Solana had a solid week, mirroring the broader crypto market’s upward trend. The SOL price is now trading slightly below $150, boasting an 11% pump this week. However, SOL has experienced a 3% dip in the last 24 hours, indicating that the weekly gains were even higher before today.
“Crypto ZX”, a YouTuber with over 50,000 subscribers, shared his take on Solana’s price action and predictions in a video today.
What you'll learn 👉
Market Analysis
The Solana price hovers around the $150 mark, with a 24-hour trading volume of approximately $1.7 billion. Despite these solid numbers, “Crypto ZX” points out that retail interest in Solana isn’t as high as one might expect. A recent poll discussed in the video showed that Solana didn’t top the list in terms of retail interest, suggesting that institutional investors are primarily driving the market at this point.
Interestingly, the Solana ecosystem has seen a significant influx of capital recently. Over the last 4-5 days, approximately $1 billion has flowed into the ecosystem, bringing the total to about $5 billion. This surge in ecosystem growth could be a positive indicator for Solana’s future performance.
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Show more +Solana Price Forecast and Bitcoin’s Influence
“Crypto ZX” emphasizes the crucial role Bitcoin plays in the overall crypto market. He notes that for altcoins like Solana to perform well, Bitcoin’s price must remain stable or increase. Currently, Bitcoin’s dominance has decreased slightly, which is generally seen as positive for altcoins.
In terms of Solana price predictions, the YouTuber provides a cautiously optimistic outlook. Solana has maintained a support level around $150 for three consecutive days. If Bitcoin’s dominance continues to fall and its price reaches around $62,000, “Crypto ZX” predicts that Solana could see a price increase to approximately $166. This would represent a roughly 10% increase from current levels.
The YouTuber goes further to suggest that if Solana surpasses the $166 level, it could continue to rally in the upcoming week, especially if Bitcoin closes above $64,000. However, he advises viewers to lock in profits when necessary, as market conditions can change rapidly.
Key Levels to Watch
While the short-term prediction looks promising, the big price target for Solana remains breaking the $200 level. Solana did manage to breach this level in March but has failed to “attack” it since then. On the flip side, any drop below the $140 level could signal even larger declines.
It’s important to note that Solana’s performance is heavily dependent on overall market conditions and Bitcoin’s behavior, as highlighted by “Crypto ZX.” External factors, such as news from the stock market, could also influence prices significantly.
Read also: BEAM Price Rebounds Strongly; Akash Network (AKT) Targets Breakout – Key Levels to Watch
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