Crypto Mania

Solana’s Price Witnesses Short Correction Amidst Bullish Trend

Editors News
  • Solana (SOL) has gained 67% in the last 30 days as per data from CoinMarketCap.
  • If the price manages to go past $33.6 level, then it will likely test $36.9 resistance level.

VanEck, a prestigious asset management company, recently released research on Solana that has generated a lot of discussion. Solana’s SOL token was given an optimistic forecast in the research, with a price increase to a whopping $3,211.28 by 2030. The report also considers a future in which Solana becomes the first blockchain to host apps with over 100 million users.

Moreover, Sam Bankman-Fried (SBF), the founder of FTX, said in a recent criminal trial that he began buying Solana (SOL) tokens when they were 20 cents each. He also said that Alameda used internal cash and foreign borrowing to finance this endeavor. This information ran counter to his earlier declaration, in which he pledged to pay $3 for every SOL token.

Brief Correction

For the last two weeks, speculation that the spot Bitcoin ETF would soon be approved has propelled the cryptocurrency market as a whole. Solana (SOL) is one of the greatest gainers from this spike, with a price rise of 67% in the last 30 days.

At the time of writing, SOL is trading at $32.21, down 2.64% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 28.48%.

If the price manages to go past $33.6 level, then it will likely rally further to test $36.9 resistance level. Breaking this level will likely see price reaching $38.9 level. Contrarily, if the price manages to go below $31.6 level, then it will likely test $30.8 support level. Further decline will likely move the price towards the $30.1 mark.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.

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