Solana (SOL) has recently performed impressively, with its price rising nearly 20% in the past ten days. Is there a greater opportunity hidden behind this surge?



The performance of the Solana network is remarkable. It has maintained 15 consecutive months without downtime, with an average daily transaction volume of 162 million, far exceeding that of Ethereum. Even more astonishing is its transaction fee of only 0.1 cents, which is a significant highlight in the cryptocurrency industry.

Institutional investors also seem to be optimistic about the prospects of SOL. Canada has launched four SOL ETFs with staking features, and the rumored likelihood of the U.S. SEC approving SOL ETFs is as high as 90%. If history repeats itself, we may see significant pumps similar to what occurred after the approval of Bitcoin ETFs.

From a technical perspective, SOL also shows positive signals. A bullish flag pattern has appeared on the daily chart, the RSI has broken above the 50 level, and the 50-day moving average is about to form a golden cross with the 200-day moving average. It is worth noting that on June 25, short positions saw a liquidation of over one million dollars in a single day, while long positions increased by 285,000.

However, investors still need to remain cautious. If SOL breaks through $190 accompanied by a MACD golden cross and an increase in trading volume, it may challenge historical highs. However, if the price fails to rise after the ETF approval, profit-taking may lead to a price decline. In the long term, the ETF is expected to attract more institutional funds, pushing SOL towards a mainstream financial asset.

In the short term, investors should closely monitor the support level at $157. If this position is breached, it may be necessary to consider a stop-loss. At the same time, the Federal Reserve's decision in July and the SEC's approval progress are also key factors affecting the SOL price movement. If these two positive factors overlap, SOL may experience a strong rise.

The cryptocurrency market is rapidly changing, and investors need to stay vigilant, analyze rationally, and make cautious decisions.
SOL1%
ETH0.13%
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RektHuntervip
· 3h ago
Just wait for this fall and it's done.
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OnchainUndercovervip
· 07-21 04:37
SOL bulls are truly unmatched.
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FUD_Whisperervip
· 07-21 04:36
Got it, this wave of sol has potential.
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