Crypto: Solana, towards a return to 150 dollars?

Solana (SOL) had a particularly rough third week of June in the crypto market, with its performance in decline. However, in early July, SOL showed signs of recovery, reaching almost $120 on July 5 before falling again. These fluctuations give food for thought about the future of Solana, as experts predict a potential rally. Let’s dive into the nitty-gritty to understand what could impact this promising cryptocurrency.

SOL: An emotional elevator

SOL, Solana's cryptocurrency, has had its ups and downs that have left investors dizzy. After a severe fall in Junethe beginning of July offered a welcome respite.

Of the optimistic forecasts suggest a possible return to around $150 by the end of the monththanks to a widespread recovery in the crypto market.

Analysts even compare the current situation of SOL to that of 2021where a similar pattern preceded a sharp rise.

So, should we believe it? That is what many hope, despite the persistent challenges.

Bitcoin and the crypto market in turmoil

The crypto market has recently suffered turbulenceparticularly because of the Mt. Gox Bitcoin Refunds and major BTC sales by the German government – ​​which have not yet taken place.

However, the growing inflow into Bitcoin ETFs has given the market a boost.

This positive momentum could spill over to SOL, especially with the imminent launch of an Ethereum ETF, which could cause a similar surge in activity to that seen with Bitcoin. In short, the general sentiment is improving, and Solana could well benefit from it.

Solana Crypto Technical Outlook

Currently, Solana is trading around $143, with resistances at 142 and 146 dollars.

The increase in trading volume indicates renewed buying interest. The RSI at 49.02 shows that SOL is neither overbought nor oversold, suggesting room for improvement.

If SOL breaks above current resistance levels, the $150 threshold becomes a plausible target. Conversely, support levels at $131 and $126 offer stabilization points in the event of a decline.

Growing institutional interest and broader adoption of cryptocurrencies, coupled with speculation of spot Solana ETFs, provide a solid foundation for a Solana rally.

The future of SOL remains uncertain but promising, with fluctuations that may offer interesting opportunities for bold investors. By keeping an eye on technological developments and market trends, Solana could well regain its former glory.