šSolanaās stablecoin inflow spikes: Is SOL about to moon again?
šø Solana [SOL] has recorded a massive stablecoin inflow, tipping market observers to suggest that SOL could moon soon based on historical data.
š Pseudonymous market observer Gumshoe noted that the recent pump in stablecoin inflows was a set-up for a possible SOL rally. The analyst suggested this could be insider information for an upcoming update that could sway SOLās price. Historically, SOLās moves above the $70 and $120 levels happened after significant stablecoin inflows. The latest surge on 9th July, worth over $260 million per DeFiLlama data, supports this trend.
š This stablecoin inflow coincided with CBOEās confirmation of the VanEck and 21Shares SOL ETF plans on the exchange.
š Additionally, Solana hit a testnet milestone for its third validator client, Firedancer, touted as a game changer for the ecosystem. These developments could be key catalysts for SOLās FOMO and might explain the stablecoin surge.
š Market Structure on the Price Chart
š On 9th July, SOL posted limited gains of about 1%, consolidating around $141, a key resistance level. The 50-day SMA (Simple Moving Average) was also at this resistance level.
š A surge in CMF (Chaikin Money Flow) confirmed the massive inflows, indicating a risk-off approach to SOL. This suggests SOL could consolidate around the 50-day SMA and eye $155, a potential 10% gain.
š The RSI (Relative Strength Index) was flat at the neutral level, indicating no strong buying pressure to push SOL forward.
š Since 8th July, the percentage of traders going long on SOL dropped from 49.6% to 47%, implying that SOLās recovery could be delayed unless Bitcoin [BTC] reverses recent losses.
š However, another market observer projected that SOL could hit $2800 in the long term, based on historical patterns.