Join Our Telegram channel to stay up to date on breaking news coverage

Solana (SOL) surged more than 10% during the past week and is up 43% in a month, according to data from CoinMarketCap. Will it power ahead or is it time to consider other buying options? 

Solana Past and Present Price Action

Since June 29 SOL has been trading in the bullish trend. However, in the past 24 hours, it has dropped 1.2% with a strong trading volume.

Its price moves from the beginning of this year, 2023, till date July 10, 2023, show that SOL had its lowest market price on June 10, 2023, at $13.38. The actions of the bears in the market forced SOL to close at $15.56, $15.20, and $15.02 on June 11, June 12, and June 13, 2023, respectively.

Bears further increased selling pressure on June 14, 2023, and took SOL off the price level of $15.02 to $14.49 at the close of the market. The bulls increased buying pressure to take control of the market and made SOL gain slightly to reach $14.76 on June 15, 2023.

The bulls controlled the SOL’s market for the next 2 days between June 16 and June 17, 2023, as SOL closed at $15.31 and $15.65, respectively. On June 18, 2023, the bears pushed down SOL’s market price to reclaim the bearish trend forcing the asset to close at $15.44.

However, between June 19 and June 21, 2023, the bulls increased bullish momentum, and SOL gained noticeably as it closed at a $17.26 price level on June 21, 2023.

On June 22, 2023, the Bears took over and pushed SOL to close at $16.64. The next day June 23, 2023, SOL gained again to $17.15. But the bullish momentum didn’t last as on June 24, 2023, SOL fell and closed at $16.27 and later at $15.99 on June 28, 2023.

Notwithstanding, the bulls increased buying pressure the next day, June 29, 2023, and SOL closed at $17.97. 

Since then, the bulls maintained the bullish momentum as SOL closed at $21.86 on July 8, 2023. Today, July 10, 2023, SOL is trading at a $20.72 price level as of the time of writing.

Solana in a Bearish Trend Today

The chart above revealed a high tendency for SOL to trade in the bearish trend today, July 10, 2023. SOL slightly trades above the 50-Day and 200-Day Simple Moving Average (SMA). This shows that SOL is in a bullish trend.

The asset’s Moving Average Convergence Divergence (MACD) trades above the signal line with faded green histogram bars. This indicates that SOL is in a bullish trend but experiencing selling pressure. This could make SOL trade in the bearish trend today.

Solana Shows Impressive Surge Raising Eyebrows, Explore the Next Big Thing in Crypto

SOL’s Relative Strength Index (RSI) is at 61.68, pointing downwards to the oversold zone (30) from the overbought zone (70). This validates the signal on MACD that the coin is bullish but will likely reverse to trade in the bearish trend today.

Solana’s Resistance and Support Price Levels

If the bears maintain the selling pressure, the market price could reach a $20.39 support level. Selling pressure might increase when it breaks this support, and SOL might hit the $18.62 support level.

Moreover, if the bulls could increase buying pressure before the end of today, SOL may reach the $21.85 resistance level.

Factors That May Affect SOL’s Market Behavior

Market sentiments

Market sentiment can affect SOL’s market behavior. This is a metric that shows how investors behave in a market. As of the time of writing, data from showed that Solana’s price score is neutral, with positive volatility and a positive volume.

The further revealed that Solana has a neutral social signal, a neutral technical signal, a negative order book, and a positive dominance. These signals reflect traders’ attitudes in the SOL’s market, which could affect the market behavior.

Fordefi Integrates Solana into Native Browser Extension Wallet

Fordefi is an institutional firm with financial technology to help institutions carry out secured transactions in the decentralized finance (DeFi) industry. It announced the integration of Solana applications and protocols on its native browser extension wallet via its official blogging site on June 26, 2023.

This announcement could affect Solana’s market behavior as investors may increase their investments.

Law of Supply and Demand

This law states that when the supply is high, the demand will be low, and the market price will be low. But when the supply is low, the demand will be high, and the market price will be high.

This is one factor that may affect SOL’s market behavior. When many investors have bought the SOL coins following positive news on the Solana network, the circulating supply will drop, and demand will be high. Therefore, the SOL will gain in market price. 

Nevertheless, the reverse is the case when a whale sells out a large quantity of SOL into the market. This will increase the circulating supply, making investors’ interest drop and affecting the price.

For investors looking for high potential alternatives to SOL, yPredict is one project to consider.

Overview of yPredict and Its Presale

yPredicts is an innovative platform among crypto trading and analytics firms, using Artificial Intelligence (AI) technology as an advantage over its competitors. yPredict has a token called $YPRED; it is needed to facilitate transactional activities within its ecosystem.

The project has a vision of making the trading environment flawless and friendly for everyone; its AI’s ability can help new traders profit from trading. 

Interestingly, the project has 4 elementary components upon which its platform is anchored to achieve its visions. These components are its trading analytical and research tools.

These components include Market Predictions, yPredict Marketplace, yPredict Terminal, and yPredict Analytics.

The Market Prediction

This allows users on the platform to get predictions and insights into securities or coins prices without spending a dime. 

With the help of AI technology, the project combines its internally created predictive models and some developers’ models from other selected marketplaces to provide reliable predictions.

The yPredict Marketplace

This is a component of the platform that connects professional and novice traders with AI/ML developers in the platform.

These developers are allowed to make income from the platform as they can offer subscription services of their predictive results to traders in the platform.

The yPredict Terminal

This is the yPredict’s project section centered on executions of trades from the order book.

YPredict’s project team designed it to provide easier, faster, and more innovative methods of order execution. 

YPredict Analytics 

The project team at yPredict aims to provide an all-powered AI analytical tool that will filter out markets’ noises and help traders make rational trading decisions.

Notably, yPredict has 4 features in its analytics platform: pattern recognition, indicator analysis, sentiment analysis, and transaction analysis.

Pattern recognition

The AI technology detects more than 100 chart patterns automatically. The tool alerts users whenever a new pattern is detected and provides a confidence score.

The indicator analysis

The AI tool automatically runs tests on numerous indicators on every asset and filters indicators that are not effective.

This provides users in the platform with a list of indicators that passed the AI-calculated tests for those sets of assets being analyzed.

The sentiment analysis:

Notably, the tool also provides users the entire sentiment around assets being analyzed by gathering all related social media content and news.

Transaction analysis

This provides users with a data-driven overview of an asset’s market by analyzing the transactions within that asset.

yPredict’s Presale

yPredict’s presale has gotten attention from multiple investors. The presale has so far performed maximally.

Note it has 8 presale stages. Each stage has a particular selling price, an allocated token, and the expected amount the stage should raise.

As of June 2, 2023, Cryptonews reported that the token hit a milestone of $2 million, and as of today, July 10, 2023, the presale is currently on its presale stage 6 with a selling price of $ 0.09.

The presale has raised $2,882,002.17, quite close to its threshold of $2,982,551.25 at the time of writing.

Interested investors can take advantage of the low prices to buy as many coins as they want before it starts trading on exchanges.

Ecoterra – New Eco Friendly Crypto

Ecoterra logo
  • CertiK Audited
  • Doxxed Professional Team
  • Earn Free Crypto for Recycling
  • Gamified Environmental Action
  • Presale Live Now – $2M+ Raised
  • Yahoo Finance, Cointelegraph Featured Project

Ecoterra logo

Join Our Telegram channel to stay up to date on breaking news coverage

Leave a Reply

Your email address will not be published. Required fields are marked *