Solana’s price increased significantly by 5.72% to reach $142.18, while it fell by 7.76% on July 4. It fell below the key support level at $139.50, indicating that further losses are likely. Despite being down 15.77% this month, Solana has posted an impressive annual return of 595.28%, outperforming other major cryptocurrencies.
The recent break below the $139.50 support and increased trading volume suggest there may be ongoing selling pressure. Solana’s price may once again test the resistance at $135.65, and a break above this level could cause the price to reverse and regain long-term support.
In the last month alone, SOL’s price has fluctuated significantly, from a high of $175 to a low of $124. The decline was influenced not only by broader market trends but also by issues within the network. Concerns about Maximum Extractable Value (MEV) and incidents of validators exploiting traders through “sandwich attacks” fueled the decline. Additionally, Ethereum’s strong performance as a Layer 1 blockchain and Solana’s limited new capital inflows further contributed to SOL’s price decline.
However, SOL ended the last month on a bullish note at $144, driven by optimism over the first Solana spot exchange-traded fund (ETF) filing from VanEck and 21Shares. The news triggered a single-day price increase of 10%, continuing a positive trend that began in late May. Analysts believe that the potential approval of the Solana spot ETF would be similar to the Bitcoin ETF and is expected to have a favorable impact on SOL prices.
On-chain data shows that Solana’s daily transaction volume increased significantly throughout June, from 32.7 million transactions on June 1 to 43.8 million transactions on June 30, an increase of nearly 34%. This growth indicates expanded user adoption and increased network activity. Although new addresses joining the network were down slightly compared to May, Solana's daily active users peaked at 2 million on multiple days.
The total value locked (TVL) within the Solana ecosystem fell from $4.8 billion on May 1 to $3.4 billion on June 30, a decrease of 29% this month. Nonetheless, Solana's TVL increased significantly year over year, reflecting increased engagement and confidence on the platform. Despite ranking fourth in the TVL rankings and remaining a major player in decentralized finance (DeFi), supported by its strong decentralized exchange (DEX) trading volume and mass adoption, Solana’s Will prices skyrocket?
$1M SOL donation amid price swings
Prominent cryptocurrency investment firm Multicoin Capital has pledged to match up to $1 million in Solana (SOL) donations with the Sentinel Action Fund, a conservative super PAC supporting pro-crypto Republican candidates for the U.S. Senate. This initiative, driven by the Gemini platform, also serves as a pilot project for Dialects’ “Blink” technology. Solana enthusiasts can easily donate to the Sentinel Action Fund while completing the necessary Federal Election Commission paperwork. The Sentinel Action Fund supports four Republican candidates who receive high ratings from cryptocurrency advocacy group Stand With Crypto.
The political action committee (PAC) has targeted several key states, including Sam Brown's bid in Nevada against incumbent Sen. Jackie Rosen (D-NV), despite Rosen's "A" rating from Stand With Crypto ". In Pennsylvania, where David McCormick challenges Sen. Bob Casey (D-PA), Stand With Crypto has a “C” rating. In Ohio, Bernie Moreno is rated on Stand With Crypto as he goes up against Sen. Sherrod Brown (D-OH), chairman of the Senate Banking Committee who is critical of cryptocurrencies and seeks to crack down on the industry. "F". In Montana, Tim Sheehy faces off against Sen. Jon Test (D-MT), who also received a "C" rating from Stand With Crypto.
Next week, the U.S. House of Representatives will vote on overriding President Biden’s veto of Staff Accountants’ Working Group Bulletin 121 (SAB 121), which would have required companies that custody cryptocurrencies to record digital assets held by customers as liabilities. The resolution previously passed the House by a vote of 228-182 and was supported in the Senate by a vote of 60-38, with the support of Senate Majority Leader Chuck Schumer. Overriding a veto would require a two-thirds majority in both the House and Senate, a tough threshold that challenges backers of the proposal. Leadership and strategic efforts will be critical to secure the additional 60 votes in the House to reach the 290 votes needed to override the veto.
Despite the challenges of short timelines and high barriers to entry, industry advocates are optimistic but realistic about the challenges ahead. If the veto is overturned, it would ease concerns among banks and cryptocurrency companies about their ability to safely manage digital assets.
Solana Price Forecast: Can SOL reach $150 by the end of the weekend as the market rebounds?
Currently trading at $142.4, Solana’s technical outlook paints a cautiously optimistic picture. Despite falling slightly more than 1% over the past week, Solana has shown resilience, trading between $122 and $150 and rebounding quickly after hitting a monthly low of $122 on Friday.
Solana market background and broader trends
Major cryptocurrencies including Bitcoin, Ethereum and Dogecoin have recorded gains of 4%, 3% and 12% respectively in the past 24 hours. The resurgence has also fueled interest in popular coins such as Solana-based Dogwifhat, which is up more than 23% in the same time frame. This shows that market momentum is growing as market participants rally around these digital assets.
Solana Price Prediction – Source: TradingView
Solana’s technical indicators show cautious optimism about its price action. The Moving Average Convergence Divergence (MACD) shows a slight positive divergence from the signal line, hinting at the possibility of bullish momentum in the near term. The relative strength index (RSI) of 47 indicates that Solana is neither overbought nor oversold, providing stable market conditions for short-term traders.
The Awesome Oscillator (AO) indicator is currently sitting at -7.26, hinting at potential bear pressure, while the Chaikin Money Flow (CMF) indicator is showing a slightly positive value of 0.04, indicating that money is flowing into the market.
Possible scenarios
Bullish Extension: As Solana breaks above the key resistance level of $130, it signals an uptrend in bullish action that could push the price towards $150. If the uptrend continues, Solana may even challenge the important $180 resistance.
Bear Reversal: Increasing bearish dynamics may force Solana to seek support at the $130 level. Further losses could take it back towards the $120 support area, reflecting a shift in bearish market sentiment.
Solana Price Prediction Overall Outlook
The next few days will be crucial for Solana. A break above the $130 resistance level shows significant upside, with targets set at $150 and above. Conversely, if support fails to hold at $130, the price could fall back to $120 levels, marking a bearish turn.
Wiener AI (WienerAI): A meme-based artificial intelligence project raised more than $7 million in just a few weeks.
While the cryptocurrency community keeps a close eye on Solana’s price fluctuations, another meme AI project is also making waves.
Wiener AI, a unique project that combines elements of a dog, a sausage, and an AI trading robot, recently surpassed $7.1 million in fundraising during its pre-sale, demonstrating significant support and enthusiasm from the community.
The project has also witnessed impressive staking activity, with the community currently staking 63% of the total WAI supply, or 6,474,646,268 tokens.
These staking activities brought considerable rewards, with stakingrs earning an impressive 160% annualized yield (APY) and a total of 2,483,834,430 WAI in rewards.
Wiener AI capitalizes on popular meme culture and growing interest in AI-driven trading solutions. The project offers a variety of features, including AI-enhanced transactions, seamless sausage exchange, zero fees, and MEV mezzanine robot protection.
The project quickly attracted attention, with nearly 15,000 followers on X and over 12,000 Telegram community members. The ongoing pre-sale gives investors ample time to participate and take advantage of the WAI token craze.
Wiener AI has allocated a portion of its total supply to the pre-sale, ensuring ample opportunity for new investors.
As of writing, the pre-sale has raised over $7.1 million, approaching the $7.3 million soft cap target, a number that continues to grow. The token is priced at $0.000725 and can be purchased using USDT, ETH, BNB or credit/debit card.
With its unique combination of meme elements, AI-driven trading, and user-friendly features, Wiener AI is poised for success.
Interested investors can purchase WAI using ETH, BNB, MATIC or USDT by connecting their MetaMask wallet on the Wiener AI website.
To purchase WAI, please click here: https://cn.cryptonews.com/ext/wienerai-cn/
Original article: https://cn.cryptonews.com/news/solana-price-prediction-as-multicoin-capital-matches-1m-in-sol-donations-will-sol-surge.htm
