Bulls have failed to seize the initiative on the last day of the week, according to CoinMarketCap.

SOL/USD

The price of Solana (SOL) has dropped by 2% over the last 24 hours.

On the hourly chart, the rate of SOL has broken the local support level of $138.06. While the price is below that mark, sellers remain more powerful than buyers. In this case, the correction may continue to the $134 zone.

On the bigger time frame, bears could not maintain the growth after yesterday’s bullish bar closure. If the candle closes around the current prices, there is a chance of an ongoing decline to the $120 area the upcoming week.

From the midterm point of view, the situation is less bearish. The rate of SOL is far from the key levels, which means neither side is dominating.

Respectively, sideways trading in the wide range of $120-$150 is the more likely scenario.

SOL is trading at $136 at press time.

About the author


Denys Serhiichuk

• Solana’s market had a bearish bias on the daily timeframe, but might sustain its long-term bullish outlook
• Defense of a Fib level, combined with the liquidity hunts, implied an uptrend might be initiated again

Solana [SOL] fell by 2.56% over the last seven days. According to CoinMarketCap, this accounted for the third-best performance among the market’s top-10 coins (without counting the stablecoins). Here, the bullish conviction might be due to hopes of a SOL ETF and the potential it has after the next U.S election.

The argument is that SOL has strength relative to the rest of the altcoin market, most of whom have lost close to double-digit percentage figures. in fact, a recent report highlighted that Solana processed many times more daily transactions than the Ethereum [ETH] network.

Fibonacci levels have been resilient

Based on the rally from $98.48 to $210.18 in February and March, a set of Fibonacci retracement levels (yellow) were plotted. The 78.6% level was retested for the fourth time since mid-April and was defended.

The OBV has slowly trended south since March, while the daily RSI has remained below neutral 50 since early June. Together, they highlighted selling pressure and bearish momentum had the upper hand.

The DMI also showed a strong downward trend in progress, with the ADX (yellow) and -DI (red) both above the 20-mark.

The spot CVD had initiated a recovery in the final week of June, but the progress was undone during past week’s sell-off. The Open Interest also took a hit. In fact, the past few hours saw the OI bounce weakly alongside the price – A sign that speculators were somewhat willing to go long, but not entirely convinced.

The short liquidations spiked a few hours before press time, showing $6.34 million short positions liquidated at $137. This suggested that the short squeeze was successful across the lower timeframes, and the next resistance zone was around $140-$143.

Clues for the next major price trend from liquidation data

On 2 July, Solana visited the liquidity cluster at $152 and shortly thereafter, reversed its bullish trajectory. This is an example of how prices might go against the trend in the lower timeframes to wipe out a liquidity pocket, before reverting to the original direction.

The large pockets of liquidity attract prices to them. The next one of note seemed to be at $164, with another at $175.

In the short term, Solana’s price bounce might have lost its impetus. In fact, AMBCrypto’s analysis showed that the cumulative liq levels delta was positive, meaning long liquidations slightly outnumbered short ones.

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Read Solana’s [SOL] Price Prediction 2024-25

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In turn, the short squeeze might be over. This idea reinforced the possibility that SOL might retreat south from the $140-$143 zone. Overall, it is likely that SOL would face rejection from $140-$143 and consolidate for a few days around $135.

In the coming weeks, a Bitcoin [BTC] move above $60k might fill the bulls with the belief needed to drive a price move to $164 and $175.

Despite its popularity and technical advancements, Cardano (ADA) has not managed to escape the red tide affecting the crypto markets as a whole at the end of the first week of July. 

The token, in fact, also defied technical analysis (TA) with its most recent fall as at the start of the month, ADA’s decline appeared at an end as it formed a falling wedge breakout pattern, leading to expectations that Cardano will rally as much as 70% in the near future. 

Indeed, after an exceptionally brief rally that sent the cryptocurrency near $0.42 on July 3, ADA entered a steep decline, falling to July 5 lows at $0.3211. Still, despite falling below its nearest support zone, close to $0.35, Cardano managed to evade a free fall by remaining above the second support and has, by press time, recovered to $0.34459.

Nonetheless, the token remains in a precarious state given a fairly strong downtrend present across the crypto markets that saw multiple other coins and tokens fall significantly in recent days. 

Is Cardano set for a rally or a greater fall?

The bearish sentiment is further reinforced by Cardano’s overall performance in recent weeks. In fact, the token had only 12 green days out of the last 30 and is trading well below its 200-day simple moving average (MA) of $ 0.536241. 

Additionally, unlike other major cryptocurrencies such as Bitcoin (BTC), which, while failing to stay particularly at their March highs, nonetheless evaded major drops, ADA only briefly stayed near the $0.77 yearly highs and found itself fairly reliably below $0.50 by mid-April.

Nonetheless, as is frequently the case with Cardano, a more bullish case could be made using its technical advancements and generally positive statistics. Indeed, in just the last week, the network released both a new node and a new lace version while the number of smart contracts on the Plutus network crossed above 62,000.

Finally, even should the more bullish scenario unfold, Cardano is relatively unlikely to reliably rally above $0.40 in the near future, given that it would have to overcome its nearest resistance level near $0.39. Should it do that, however, it may reclaim prices above $0.50, particularly if the broader trends in the crypto markets take a euphoric turn.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

• Solana’s market had a bearish bias on the daily timeframe, but might sustain its long-term bullish outlook
• Defense of a Fib level, combined with the liquidity hunts, implied an uptrend might be initiated again

Solana [SOL] fell by 2.56% over the last seven days. According to CoinMarketCap, this accounted for the third-best performance among the market’s top-10 coins (without counting the stablecoins). Here, the bullish conviction might be due to hopes of a SOL ETF and the potential it has after the next U.S election.

The argument is that SOL has strength relative to the rest of the altcoin market, most of whom have lost close to double-digit percentage figures. in fact, a recent report highlighted that Solana processed many times more daily transactions than the Ethereum [ETH] network.

Fibonacci levels have been resilient

Based on the rally from $98.48 to $210.18 in February and March, a set of Fibonacci retracement levels (yellow) were plotted. The 78.6% level was retested for the fourth time since mid-April and was defended.

The OBV has slowly trended south since March, while the daily RSI has remained below neutral 50 since early June. Together, they highlighted selling pressure and bearish momentum had the upper hand.

The DMI also showed a strong downward trend in progress, with the ADX (yellow) and -DI (red) both above the 20-mark.

The spot CVD had initiated a recovery in the final week of June, but the progress was undone during past week’s sell-off. The Open Interest also took a hit. In fact, the past few hours saw the OI bounce weakly alongside the price – A sign that speculators were somewhat willing to go long, but not entirely convinced.

The short liquidations spiked a few hours before press time, showing $6.34 million short positions liquidated at $137. This suggested that the short squeeze was successful across the lower timeframes, and the next resistance zone was around $140-$143.

Clues for the next major price trend from liquidation data

On 2 July, Solana visited the liquidity cluster at $152 and shortly thereafter, reversed its bullish trajectory. This is an example of how prices might go against the trend in the lower timeframes to wipe out a liquidity pocket, before reverting to the original direction.

The large pockets of liquidity attract prices to them. The next one of note seemed to be at $164, with another at $175.

In the short term, Solana’s price bounce might have lost its impetus. In fact, AMBCrypto’s analysis showed that the cumulative liq levels delta was positive, meaning long liquidations slightly outnumbered short ones.

---

Read Solana’s [SOL] Price Prediction 2024-25

---

In turn, the short squeeze might be over. This idea reinforced the possibility that SOL might retreat south from the $140-$143 zone. Overall, it is likely that SOL would face rejection from $140-$143 and consolidate for a few days around $135.

In the coming weeks, a Bitcoin [BTC] move above $60k might fill the bulls with the belief needed to drive a price move to $164 and $175.

The market might have found a local deep, according to CoinStats.

XRP/USD

The price of XRP has increased by 8.23% over the last 24 hours.

On the hourly chart, one should pay attention to the local level of $0.4316. If the daily bar closes above it and with no long wick, the rise may continue to the $0.44-$0.45 area soon.

On the daily time frame, the price of XRP is far from the main levels, which means neither side is dominating. Thus, the volume remains low.

All in all, sideways trading in the area of $0.42-$0.44 is the more likely scenario for the next days.

A similar case is on the weekly chart. The rate is in the middle of the wide channel, getting energy for a further sharp move. In this case, any ups or downs are unlikely to happen soon.

XRP is trading at $0.4335 at press time.

About the author


Denys Serhiichuk

Most coins are bouncing back at the beginning of the weekend, according to CoinMarketCap.

DOGE/USD

DOGE has gained a lot of value today, rocketing by almost 14%.

On the daily chart, one should pay attention to the candle’s closure.

If it happens near its peak and far from the nearest level of $0.1064, the upward move may continue to the resistance of $0.1133 the upcoming week.

DOGE is trading at $0.1091 at press time.

SHIB/USD

SHIB has followed the rise of DOGE, going up by 15.24% since yesterday.

From the technical point of view, SHIB is looking less bullish than DOGE as the rate has bounced back far from the support. However, if buyers manage to fix the price above $0.00001550, the local growth may lead to a test of the $0.000016 range soon.

SHIB is trading at $0.00001538 at press time.

About the author


Denys Serhiichuk

Solana price prediction: SOL has shown remarkable recovery over the past 24 hours after a bullish comeback sparked by significant market enthusiasm. The SOL price is currently hovering above $139, with more gains anticipated as investor sentiment continues to improve. 

As of the time of writing, the altcoin hovered at $139, with a strong surge of over 9% during the US trading hours. 

According to CoinMarketCap data, Solana’s current market cap is $64 billion. This resurgence aligns with recent developments and investor optimism in the cryptocurrency sector, highlighting Solana’s growing appeal among digital asset investors.

Solana Price Prediction: What Next After SOL’S Sharp Rebound?

Solana price saw a modest decline over the past week, falling by more than 1%. The cryptocurrency fluctuated between $122 and $150, hitting its monthly low at $122 before a sharp rebound on Friday. Despite the recent downturn, the market is showing signs of recovery, with Solana poised for further gains.

In broader market news, major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, have recorded increases of 4%, 3%, and 12%, respectively, in the past 24 hours. This resurgence has also sparked interest in the Solana-based meme coin, Dogwifhat, which has soared by over 23% during the same timeframe. This suggests a growing momentum in the market as participants rally around these digital assets.

Increased TVL and Active Addresses

According to DeFiLlama, Solana is currently experiencing a strong bullish trend in the cryptocurrency market. The Total Value Locked (TVL) in Solana has reached a remarkable $4 billion, signaling robust growth and increased investor confidence.

Additionally, Solana has reported significant activity, with over 842 million active addresses engaging on the network within the same timeframe. The platform’s utility is also evident from its generated revenue of $516 million and fees amounting to $1 million in the last 24 hours.

Technical Indicators and Future Predictions​​

With the current market recovery gaining strength, forecasts suggest Solana price prediction could surpass the key resistance level at $130. This breach might signal an upswing in bullish behavior, setting sights on a $150 target. Solana may challenge the important $180 resistance mark if the upward trend holds.

On the other hand, increasing bearish dynamics could force Solana to regress, seeking support at the $130 level. A further drop might bring it down to the $120 support zone, reflecting a shift to a bearish market outlook.

The daily technical indicators for Solana show a slight market rebound, as reflected in the latest data from the chart. The Moving Average Convergence Divergence (MACD) shows a slight market surge. The MACD line shows a slight positive divergence from its signal line, hinting at potential bullish momentum in the near term. 

The Relative Strength Index (RSI) stands at 47. This figure indicates that Solana is neither overbought nor oversold, providing a stable market condition that might appeal to short-term traders. 

The Awesome Oscillator (AO) indicator currently sits at -7.26, hinting at underlying bearish pressures, while the Chaikin Money Flow (CMF) indicates a slightly positive value at 0.04, suggesting an inflow of capital into the market.

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Frequently Asked Questions (FAQs)

Solana stands out as one of the fastest blockchains available, capable of processing up to 65,000 transactions per second thanks to its efficient consensus mechanism.

SOL, the native token of Solana, is integral to the blockchain’s operations. It is utilized for transaction fees, staking to secure the network, and participating in governance processes.

Solana is renowned for its exceptional performance in terms of speed and scalability, making it a leading platform for developing fast and economical decentralized applications (DApps).

• Potential Solana rebound to $150 amid ETF hopes and growing meme coin ecosystem.
• Poodlana (POODL) is the expected new entrant in the Solana meme coins ecosystem.
• Poodlana (POODL), expected to launch on July 17, blends fashion with crypto, targeting elite and Asian markets.

Cryptocurrency investors are closely monitoring Solana (SOL) amidst a turbulent market landscape, eagerly anticipating potential bullish signals despite recent setbacks.

As the market navigates through fluctuations, Solana’s performance remains pivotal, especially with upcoming catalysts like the potential ETF approval and the emergence of new Solana-based meme coins, including the highly anticipated Poodlana (POODL).

Will Solana price reclaim $150 any time soon?

The price of Solana’s native token, SOL, has been on a rollercoaster ride, currently priced at approximately $123.46, marking a recent decline of 8.20% over the last 24 hours and a broader 30-day decrease of 28.79%.

Despite these challenges, optimistic sentiment persists fueled by speculative hopes surrounding a Solana ETF listing and the proliferation of Solana-based meme tokens.

The recent rejection at the $153 resistance level has brought Solana price closer to a critical support zone around $121.

Analysts suggest that maintaining this support could pave the way for Solana (SOL) to revisit higher price targets, potentially aiming for $200.

This optimism is bolstered by technical indicators showing bullish potential, including a positive MACD and SuperTrend buy signals.

Moreover, the possibility of a Solana ETF approval within the next year, driven by recent filings from VanEck and 21Shares, could significantly boost SOL’s market position.

The growing trend of Solana-based meme coins, such as the upcoming Poodlana (POODL), adds further intrigue. These coins leverage Solana’s robust ecosystem and growing community, potentially amplifying SOL’s market demand and liquidity, propelling its price towards its previous highs and beyond.

What is Poodlana (POODL)?

Poodlana (POODL) is a groundbreaking addition to the Solana meme coin ecosystem. It is designed as a meme coin that transcends traditional crypto stereotypes.

Positioned as “The Hermès of Crypto,” Poodlana aims to capture the imagination of sophisticated investors and trendsetters alike, blending digital currency with high fashion and exclusivity.

Poodlana (POODL) leverages the cultural fascination with poodles, particularly in Asian markets where these dogs are seen as symbols of luxury and style. In countries like Japan, Korea, and China, poodles are cherished as fashion accessories among the elite.

Drawing inspiration from this cultural phenomenon, Poodlana (POODL) positions itself not just as a digital asset but as a lifestyle choice, appealing to a demographic that values both novelty and cultural resonance.

Further, emphasizing exclusivity and prestige, Poodlana distinguishes itself from other meme coins by adopting a high-fashion persona. It markets itself as the token of choice for those who appreciate sophistication and trendsetting.

The branding strategy portrays Poodlana as a symbol of status within the crypto community, akin to owning a coveted piece from a luxury fashion house.

By aligning with influencers, fashion brands, and cultural icons, Poodlana aims to create a buzz that transcends traditional crypto marketing tactics. This approach not only attracts early adopters but also solidifies its position as a disruptor in the meme coin space.

POODL presale expected to only last 30 days

The eagerly anticipated Poodlana presale is set to launch on July 17th, 2024, and will span a concise 30-day period.

This limited-time offering aims to capitalize on early investor interest, with participants able to purchase POODL tokens using SOL, BNB, ETH, USDT, USDC, and fiat/card payments.

The presale strategy emphasizes exclusivity and rapid accessibility, ensuring that tokens are available for trading on decentralized exchanges (DEXs) within 60 minutes of the conclusion of the presale.

The presale will feature a progressive pricing model, incentivizing early adopters with favorable token rates. In the first stage, participants will be able to purchase POODL tokens at 0.02 per token, after which the price will progressively increase, culminating at 0.0539 in the last presale stage.

All POODL tokens will be fully unlocked from the outset, underscoring transparency and immediate liquidity for investors. This approach contrasts sharply with traditional crypto projects, where vesting periods and lock-up mechanisms often delay market access and hinder price discovery.

As the crypto community awaits the Poodlana presale, anticipation builds around its potential impact on the broader market sentiment towards Solana.

The strategic alignment of Poodlana’s launch with Solana’s ecosystem highlights synergistic opportunities, with the meme coin expected to leverage Solana’s scalability and transaction efficiency to attract a global audience.

The local bottom might not have been found, according to CoinMarketCap.

DOGE/USD

DOGE is one of the biggest losers today, falling by 9.2%.

Despite today’s sharp fall, the price of DOGE is about to close near the support level of $0.1064.

If a false breakout does not happen, one can expect an ongoing decline to the $0.10 zone soon.

DOGE is trading at $0.1066 at press time.

SHIB/USD

SHIB has followed the drop of DOGE, going down by 11.3%.

The rate of SHIB has already broken the support level of $0.00001519. If the price fixes below it, traders may expect a more profound drop to the $0.000012 area soon.

SHIB is trading at $0.00001459 at press time.