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Solana (SOL) price has not recovered from the November dip, an outcome that linked to the prolonged bear market. The absence of a proper catalyst has also left SOL overly volatile as bears and bulls grapple for control. This was seen between January 15 and June 8, when the altcoin consolidated horizontally within a fixed range.

Upward, Solana price was rejected from the $26.30 resistance level while it floated above the $17.14 support level. Based on the price action within this range, SOL could be coiling up for a breakout, potentially breaching the downtrend line this time round.

Already, Solana price has recovered 20% from the intra-day low of $12.80 to the current price of $14.75. As the altcoin brews a V-shaped recovery rally, investors are concerned about whether it is too late to buy SOL.

The Solana price slump came amid legal actions by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase exchanges. As reported, the financial regulator alleged that SOL, among other altcoins like Polygon (MATIC), Cardano (ADA), and Decentraland (MANA), were unregistered securities.

Therefore, the dark clouds above Solana price come as Fear, Uncertainty, and Doubt (FUD) dominate the SOL market. This is because if the U.S. courts uphold the regulator’s stance, SOL could be subject to more stringent regulations within the United States.

Solana Foundation Challenge SEC’s Security Label

Like Cardano and Polygon, Solana Foundation has also challenged the Security tag pinned by the SEC, claiming SOL is not a security. In a press release, the Solana Foundation said:

The Solana Foundation strongly believes that SOL should not be considered a security. SOL is the native token of the Solana blockchain, a robust, open-source, community-based software project that relies on the decentralized user and developer engagement for its growth and evolution.

The clap back helped Solana price rebound 20%, inspiring hope among SOL holders.

Solana Price Analysis As SOL Incubates Recovery Rally

Solana price remains approximately 35% lower than its level before the SEC lawsuit, which was above $22 with an overall bearish outlook. After testing the $12.68 support level, a rise in momentum indicated by the climbing Relative Strength Index (RSI) suggests traders buy the dip. However, it would take more for the altcoin to recover.

An increase in buying pressure could see Solana price restore above the critical support at $17.14. Though distant based on the current FUD in the market, this is doable, as evidenced by the Awesome Oscillators (AO) drawing toward the midline and flashing green. This shows that bulls are putting in the work.

Above the $17.14 level, Solana price could resume the spiraling pattern, breaching the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $19.47, $20.34, and $23.12, respectively, to test the $23.94 resistance level. In a highly bullish case, SOL could tag the $26.30 hurdle in a bullish attempt to collect the liquidity above it for more gains.

Solana price
TradingView Chart: SOL/USDT 1-Day Chart

Conversely, if SOL bears manage to push the cryptocurrency below the $12.68 support level, SOL could retest levels last observed in early January. In the dire case, the altcoin could descend to the lows witnessed in December 2022, around $9.55. This is possible as the AO indicator showed that bears still had the advantage.

Considering the possibility of a further downside for Solana price in the near term, those wondering if it is too late to buy SOL might find that it’s probably not. However, individuals contemplating entering the market by purchasing SOL may prefer to wait until the regulatory uncertainty calms before taking a position.

SOL Alternative

Investors seeking better chances for short-term gains could consider yPredict’s native $YPRED token, a new AI-powered cryptocurrency price prediction platform.

yPredict is the world’s most advanced crypto research platform with machine learning models. It aims to revolutionize how traders and investors approach the crypto market. Their cutting-edge platform provides access to many AI-powered signals, breakouts, pattern recognition, and social/news sentiment features. Built by top AI developers and quants, yPredict’s technology uses state-of-the-art predictive models and data insights.

What sets yPredict apart is its commitment to openness and accessibility. The platform’s crypto price prediction system will remain free and open to all users. You do not need logins to access the publicly available price predictions, as stated in the project’s Whitepaper. This dedication to transparency ensures that traders and investors can leverage the power of AI without barriers.

As the influence of AI continues to grow in the crypto industry, projects like yPredict could to attract significant interest. The team behind yPredict envisions a complete AI ecosystem, pushing boundaries in machine learning, natural language processing, computer vision, and deep learning.

Compelling Reasons to Invest in yPredict

Amazing Platform: Experience the power of an AI-driven crypto trading and market intelligence platform. Gain valuable insights and make informed decisions to optimize your trading strategies.

yPredict Token: Gain access to advanced analytics, prediction models, financial metrics, and more. The yPredict token (YPRED) is designed by top AI developers and industry experts, ensuring its quality and reliability.

Expert Team: Rest assured that your investments are in good hands. The yPredict team consists of transparent and reputable professionals with documented credentials. Additionally, the smart contract has undergone a thorough audit, guaranteeing trustworthiness.

Great Tokenomics: Leveraging the Polygon chain, yPredict’s native token (YPRED) offers future growth and utility. Take advantage of the ongoing presale, where you can acquire YPRED for $0.09 (soon to be $0.1). Act now to secure favorable gains.

With yPredict, you’ll experience new insight as AI-based tools empower you to anticipate cryptocurrency fluctuations across various timeframes. Seamlessly construct custom models, test them in a simulated market, and generate passive income by offering subscriptions on yPredict’s marketplace.

Get $YPRED Early Via yPredict’s Successful Presale

yPredict’s presale is approaching a remarkable fundraising milestone of $2.36 million. The ongoing presale, now in its sixth stage, offers YPRED tokens at $0.09. However, the token’s value is set to rise, with a listing price of $0.12 on major exchanges later this year, presenting an attractive 33% paper gain.

Act swiftly to avoid missing out, as the demand for yPredict’s YPRED token is soaring. Considering the recent momentum, the project’s presale hard cap of $6.5 million could be reached in a matter of weeks. The gains secured by early investors may only be a glimpse of the potential upside once the product is fully rolled out.

Do not miss your chance to be part of the AI revolution in crypto trading. Invest in yPredict now and unlock the power of AI-driven insights and strategies. The future of crypto trading is here, and yPredict drives it.

Visit yPredict here

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