#SOLANA
trade now . . ๐ค๐ค๐คโโ๐๐๐โคโคโคโค
๐๐๐ฎ ๐๐ค๐ก๐๐ฃ๐ ๐๐ง๐๐๐ ๐๐๐ฎ ๐พ๐ง๐๐จ๐ ๐ผ๐๐๐๐? ๐๐๐๐ฃ๐จ ๐ฉ๐ค ๐๐๐ฉ๐๐ ๐๐๐๐จ ๐๐๐๐
Solana (SOL) appears to be facing downside risk this week as several factors indicate that there is a high likelihood of the price volatility increasing significantly. As of July 7, Solana price was trading at $152 with a slight 0.9% increase in the last 24 hours.
Some of the factors that traders should watch in the SOL price this week, which may influence its performance, include:
Crucial resistance at the 50-day SMA that may prevent meaningful gains
A looming long squeeze that could drive a bearish price correction
A spike in meme coin activity that is likely to fuel volatility
Trade tariff concerns that might trigger a risk-off attitude among traders
SOL ETF approval prospects
Following the launch of the Rex Osprey Solana ETF last week, there has been a lot of interest from traders to understand how these products are going to perform and the demand that they have received from institutions. Per a CoinGape report, this SOL ETF amassed $33 million in volume during the first day and outperformed other crypto assets. If inflows continue into the second week when these products will be trading, the Solana price may extend its gains. However, if the demand falters, SOL may revert back and potentially crash.
To sum up, the price of Solana is at a crucial juncture this week as bulls aim for the 50-day SMA resistance level. With a lack of strong buying pressure, SOL will likely face rejection here and risk a $109 long squeeze that may trigger a massive crash. At the same time, tariff concerns and surging meme coin activity might cause volatility.
