Solana Price Analysis: The cryptocurrency market prolonged its correction trend on Friday as Bitcoin continued to lose ground and recently plunged below the $64000 mark. The overhead supply has turned June into a bearish month with a majority of major coins including Solana revisiting their crucial supports. With a weekly downfall of 10.5%, the SOL
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Solana Price Analysis: The cryptocurrency market prolonged its correction trend on Friday as Bitcoin continued to lose ground and recently plunged below the $64000 mark. The overhead supply has turned June into a bearish month with a majority of major coins including Solana revisiting their crucial supports. With a weekly downfall of 10.5%, the SOL price plunged to 7 7-week low of $128 seeking support at multi-month support of the triangle pattern.
Also read: Solana Co-founder Makes Interesting Remark As Uber Competitor Goes On-chain
Solana Price Analysis: 3iQ Applies to Launch Solana ETP in Canada
Over the past three months, the Solana price traveled a sideways action resonating within two converging trendlines. The dynamic resistance and support in the daily chart have revealed the formation of a symmetrical triangle pattern.
If the pattern holds true, the SOL price is poised to continue to build sufficient momentum for a higher rally. However, amid the recent market correction, the SOL price plunged from $188.9 to $132.2 registering a loss of 30%, while the market cap plunged to $61.1 Billion.
Despite an intraday loss of 0.6%, the daily chart shows a long-tail rejection at the support of the triangle pattern, signaling the buyers continue to accumulate at this dip.
Moreover, the Canadian cryptocurrency asset management company, 3iQ, has recently announced its application to launch a Solana-based Exchange-Traded Product (ETP) in Canada, named the Solana Fund. This initiative seeks to provide Canadian investors with the opportunity to invest directly in SOL, the native token of the Solana blockchain, known for its high-speed and low-cost transactions.
Canadian crypto asset company 3iQ announced that it has applied to launch Solana ETP in Canada. The proposed ETP is called Solana Fund and will provide Canadian investors with SOL investment opportunities. If approved, the fund will be listed on the Toronto Stock Exchange and…
— Wu Blockchain (@WuBlockchain) June 21, 2024
If regulatory approval is granted, the Solana Fund will be listed on the Toronto Stock Exchange. Additionally, the fund aims to distribute staking income generated by the Solana network to its investors, leveraging the proof-of-stake mechanism inherent to Solana for income generation.
With the recent success of Bitcoin ETF, the Solana ETP is anticipated to have a positive outlook on SOL prices.
A potential reversal from triangle support should push the asset by 27% to hit the overhead trendline at $170.
However, for better confirmation of a renewed bull run, the buyers should escape from the triangle range with an upside breakout. The potential will hint the Solana price prediction chases an initial target of $210, followed by $354.
Technical Indicator
- EMAs: A bearish crossover between the 20- and 50-day Exponential Moving Average could accelerate the supply pressure in SOl to extend the consolidation trend.
- MACD: A stable bearish crossover state between the MACD (Blue) and Signal (orange) line no clear sign of reversal and project sellers as a dominant force in current price action.
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