The positive start of the week in the cryptocurrency world has also had a positive impact on Solana (SOL). Despite the green outlook on the market today, SOL’s clearly positive weekly outlook has made investors happy. In addition, the total market capitalization of the cryptocurrency world has increased by 2.33% in the past 24 hours to $2.31 trillion, which once again raises expectations of an uptick.
The public account of the museum: Sister Miao’s trading diary, avoid wasting beautiful skirts.
The positive start of the week in the cryptocurrency world has also had a positive impact on Solana (SOL). Despite the green outlook on the market today, SOL’s clearly positive weekly outlook has made investors happy. In addition, the total market capitalization of the cryptocurrency world has increased by 2.33% in the past 24 hours to $2.31 trillion, which once again raises expectations of an uptick.
Solana Price Update
Solana is known for having recently risen faster than the market. It appears to have recovered quickly from the volatility of the past two weeks, outperforming the market in its recent recovery attempt. Following last week’s ETF application, SOL’s price rose at the beginning of this week, putting it at the top of the weekly gainer list among the top ten cryptocurrencies.
Solana’s price rise has received more attention than other cryptocurrencies in the top 10, with the exception of Cardano (ADA).
Looking at the price of SOL, it is trading at $147.40 after rising 2.01% in the past 24 hours. With the increase in price, the market capitalization has also risen to over $68.1 billion. The daily trading volume has increased significantly by 45.8% to $1.96 billion. When looking at the SOL/TRY pair, the price is 4800 TRY.
While the daily and weekly outlooks are quite positive, the monthly outlook remains questionable. The 30-day price prediction for SOL shows a drop of more than 12%.
As of today, SOL has still not reached the support levels that preceded the downward wave that began in the past few weeks. Investors commenting on this situation believe that price action still has not reached the expected levels.
ETFs and Market Impact
The news of Solana spot ETF has had a significant impact on the market. It is believed that this situation may have an important impact on future prices. As we all know, the process that started with the approval of the spot Bitcoin ETF on January 10 triggered the entry of institutional investors and brought a new breath to the world of cryptocurrency.
As mentioned above, after the spot Bitcoin ETF was approved in January, the price broke through $73,000 and hit a new high, which attracted the world's attention. It is believed that the same may happen after the first spot Ethereum ETF was approved on May 23. Such an event on the SOL side may take SOL to a whole new level.
