- Solana price embraces support at $35.00 after a 30% drop in a little over a week.
- Coinbase Wallet launches support for the Solana DApp ecosystem.
- SOL’s uptrend is intact within the confines of an ascending parallel channel.
Solana price looks calm after a gruesome week that saw most of the gains accrued since mid-June wiped out. The competitive smart contracts token’s downtrend slowed down around $35.00, although the candle wick stretched to $33.83. Signals from the main governing chart pattern point to a potential rebound to $47.00.
Coinbase Wallet extends support to the Solana DApp ecosystem
On Monday, the Coinbase Wallet’s team announced support for the Solana decentralized application (DApp) ecosystem. This new feature allows users to access Solana-based DApps directly from the Coinbase Wallet. Direct use cases are decentralized finance (DeFi) platforms, games and other crypto-based tools.
However, using the Coinbase wallet allows users to do much more than just access the DApp ecosystem. They can store all their crypto and non-fungible tokens (NFTs) in one location with access via the phone and the browser. Coinbase Wallet ensures assets are safe using cutting-edge industry security features – needed in the Solana ecosystem due to frequent hacking attacks.
Solana price desires a lot of support fundamentally and technically if bulls want to avoid losses to $30.00 and protect the ascending parallel channel. Perhaps support from Coinbase Wallet will make SOL more attractive to investors, especially those who value security. Nonetheless, a recovery from support at $35.00 – support reinforced by the channel’s lower boundary, will go a long way to affirm the move to $47.00.
SOL/USD daily chart
Adding credence to the SOL’s optimistic outlook is the oversold Stochastic oscillator. Traders will confirm the uptrend as the trend strength indicator lifts from the oversold region. The 50-day Simple Moving Average (SMA) unleashes a buy signal as it crosses above the 100-day SMA. If buyers heed the call, Solana price will quickly leap to $47.00 and clear the path for SOL to trade above $50.00.
Due to uncertainties associated with a bear market, profit booking may start at $40.00. However, bullish investors could hold on till $47.00 to make the most out of the impending upside move.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.