🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Solana Consolidates as Bulls Strive to Drive Price Above $200 Level

Published 07/29/2024, 05:56 AM
Updated 07/29/2024, 09:15 AM
Solana Consolidates as Bulls Strive to Drive Price Above $200 Level
BNB/USD
-
ETH/USD
-
SOL/USD
-

The News Crypto -

  • If the price climbs above $188 level, then it will likely go all the way till $203 level.
  • At the time of writing, SOL is trading at $184.74, down 0.74% in the last 24 hours.

In spite of the market’s general downturn, Solana has maintained its upward pricing trend. Solana reached a major milestone last week when its value surged enough to overtake Binance Coin (BNB) in terms of market capitalization. For over 24 hours, BNB Chain and Solana have been engaged in a violent back-and-forth.

To be more precise, they have been trying to outdo one another in terms of market capitalization. While the aforementioned time was happening, the BNB chain overtook Solana for a short while, but Solana quickly got back to number four.

There has been talk over whether or not fund issuers may apply for more cryptocurrency ETFs now that the Spot Bitcoin and Ethereum ETFs are trading. In particular, market watchers have wondered if the biggest asset manager in the world, BlackRock, would apply for spot exchange-traded funds (ETFs) for other altcoins, such as Solana.

Consolidation Phase

The previous four weeks saw a substantial increase in Solana transactions. During the same time period, the highest daily transaction count occurred on July 24th with 46.83 million. On July 28, however, the number of transactions on Solana fell to 42.21 million, a modest decline from their recent peak.

At the time of writing, SOL is trading at $184.74, down 0.74% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 37.93%. The price has been consolidating in a tight range.

If the price climbs above $188 level, then it will likely go all the way till $203 resistance level. However, if the bears drive the price below $182 level then the price will likely test $179 short-term support level.

This article was originally published on thenewscrypto.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.