Argentina, known as Bitcoin-friendly, is preparing to cooperate with Solana, one of the leading altcoin projects. Anatoly Yakovenko, co-founder of Solana, brought up the criticism of the USA regarding cryptocurrency regulations. Additionally, an analyst expects an upward move in SOL's price.
Argentina Launches Joint Project with Solana!$SOL
According to recent news, Argentina has entered the process of launching a joint project with Solana (SOL). This project, called "Forma", aims to promote the adoption and regulation of cryptocurrency, as well as support technological developments and economic growth. As part of this initiative, Solana plans to establish the Solana Economic Zone in Argentina.
The project will be implemented in August and Solana's main goal is to provide financial freedom. This partnership shows Argentina's growing interest in cryptocurrencies and its embrace of the potential benefits these assets can bring to the economy.
Crypto Regulatory Crackdown Continues in the US
As the cryptocurrency regulatory crackdown in the US continues, Solana co-founder Anatoly Yakovenko has sparked new controversy with his latest criticism of the government. Amid the recent rally in the crypto market, Yakovenko likened the US government's regulatory approach to chaos in the healthcare sector. “The US government has created a bigger mess in the crypto space,” Yakovenko said, asking non-crypto users to consider how the healthcare industry works. He also stated that the effectiveness of government regulations is inversely proportional in different sectors. Molly White's article highlighted the crypto industry's significant financial impact on the upcoming 2024 elections; It was stated that crypto-focused political action committees (PACs) raised more than $203 million and spent more than $38 million.
SOL Price Prediction: What's Next for the Altcoin?
Crypto analyst Sahana Vibhute evaluated SOL's technical outlook. Although the bulls are struggling to break above key levels, they are forming a strong support, preventing the price from falling below $133. Despite the price changes, SOL continues to trade in a range that keeps bullish hopes alive. However, the bulls failed to stay above the 200-day moving average at $138.33. The current trading situation suggests that consolidation may continue for some time.
SOL price is trading within a symmetrical triangle and is approaching the top of the pattern. Additionally, the 200-day moving average is expected to provide solid support throughout the coming week. Therefore, the altcoin may have a low-volatility week and peak to avoid a price drop. The RSI in the mid-range could lead to a major breakout of speculative movements and induced volume. The 0.5 FIB level at $140 is expected to be seen as an important target before the weekend. This move could trigger levels above $150 and help reach the 0.618 FIB level at $155 as buyers gain momentum.
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