Despite nearly $400 million in trading volumes arriving on Monday according to CoinGeckoSolana (SOL) is down just over 1.0% on the day.
SOL/USD was last trading around $21 per token, almost 7% lower than the weekend highs in the $22.50 area.
Solana, the cryptocurrency powering the high-yield, smart contract-enabled Solana layer 1 blockchain, found stiff resistance at its early-June highs over the weekend, hence the recent pullback.
Some technicians may fear that SOL has formed a bearish double top pattern.
However, other technicians are likely to be more bullish given that SOL has found support in a key longer-term downtrend, as well as ahead of its 200-day moving average.
As a result, price predictions are mostly bullish right now.
Price Prediction: What’s Next for Solana (SOL)?
Solana broke out of a downtrend that has been in play since last August last week.
It currently appears to be in the process of confirming this breakout via its rebound on the retest.
As long as Solana can close above $21 on Monday, that would be a bullish sign.
Technicians would likely target a short-term retest of the key long-term support-turned-resistance zone at $26-27.
That would represent easy short-term gains of around 25%, which means it could be a good time to buy SOL right now.
But the bulls should keep their optimism in check.
Solana saw a cascade of selling pressure in June in the wake of the US Securities and Exchange Commission’s assertion in its lawsuits against Binance and Coinbase that Solana is actually a security.
While these losses have since been erased, regulatory uncertainty is likely to continue to be a drag on the SOL price in the coming months.
Solana (SOL) Alternatives to consider
Investors should always be vigilant in diversifying their cryptocurrency holdings.
One high-risk, high-reward investment strategy that some investors might want to consider is to get involved in cryptocurrency pre-sale.
This is where investors buy the tokens of emerging crypto projects to help finance their development.
These tokens almost always sell very cheap and there is a long history of pre-sales bringing huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto app/platform.
If an investor can identify such projects, the risk/reward ratio of his presale investment is very good.
The Cryptonews team spends a lot of time looking at pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best cryptocurrency pre-sales of 2023.
View all 15 Cryptocurrencies
Disclaimer: This section presents information from cryptocurrency industry players and is not part of the editorial content of Cryptonews.com.
