Solana Price Forecast – Will SOL Reap Higher Gains? Analyzing The Growth Potential 

SOL is one of the top gainers today, shaking off the slump earlier in the month to record gains. It is ranked number 9 among the top 10 cryptocurrencies worldwide. 

Solana is an open-source project that powers several DeFi solutions. The blockchain utilizes the unique Proof-of-History (PoH) consensus mechanism to validate its transactions.

Its low transaction fees and network speed makes it one of the foremost blockchains worldwide, with massive potential and investor interest.

SOL Approaching The $20 Price Level

SOL traded at $20.50 on June 1, moving to $21.26 on June 2. However, it retraced slightly to $20.08 on June 5, dropping further to $18.63 on June 7.

The bears continued to mount pressure driving it further down to $15.66 on June 10 and moving the downtrend to $14.49 on June 14.

However, the bulls rallied again on June 16, moving the price to $15.31. SOL recorded progressive gains returning to the $16.07 price level on June 19 before touching $17.26 briefly on June 21.

SOL traded at the $16 price level between June 24 and June 27. It retraced slightly to $15.99 on June 28 before reclaiming the $17 price level.

It is trading at $17.40, gaining over 7.9% on its price in the last 24 hours at press time. Notably, its trading volume is up by 25%, and its market cap is at $6.96 billion, with an increase of 7.91%.

Solana Bulls Return To Boost Price

SOL is in the green today, forming a Bullish Engulfing Pattern on the daily chart. A bullish engulfing pattern forms when a red candlestick (bearish) is followed by a large green candlestick (bullish). 

The body of the green candle completely engulfs or covers the body of the red candle, usually signaling the beginning of an uptrend. It implies that the bulls have resumed their rally and intend to move SOL into its next uptrend.

SOL’s Moving Average Convergence/Divergence (MACD) is above its signal line, a bullish sentiment. Although the MACD shows negative values, it reflects the bearish pressure still present in the market. However, the MACD’s histogram bars are green, confirming the trend in a positive direction.

SOL’s Relative Strength Index (RSI) is 52.52 in the neutral zone rising as it approaches the overbought region of 70. Its current direction hints at a further price increase ahead for the asset.

Despite the positive signals, SOL is still trading below its 50-day and 200-day Simple Moving Averages (SMA), expressing a bearish sentiment for the long and short term.

However, if the bulls sustain their current charge, SOL will likely surpass the 50-day SMA soon, leading to a short-term recovery.

SOL Support And Resistance Levels

SOL has found critical support at the $14.47, $15.38, and $15.94 levels. The $15.94 support is now a pivot point for its price as it seeks to reclaim its former gains.

However, SOL is approaching the $18.24 resistance. A break above this level will help the current rally, moving the token to $18.90 and possibly helping it recapture the psychological resistance level of $20.

Its price action today suggests the SOL is moving into an uptrend. However, tomorrow’s candle will confirm the next price direction for the token. 

Trend Lines Suggest SOL Will Likely Repeat Past Price Movement

SOL seems to be repeating historical price patterns in 2023, judging from its past price behavior based on trend lines.

SOL rallied in February 2023 to $26, forming a peak before a downtrend in March. Its next rally was in April to the $25 price level, followed by a downtrend in May and June, where it touched the $14 price level as its low. 

Currently, it is shifting into another uptrend that will persist in the month of July. Judging from its past price peaks, it will likely peak above $23 in the coming weeks if other market factors are favorable.

However, brief retracements in-between its low and its next peak remains a possibility for the token.

Factors Possibly Influencing Solana’s Price

Several factors could negatively or positively influence the price of a crypto asset. These factors range from those within its ecosystem to those in the larger market.

The notable ones include crypto regulation, laws of demand and supply, inflation, macroeconomic factors, and investors’ sentiments.

Also, recent developments within a digital currency’s internal ecosystem historically play a significant part in its price action since utility drives crypto adoption. 

Here are the latest developments in Solana’s ecosystem

Fordefi MPC Wallet Empowers Institutions With Native Solana DeFi Support

A wallet provider, Fordefi, announced that their native wallet now offers a secure support for Solana dApps and protocols. According to the press release, users can access their native browser extension without third-party connections. 

Also, they have access to their self-serve policy management and developers’ APIs for Solana DeFi. Institutions now have access to effective policy management for Solana dApps. The CTO of Fordefi, Dima Kogan, shared his thoughts on the new development.

According to the CTO, the native solutions all other wallets implement have a short timeout for transactions. This timeout is incompatible with the lengthy institutional approval process.

He stated that supporting Solana at such a highly secured level posed interesting technical challenges, mainly integrating their layered security controls into the transaction flow. Also, the head of Business Development at Solana Foundation, Ben Sparango, welcomed Fordefi to the ecosystem. 

According to the executive, it is imperative to have infrastructural products like the Fordefi platform to enable institutions efficiently manage their assets. This integration will benefit Solana holders and likely boost its price if it affects investors’ sentiment significantly. 

Solana’s NFT Utility Protocol Cardinal Wrapping Up Operations

An NFT utility protocol Cardinal, hosted on the Solana protocol, announced its decision to wind up its protocols. It implies that Cardinal will suspend deposits, staking, stake pool creation, NFT rentals, and token manager creations on July 19.

Users can only make withdrawals until August 26, when the protocol forcefully withdraws all remaining deposits and sends them to the depositor addresses.

According to the Cardinal team, the harsh macroeconomic environment led to this decision not being taken lightly. Furthermore, they explained that blockchain technology adoption on a larger scale is taking longer than expected. 

However, they still expressed a belief that massive blockchain adoption will eventually occur in the future. Notably, they assured users that all assets remain safe and will return to their rightful owners at the end of the process.

Cardinal stated that their User Interface and the smart contract would exit Solana. However, their code remains open source and available to the general public.

They hope to carry out the process with little effect Solana ecosystem. However, there are no guarantees that this process will not affect SOL’s price. 

Solana Alternative

While Solana records slight gains today. yPredict is an exciting AI-powered platform that finds relevance in crypto trading and is currently on presale, rewarding early investors.

yPredict (YPRED)

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This platform enables small-scale traders to make profitable and informed trading decisions. Notably, it helps these traders deal with the power play in the crypto market from the whales and instances of market manipulation.

yPredict depends on advanced Artificial Intelligence (AI), providing practical trading solutions in real time. Users access AI signals and predictive models with accuracy designed by the top 1% of AI experts worldwide.

Additionally, users access sentimental analysis for popular crypto coin projects. It safeguards users from crypto scam projects with no reliable source. 

yPredict provides users with deep technical and fundamental analysis to formulate the best trade strategies. Notably, the AI on the platform suggests the best indicators suitable for each coin or token.

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yPredict’s editor generates keyword suggestions relevant to crypto trading and analytics. yPredict is the perfect platform for onboarding new traders with little or no idea of crypto trading due to its user-friendly interface.

The yPredict marketplace grants access to vital statistics to make the best trading decisions. YPRED is the native token that supports activities on this platform.

Another earning opportunity on this platform is YPredict’s Learn-to-Earn (L2E). Users earn rewards as YPRED tokens for completing education modules.

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