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Solana (SOL): Potential Growth Versus Regulatory Headwinds

Since early June, Solana (SOL) has witnessed a remarkable uptrend, soaring by 550%. The market's reaction to Solana (SOL) has been exceptionally positive – if Bitcoin maintains support above $44,200, there's a growing anticipation that altcoin’s value might increase by an additional 20%, potentially reaching the significant $100 mark by the end of 2023.

Presently, Solana's (SOL) price fluctuates between $84.79 and $99.2. Its 10-day Moving Average is currently at $98.06, suggesting a short-term bullish trend, while the 100-day Moving Average at $90.35 indicates a strong medium-term performance. The key support levels for Solana (SOL) are established at $61.32 and $75.73, with critical resistance points at $104.56 and $118.97.

Looking forward, if market conditions remain favorable, Solana (SOL) could extend its growth trajectory, targeting and even surpassing the $104.56 resistance level. However, one should remain cautious as market dynamics can change. And if they do, Solana (SOL) could face a decline, potentially falling to its support level at $61.32.