by increasing volume and bullish momentum. Solana\u2019s 24-hour trading volume is already up by 41% per <\/span>CoinGecko<\/span><\/a>, revealing an increasing interest among investors.<\/span><\/p>\n

According to these technical indicators, the <\/span>Solana price prediction<\/span><\/a> shows that the asset may rise by 16% in the coming days to touch $173 at the downward sloping trend line. Conversely, SOL may find support around $131 (200-day SMA) or $120.<\/span><\/p>\n

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Bitcoin price<\/a> has been a great influence on Solana\u2019s price, threatening to thwart any progress SOL price makes with its erratic movements. The price of Bitcoin<\/a> dropped back to $60,900 over the past 2 days after rising to $63,794 in the weekend.<\/span><\/p>\n

Fundamentally, Bitcoin still remains extremely bullish, but it won\u2019t save the asset if the price breaks below $60,000. A fair value gap (FVG) of around $46,000 is currently the most worrying concern on the Bitcoin price chart. Price action usually corrects to fill these areas of market imbalance.<\/span><\/p>\n

Solana ETF Filings Boost Investor Morale<\/span><\/h2>\n

Over the past week, the Solana ecosystem has been abuzz with news of VanEck and 21Shares filing for a Solana ETF with the U.S. SEC<\/a>. This is the first ever Solana ETF and if it gets approval, the SOL price may rise to $1000 easily.<\/span><\/p>\n

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Solana joins Bitcoin and Ethereum in the list of ETFs filed with the SEC. The crypto community speculates whether there could be more ETF filings coming, with Cardano, XRP, Algorand, and Chainlink<\/a> being at the top of the speculation list.<\/span><\/p>\n

Bottom Line<\/span><\/h2>\n

Solana\u2019s price prediction against Bitcoin reveals an intriguing dynamic as SOL\u2019s resilience and ability to maintain investor interest amid Bitcoin\u2019s price uncertainty become apparent.<\/span><\/p>\n

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Frequently Asked Questions (FAQs)<\/h2>\n
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\n \tThe approval of a Solana ETF is currently uncertain and does not have a set timeline. Recent discussions and applications, such as those by VanEck, have raised the possibility, but the U.S. Securities and Exchange Commission (SEC) has not made a definitive decision yet.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\n \tAs of May, there were more than 455,000 tokens created on the Solana blockchain. This ecosystem includes a variety of token types, such as fungible tokens, non-fungible tokens (NFTs), and other types of digital assets used in various decentralized applications and financial services<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\n \tAccording to available there are ovver 9,154,449 SOL holders.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls. <\/p>\n<\/p><\/div>\n

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