Solana Price Analysis: Technical Indicators Suggest a Bright Future for SOL

Since the start of June, Solana has been on a dramatic price movement, hitting several highs and lows.

From June 1 to June 7, Solana traded between $20 and $21, recording $20.82 on June 1, $21.82 on June 5, and $20.40 on June 7. Since then, the coin has been in the prevalent bear market.

Solana’s price performance in the last 13 days shows its interruption in the bear market, commencing weak price rallies in 1 week. 

With several bullish momentums, the asset has taken the $16 position as of June 27, touching the $17 mark twice before retracing to the $16.36 support (June 26). Solana has broken the support level at $16.36, plummeting to $16.08 today, June 28, with a loss of 2.85% at the time of writing. 

While Solana is trending in the red, some analysts and crypto experts believe that the coin’s future is bright as perceived on fundamental and technical indicators.

As such, Solana is expected to be priced at a maximum of $104.54 and a minimum of $87.25 in the next 5 years.

Solana Price Outlook in Short and Long-Term Based on Technical Indicators

According to the crypto analytics platform, Tradingview, Solana is on a bearish streak as several indicators project SELL trades in the short and long term. The coin is already forming a red candlestick on the chart, confirming the strong bearish sentiment of SOL.

Additionally, SOL is trading below its 50-Day and 200-Day Simple Moving Averages (SMA), confirming the bearish signal of the coin in the short and long term. As such, SOL is likely to have more red days in the long run.

But the Moving Average Convergence/Divergence (MACD) indicator is above the signal line, suggesting the bulls’ presence though not strong. 

Also, the faded green bar on the histogram shows the possibility of Solana (SOL) seeing a slight price increase in today’s trade. Moreover, the Relative Strength Index (RSI) indicator is at 42.19, showing the neutral position of the crypto market. 

However, the RSI is declining, depicting prevalent SELL trades in the market, which could send it to the oversold zone (below 30) in the coming days to weeks.

Also, considering SOL’s price weakness as represented on the inverted SMA indicator, the crypto is likely to consolidate on its current price, lingering within the $16 level for a longer period.

Solana’s Support and Resistance Levels

Solana (SOL) has its supports at $14, $17.04, and $19.97 and resistance levels at $19 and $26.01, as indicated in the chart above. 

According to some analysts, based on this support and resistance, the weakness of SOL in the market has increased over the last seven days.

Even though the Solana Foundation pushed back the classification of its token (SOL) as a security, which helped the token recover, the increase did not restore the previous loss, and SOL continued fluctuating for several days.

Despite the weak bullish momentum, Solana is gradually approaching its next support at $17.04. Also, its resistance at $26.01 shows the possibility of the coin reaching new milestones amid fluctuations, projecting a bright future for SOL in the long run.

Two Factors that could fuel Solana to a Bright Future

The performances of cryptocurrencies are subject to factors like the laws of supply and demand, macroeconomic activities, public sentiment, market sentiment, regulatory activities, and ecosystem news and developments.

Solana is a blockchain platform that provides high-performance decentralized applications and decentralized finance (DeFi) solutions via its utility token, SOL. 

As a digital currency, several factors can positively influence Solana’s performance. For instance, Solana is introducing Institutional MPC Wallet and intends to implement Saga Phone Test in China. 

This new development in the Solana ecosystem can prepare its crypto for a bullish surge in the future.

MPC Wallet Solution Integration with Solana

An institutional MPC (Multi-Party Computation) wallet firm, Fordefi, intends to integrate its wallet solutions with protocols and applications developed on Solana to introduce enhanced transaction simulations and security features.

Unlike usual individual wallets, MPC wallets will necessitate access for multi-stakeholder while ensuring personal data privacy.

By implementing security features driven by institutional needs, Fordefi will stand out in the competitive crypto wallet space with top-notch features like transfer simulations and contract address verification.

This advanced functionality has drawn the attention of institutions like DeFinance Capital and Keyrock. 

According to Chief Information Officer and creator at DeFinance Capital, Arthur Cheong, Fordefi’s focus on innovation, education, and DeFi security is commendable.

Considering this MPC wallet’s solutions and security features that will soon be integrated with Solana-built products, participant safety and ease of use will be simplified.

Once this plan is attained, the utility of Solana protocols and apps will increase, thus, boosting demand for the utility. As such, the price of Solana (SOL) could surge in no time.

Solana’s Saga Phone Passes First Test in China

A revolutionary gadget in the Ethereum-like protocol realm, Solana’s Saga Phone, has undergone a successful initial test in China to ascertain the utility and reliability of the device.

The gadget comes with a unique merging of the dApp store and seed vault that worked perfectly during the initial review. 

According to the reviewer, this web3 device comes with user-friendly utilities and is considered Saga because it’s an impressive first trial in building a web3 device by Solana.

This optimistic reception of the device and its promising adoption outlook have impacted the Solana token, SOL, pushing close to a 6% price gain in the past week.

Irrespective of the activities of the US Securities and Exchange Commission tagging Solana as a security, the positive innovations in Solana’s ecosystem could nullify the coin’s losses soon.

SOL Price Action After Successful Saga Phone Review

Considering the price action of SOL since the success of the Saga phone review, there are chances that the coin could commence a price growth trend following more positive reviews on the Solana web3 phone from China.

Wall Street Memes (WSM)

While SOL is suffering prevalent bear pressure in the short and long term, investors can diversify their crypto portfolio with high-growth potential altcoins like Wall Street Memes (WSM).

One of the reasons so many people are taking part in the Wall Street Memes (WSM) campaign is its outstanding presale performance.

The token presale ($WSM) started on May 26, 2023, and two weeks from that day, it raised over $5.6 million. 

Notably, the popularity of Wall Street Memes may be attributed to the fact that it emerged from a well-known brand, which could be what fueled the coin’s growth.

Despite announcing the lawsuit against Binance and Coinbase, investor support and enthusiasm for the project remained constant. This could provide unequivocal evidence that meme coins work in their orbit. As a result, when $WSM lists on several exchanges, external market variables may not affect it.

The large community that Wall Street Memes already has also suggested that it has room to grow. The Wall Street Memes system has been online since 2021 on several social media platforms, and it currently has over 1 million subscribers.

Some well-known cryptocurrency accounts, including those of the YouTubers Magic Eden and Cameron Fous, are among the subscribers of Wall Street Memes. 

There is a probability that the project’s community and the number of active $WSM holders will grow significantly if these influential social media profiles spread awareness about the $WSM token to their followers.

The project has the full support of the community members, eliminating any future chances of rug-pulls or insider dumps. Furthermore, the previous CEO of Twitter, Elon Musk, has lately engaged with the Wall Street Memes content on Twitter. 

Given his enthusiasm for meme currencies, a few favorable encounters with the token can also dramatically increase its price. Due to these factors, the Wall Street Memes cryptocurrency may surpass other meme coins, becoming the most valuable asset in the market.

$WSM to Hit $11 Million in No Time

The $WSM token in presale has raised over $10.9 million since the launch and is set to reach $11 million in no time.

The token’s price is currently $0.0304 and is expected to rise to $0.0307 in the next few days.

The rate at which the tokens sell out reflects the community’s growing number of new investors. As a result, the presale may sell out earlier than its scheduled end date. Afterward, it will list on various exchanges for $0.0337.

Interested investors may purchase as many $WSM tokens as they desire to diversify their cryptocurrency investments while the presale is still open.

They can use the presale window on the official Wall Street Memes site to connect their preferred payment option, including BNB or ETH, to exchange them for $WSM.

Alternatively, interested investors can purchase $WSM tokens using their USDT (ERC-20 or BEP-20). Also, investors can order the tokens using their bank cards in the absence of their wallet addresses.