based on materials - By BH NEWS
This weekend saw a slight decline in the cryptocurrency market, which put Solana (SOL) in a precarious position as it balances around its critical support threshold at $140. Over the past day, liquidations amounted to $131 million, raising concerns that breaching this level could trigger a downward spiral to $100. Despite these issues, hopes are pinned on the 'altcoin ETF summer' that may start next month, which brings a glimmer of optimism for Solana.
Why is the $140 mark crucial for Solana?
The unstable cryptocurrency market has pulled Solana into a downward trajectory since it peaked at $168 on June 11. Subsequently, the asset lost ground for four days, forcing it to test the critical barrier at $140 on June 13. This support level is vital as Solana has previously bounced back from here during significant sell-offs affecting major altcoins.
Cryptocurrency analyst Ali Martinez stated: 'If Solana fails to hold the $140 support, we could see a drop to $100.'
Currently trading around $146 after a slight uptick, SOL remains at a crossroads. Continued selling could drive it down 30% to the scary mark of $100. However, if it rises, bulls will aim for breaks above its 50-day and 200-day moving averages at $160 and $174, respectively.
Will ETF approvals strengthen Solana's future?
The long-term outlook for Solana remains promising due to the potential for ETF approvals. Analysts believe that the SEC may begin approving ETFs that include certain cryptocurrency indexes, potentially leading to an 'altcoin ETF summer' next month. Signs of favorable outcomes for ETF applications related to Solana and staking add to this optimism.
Eric Balchunas, a senior ETF analyst, noted: 'Prepare for a possible altcoin ETF summer, likely led by Solana.'
Key points of this scenario include:
The key support level for Solana is $140, with potential downward movement if breached.
Current trading values are hovering around $146, which is a slight improvement compared to previous lows.
Bulls need to overcome the moving averages of $160 and $174 for a positive trend shift.
Upcoming ETF approvals could significantly impact Solana's price dynamics.
The intersection of market conditions and potential regulatory changes marks a critical period for Solana. The upcoming weeks will test both the resilience of its support levels and the enthusiasm around future ETF developments, which together could determine its trajectory in the unstable crypto landscape.
$XRP , $BNB , $SOL
With us (in this group!), typically, those (subscribers!) remain who, in search of fresh and relevant news, do not want to browse through dozens of different websites and news publications, but can afford to read all the most interesting information in one news feed!!! 😉
Enjoy your viewing!!! 😊
