Solana price fluctuations have drawn significant attention, especially amidst recent SEC regulatory updates. With its price holding above $180, Solana shows robust market momentum and investor confidence, highlighting its resilience in the ever-volatile cryptocurrency landscape.
Solana Price Analysis As SEC Drops Solana from Securities List
The recent Solana price dip of 5% to around $182 occurred on a day when the crypto market lost nearly 3%. Despite this, SOL remains up by 5% for the week and 25% for the month, holding onto a 670% increase over the past year.
The SEC's amendment to its complaint against Binance, removing Solana and nine other tokens from its securities list, could be bullish for Solana. If the SEC permanently abandons the stance that SOL is a security, it could pave the way for a Solana-based ETF. This development might lead to a significant price increase, potentially driving SOL to surpass its record high of $259 by the end of the year.
Solana Technical Analysis
As of the latest update, Solana price is trading at $183, with a slight decrease of 2.74% during the U.S. trading session. Over the past 24 hours, SOL price has fluctuated between $179.30 and $187.30, with a 24-hour trading volume of $2.9 billion, indicating significant market activity.
Technical indicators reveal a consolidation pattern on the 4-hour chart. The Moving Average Convergence Divergence (MACD) is in the bearish zone, with the MACD line at 0.26 below the signal line of 1.68. However, a shrinking histogram suggests a decrease in bearish momentum, hinting at possible short-term stabilization or reversal. The Relative Strength Index (RSI) at 37 positions Solana in neutral territory but leans towards oversold conditions.
Solana Price Prediction: Can SOL price regain its bullish momentum?
Over the past days, Solana price has shown notable resilience, maintaining strong support at the $170 level and consistently hovering above $180. This upward trend, peaking at around $193 this week, represents a robust recovery from lower support levels. Despite a slight pullback typical in crypto markets, Solana's performance reflects strong market momentum and investor confidence.
Solana's financial ecosystem shows substantial activity, with a total value locked (TVL) of $5.4 billion. The market capitalization of Solana's stablecoins is robust at $3.2 billion. In terms of transaction fees, Solana generated $1.88 million in the last 24 hours, contributing to $940,009 in revenue during the same period. However Solana lost some of its market cap as its price dropped to levels of around $180, making it go back to its previous rank below BNB. However, with the slight difference in market cap, and optimist expectations for Solana price, it could be temporary as it wouldn't be surprising for SOL price to regain momentum and push for a market cap increase surpassing BNB again to regain its 4th largest cryptocurrency rank.
While Solana price support holds at $170, making it crucial for maintaining the current price structure. If bears gain control and selling pressure increases, the price might drop to $160. A further decline could see the price potentially lower to $150.
And if the bullish momentum highly expected takes over instead, SOL price could surpass its recent peak of $193 and head to its next target of $200, making way to the next one, being the Solana price of $250, a new record.
Solana's price performance amidst market volatility and regulatory changes showcases its resilience and strong market momentum. The SEC's recent actions and Solana's robust financial ecosystem suggest a potentially bullish future, with the possibility of reaching new highs, especially if a Solana-based ETF materializes.
