There seems to be no rest for the crypto sector as most cryptocurrencies continue to record losses on their price charts. Bitcoin fell by around 1.37% on Wednesday, July 3rd. On foreign exchanges such as CoinMarketCap, BTC is trading at $60,827 (approximately Rs. 5.07 million), down $810 (approximately Rs. 67,638) from then. Bitcoin entered the trading arena earlier this week. Meanwhile, Indian exchanges such as CoinSwitch and WazirX reported a Bitcoin price of $66,332 (approximately Rs. 55.3 million) on Wednesday.

“Crypto markets fall on better-than-expected US jobs data, weak BTC, ETF inflows currently outperforming on ETF hype, and Bitcoin could fall further,” CoinDCX Market Desk told Gadgets360.

According to crypto price tracker Gadgets360, Ether lost along with Bitcoin on Wednesday. At the time of writing, ETH was trading at $3,353 (approximately Rs. 280,000) on international exchanges, while the asset’s price on Indian exchanges was $3,616 (approximately Rs. 3,020,000).

After “ETH” recently hit a high of $4,093 (approximately Rs. 3,410,000), trading began in a “bearish” pattern with the asset falling by around 31%. ETH broke out of the pattern and rose to $3,977 (approximately Rs. 3.32 lakh). However, the bulls failed to break the psychological level of $4,000 (roughly Rs. 3.34 billion) and the asset fell to $3,240 (roughly Rs. 2.7 billion) due to profit-taking. ZebPay Trade Desk told Gadgets360.

In addition to Bitcoin and Ethereum, most cryptocurrencies were in the red on Wednesday’s price charts.

Tether, Ripple, Dogecoin, Avalanche, Shiba Inu and Polkadot recorded losses.

Other altcoins that recorded losses include Litecoin, Polygon, Stellar, Cosmos and Kronos.

According to CoinMarketCap, the total value of the digital currency market fell by 2.76% in the last 24 hours. The current value of this sector is $2.26 trillion (approximately Rs. 1,892,222.17 billion).

Only a handful of cryptocurrencies were up on Wednesday. These include Solana, Cardano, Tron, Chainlink, Near Protocol and Leo.

Among altcoins, Solana appears to be a strong performer alongside the growth of Telegram-backed Solana, as VanEck recently filed an ETF alongside one of the popular meme coin creation protocols, CoinSwitch Market Desk told Gadgets360, namely Ethereum. Solana is currently trading at $12,210 (approximately Rs. 1 million) on foreign exchanges and $13,251 (approximately Rs. 1.1 million) on Indian exchanges.

The enthusiasm for ETH and SOL ETFs in the US and Canada could also be a factor in volatility in the global cryptocurrency sector.

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The past two weeks have been impressive as Sol extended bearishness to $122, although it was followed by a quick rejection that sent the price back to $150 last month. It advanced higher this week and managed to touch exactly $155 (on Binance) yesterday. 

However, the price is down today due to the latest market drawdown, which is majorly contributed by the current drop in Bitcoin’s price.

Over the past week, market sentiment has changed positively and is now maintaining bullish on the daily outlook. We can expect buying pressure to resume as long as the price stays above the recent recovery level. Otherwise, it may break lower in the next few days. 

From the look of things, the bulls are technically back in control and due to that, we can anticipate more volume inflow to strengthen the market soon. The major obstacles for the bulls currently lie at the descending trendline, serving as key dynamic resistance since March. 

A successful break through this resistance line should activate the long-awaited bull run to at least $300 in the near term. While Solana’s trend remains bullish, it is currently undergoing a retracement on the hourly timeframe. 

SOL’s Key Level To Watch

The key support level for a retracement right now is $136. If the price falls below this level, the next line of support would be $122. A crack below it could plummet the price to $105.

For more buying, Sol must retake $150 along with the $160 resistance to test the $175 resistance, where the descending trendline lies. Resistance levels above this trendline are $189, $204 and $210 respectively.

Key Resistance Levels: $160, $175, $189

Key Support Levels: $136, $122, $105

• Spot Price: $148.5
• Trend: Bullish
• Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: alexandarilich/123RF // Image Effects by Colorcinch

Solana price dropped by 0.4% in the last 24 hours to trade around $148 during European business hours on Wednesday. This small regression in price is overshadowed by the 8.3% surge in price Solana experienced in the past week, caused by the prospect of Solana ETF filings. Bitcoin, on the other hand, wiped off some of the gains it made over the weekend and dropped back down to $60,900. 

Solana Price Analysis: 16% Gains in Sight If This Trendline Holds 

Solana network has a lot going for it currently and its price action echoes the same. SOL price recently broke out from a falling channel and has been in an uptrend. The price action is trending at the 50-day and above the 200-day simple moving averages (SMA), depicting an asset that is slowly turning fully bullish. 

Zooming out, the SOL price is currently in a descending channel, which is generally not a bullish chart pattern. However, if the 32% chance of a breakout to the upside happens, it is usually explosive and aggressive. 

The SOL 14-day relative strength index (RSI) is trending just above the midpoint around 52 and also above its moving average (MA). This is bullish for the asset since there is a lot of upside room for movement. The journey to the overbought (OB) region will be characterized by increasing volume and bullish momentum. Solana’s 24-hour trading volume is already up by 41% per CoinGecko, revealing an increasing interest among investors.

According to these technical indicators, the Solana price prediction shows that the asset may rise by 16% in the coming days to touch $173 at the downward sloping trend line. Conversely, SOL may find support around $131 (200-day SMA) or $120.

Bitcoin price has been a great influence on Solana’s price, threatening to thwart any progress SOL price makes with its erratic movements. The price of Bitcoin dropped back to $60,900 over the past 2 days after rising to $63,794 in the weekend.

Fundamentally, Bitcoin still remains extremely bullish, but it won’t save the asset if the price breaks below $60,000. A fair value gap (FVG) of around $46,000 is currently the most worrying concern on the Bitcoin price chart. Price action usually corrects to fill these areas of market imbalance.

Solana ETF Filings Boost Investor Morale

Over the past week, the Solana ecosystem has been abuzz with news of VanEck and 21Shares filing for a Solana ETF with the U.S. SEC. This is the first ever Solana ETF and if it gets approval, the SOL price may rise to $1000 easily.

Solana joins Bitcoin and Ethereum in the list of ETFs filed with the SEC. The crypto community speculates whether there could be more ETF filings coming, with Cardano, XRP, Algorand, and Chainlink being at the top of the speculation list.

Bottom Line

Solana’s price prediction against Bitcoin reveals an intriguing dynamic as SOL’s resilience and ability to maintain investor interest amid Bitcoin’s price uncertainty become apparent.

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.