On July 15, Solana’s price continued its upward trend, hitting a height of more than $158 after increasing by more than 7.25% in a single day. The highest in nearly a fortnight.
The recent attempt at murder on Donald Trump, a pro-cryptocurrency politician running for the US presidency, had a major impact on this movement. From its previous low of almost $121.50, Solana’s price has skyrocketed by 26.85%, matching Trump’s improved prospects in the November elections.
Trump’s Rising Popularity Boosts Solana’s Fortunes
Based on Polymarket’s projections, Donald Trump’s odds of winning have climbed to 71% on July 15 from 62% at the start of the month.
Under Joe Biden’s direction, a possible Trump government is projected to apply more cryptocurrency-friendly rules in the US, hence perhaps relieving the severe restrictions now applied by the US Securities and Exchange Commission (SEC).
For cryptocurrencies like Solana, which are awaiting approvals for their spot exchange-traded fund (ETF) uses, this political change may especially help. Analyst Lark Davis hypothesizes that once a spot Solana ETF is approved, Solana’s value might grow greatly.
Solana To 9X If ETF Approved! pic.twitter.com/MiL01fFtzg
— Lark Davis (@TheCryptoLark) July 13, 2024
Reacting to the attempt on Trump’s life, Solana’s market statistics showed a strong increase. Following the incident, the open interest in Solana jumped $140 million, and its funding rates turned positive, suggesting a higher market buying activity.
Furthermore helping to explain the current price rise in Solana is the liquidation of short bets. The Solana futures market saw $7.67 million in short position liquidations on that same day, a number well above the $700,250 in long holdings.
Shorts’ mass liquidation sets off a buying frenzy as traders try to cover their bets, therefore driving the price upward.
Technical Indicators Point to Further Gains
Technically, Solana’s present advances follow a rebound within a declining triangle pattern. Having challenged the bottom trendline of the triangle as support a week ago, Solana has exhibited several rebounds from this level since April.
Should this trend continue, SOL’s price might approach the top trendline of the triangle, maybe hovering around $160 in the next days.
Source: TradingView
Solana’s price rose by 8% last week alone, motivated not only by market responses to political events but also by hope over a possible ETF launch for the altcoin. The Chicago Board Options Exchange (CBOE) recently requested SEC approval to list possible Solana ETFs developed by VanEck and 21Shares.
Market data highlight even more the positive attitude about SOL. On a one-day chart, the Elder-Ray Index indicates that buyers are controlling the market with a value over zero at 16.05.
Furthermore showing a rise in bullish momentum is the Awesome Oscillator, with an upward-facing green bar indicating that the Short-Term Simple Moving Average (SMA) is rising faster than the long-term SMA, hence indicating greater purchasing pressure.
Will Trump’s Troubles Make You Rich With Solana?
Rising over 7.25% in a single day, Solana (SOL) has seen a notable price jump and is nearing a two-week high of over $158. This movement seems to be linked to the recent attempt on the life of Donald Trump.
The rising popularity of Trump shown by higher chances of winning the November election has improved the crypto market and Solana’s situation.
The market expects a possible Trump presidency to bring more crypto-friendly rules, therefore favoring cryptocurrencies like Solana, particularly should an ETF for Solana be established.
Solana’s market data mirror this optimism; rising open interest, good financing rates, and short position liquidations all hint to a bullish attitude and possible for more price increases.
It is important to remember, though, that the market for cryptocurrencies is somewhat erratic and that investment always involves some risk. Although the present signs could be encouraging, unanticipated events like the recent attempt on Donald Trump’s life can have a big influence on prices.
The post Solana (SOL) Price Prediction July 2024 – Will Trump’s Troubles Make You Rich With Solana? appeared first on Coinfomania.
