Market
Solana ETF Gains Momentum With New Stablecoin Inflow
On Wednesday, June 10, stablecoin issuer Circle minted USDC worth $250 million on the Solana (SOL) blockchain. The injection of fresh liquidity added fuel to market participants’ confidence about the Solana ETF’s impact on the token’s price.
Newly minted stablecoins on a network mostly reflect increased demand for the underlying crypto asset. But does this mean higher prices for SOL?
Circle Arms Solana Faithful With Buying Power
At press time, SOL’s price was $143.85, an 8.14% increase in the last seven days. Within the same period, the total value of USDC added to the blockchain was $250 million, reinforcing the notion of meeting users’ demands.
In March, Circle revealed that one of its missions for the year was to boost liquidity on Solana. Therefore, the recent action proves it is staying true to its words.
Apart from that, there has been speculation that the Solana ETF may bring about a growth in the number of SOL holders. If this is the case, the price of the token will increase.
This bias is also backed by the Supertrend position on the daily chart. The Supertrend indicator is a technical used to spot trends and generate buy or sell signals
If the red part of the indicator is above the price, it is a sell signal. On the other hand, if the green area is below the price, it is a buy signal.
As of this writing, the Supertrend generates a buy signal at $125.18. This trend seems to have been validated as the value of SOL is higher.
Read More: 6 Best Platforms To Buy Solana (SOL) in 2024
However, the chart above shows that the price may continue to climb toward $160, where it can encounter resistance.
Backing the uptrend is the Moving Average Convergence Divergence (MACD). This tool uses the 12-day and 26-day moving averages to determine if a trend is bullish or bearish.
Positive ratings of the indicator show bullish momentum, while negative readings indicate otherwise. Since the reading as of this writing is positive, it adds credence to the prediction of a further upswing.
SOL Price Prediction: $159, Then $950?
Furthermore, the hype around the Solana ETF filing has brought new predictions for the cryptocurrency. For example, on July 8, analyst Ali Martinez shared a mind-boggling SOL forecast.
According to Martinez, Solana looks to follow a similar pattern that saw it break out in 2021. From the chart shown, the analyst notes that SOL’s price can jump above $950 before the end of the bull cycle.
In addition, BeInCrypto employs the Fibaonccil Retracement indicator to spot levels that SOL may reach soon. The most important numbers in this sequence are 23.6%, 38.2%, 61.8%, and 76.8%.
With these ratios, one can identify support and resistance levels while figuring out possible price targets.
Read More: Solana vs. Ethereum: An Ultimate Comparison
From the image above, a rise in demand for Solana can drive the price to $156.93. A highly bullish scenario could send it to $165.52.
However, if optimism about the Solana ETF drops, the token’s price may fall to $137.39. In the long term, the prediction that takes SOL beyond $950 will be invalidated if the U.S. presidential candidate Donald Trump, does not emerge as the winner in the coming elections.
This is largely due to the support the broader crypto market has for his emergence and his outspoken support for the ecosystem.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.
- Ethereum started a fresh surge above the $2,720 resistance zone.
- The price is trading above $2,750 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,950 resistance.
Ethereum Price Extends Its Increase
Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.
It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.
Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.
An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.
A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,820
Major Resistance Level – $2,950
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.
- BNB price started a downside correction from the $612 resistance zone.
- The price is now trading above $590 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $588 level to start another increase in the near term.
BNB Price Holds Support
After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.
There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.
The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.
More Losses?
If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.
The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $595 and $578.
Major Resistance Levels – $605 and $612.
Ethereum Foundation Reveals $970M Treasury in 2024 Report: Here’s More To Know
Ethereum Price Rise Targets $3,000: Will It Cross the Mark?
Binance Adds XRP and DOGE to Smart Arbitrage Offerings, Price Rally Is Here
XRP Price Gains Fade Once Again: Will Support Hold?
BNB Price Set to Surge: Could It Be the Next Big Mover?
Bitcoin Price Advances Again: Can Bulls Push It Even Higher?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Coinbase cbBTC Set to go Live on Solana
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Coinbase cbBTC Set to go Live on Solana
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market24 hours agoPolymarket Faces Ban in France as US Election Betting Ends
-
Altcoin22 hours agoEthereum Foundation Launches Pectra Tesnet ‘Mekong’, ETH Price Set For $4000
-
Altcoin19 hours agoWill Polygon MATIC Price Hit $1 on AggLayer, Trump Trade?
-
Altcoin18 hours agoRCO Finance to Lead in Upcoming Market Rally as Toncoin and Cardano See Further Losses
-
Altcoin17 hours agoPeter Brandt Reveals Why SOL Is Ahead
-
Altcoin16 hours agoWhy Trump-Themed Coins are Crashing After US Election Results?
-
Regulation16 hours agoUS Federal Reserve Cuts Interest Rate By 25 Basis Point
-
Altcoin15 hours agoCardano, Dogecoin, And XRP Price Are No Match For The ETFSwap (ETFS) 37,000% Rally By 2025
