Solana Price Prediction as American Hedgefund Pantera Compares SOL to Apple’s macOS – Can SOL Overtake Bitcoin?
Solana (SOL) has shown a consistent upward trend, stabilizing around $136 and reaching an intraday high of $136.46. Despite a recent peak of $151.41 earlier this week, SOL couldn’t sustain that level, dropping to $129.00 before recovering.
Currently trading above $134.00, Solana boasts a substantial 24-hour trading volume of $1,977,382,123 and has increased by 2.33% in the last 24 hours.
This recent movement aligns with Pantera Capital’s positive forecast, comparing Solana’s architecture to Apple’s macOS and highlighting its potential for significant growth.
Such insights contribute to a favorable Solana price prediction, suggesting SOL could emerge as a leading player in the blockchain ecosystem.
Pantera Capital’s Positive Forecast on Solana (SOL)
Pantera Capital believes Solana (SOL) is set to lead the blockchain sector, much like Apple’s breakthrough with macOS in the desktop market. Their report highlights Solana’s monolithic architecture, which ensures a seamless user experience, faster innovation, and better security.
#Solana's rise in #decentralized exchange (#DEX) volume surged to 60% in May 2024, likened to Apple's #macOS for its integrated architecture optimizing #blockchain performance, according to #Pantera Capital.
From 0% early 2021 to 24% by May 2024, Solana's market share reflects… pic.twitter.com/ImMufVyQXk
— TOBTC (@_TOBTC) June 21, 2024
- Solana optimizes every aspect of its network, unlike modular platforms like Ethereum.
- Impressive growth metrics, such as increased unique addresses and transaction fees.
- Expanding role in decentralized exchanges and overall blockchain adoption.
Pantera’s bullish outlook and comparisons to macOS could boost Solana price prediction, indicating strong confidence in its future dominance and technological edge over competitors like Ethereum.
3iQ’s Solana Fund ETP Launch Could Influence SOL Price
Canadian crypto asset company 3iQ has applied to launch the Solana Fund ETP in Canada, aiming to provide investment opportunities in SOL and staking income. Despite peaking near $210 in the past 6 to 8 months, SOL struggled to maintain above $200, resulting in a 36% price drop.
3iQ Files To Launch North America's First Solana ETF
Canadian investment fund manager 3iQ has filed for a Solana ETF (The Solana Fund, ticker QSOL), potentially the first Solana exchange-traded product or ETP in North America. If approved, it will be listed on the Toronto Stock… pic.twitter.com/OkRpZHKO9k
— The Wolf Of All Streets (@scottmelker) June 21, 2024
Recently, SOL has traded sideways, forming a symmetrical triangle before shifting to a descending wedge pattern. Currently at the wedge’s apex and showing a 1.80% intraday gain, SOL’s daily chart indicates buyers are accumulating at the triangle’s support level, potentially preparing for an upward move.
Key Points:
- If the pattern holds, Coingabbar analysis suggests a possible rally.
- Failure to hold could lead to a decline towards $120.
- The launch of the Solana Fund ETP could boost SOL’s price by increasing accessibility and investor interest.
The recent technical patterns indicate potential for an upward rally if support levels hold. However, failure could trigger a decline towards $120. The Solana Fund ETP launch could significantly impact SOL’s price by drawing more investors to the market.
Solana Price Prediction
Solana (SOL) is currently priced at $136.02 on the 4-hour chart. The pivot point, marked by the green line, is at $140.39. This level serves as a crucial indicator for potential price movements. Immediate resistance is also located at this pivot point, with subsequent resistance levels at $145.42 and $151.32.
On the downside, immediate support is found at $131.09, followed by additional support levels at $124.96 and $118.29.
Technical indicators show the Relative Strength Index (RSI) at 41.74, suggesting that the market is in a state of accumulation rather than overbought or oversold conditions.
The 50-day Exponential Moving Average (50 EMA) is at $140.25, which aligns closely with the pivot point, indicating a significant resistance area.
The price action of SOL is currently within a descending channel, with resistance extending near the $136.70 level. Despite an intraday gain of 1.80%, the downward channel suggests potential resistance at higher levels.
Given these technical conditions, it is advisable to consider selling if SOL falls below $136.70. Conversely, buying opportunities may arise if the price sustains above this resistance level.
Wiener AI: The AI Meme Coin with Bite
Wiener AI (WAI), the new AI-powered meme coin with a playful sausage dog theme, is attracting serious investor interest.
Beyond the Meme: WAI offers advanced AI trading tools, making it more than just a fun novelty. The project has already raised nearly $6.2 million in its presale, reflecting strong demand.
We've just raised $6M 🌭🚀
Thank you to our incredible community! Get ready for more exciting adventures with this little Wiener 💥🐾 pic.twitter.com/O6AdG6xrhE
— WienerAI (@WienerDogAI) June 18, 2024
AI Boom: The rising popularity of AI, especially after Nvidia’s stellar earnings, is expected to fuel demand for WAI even further.
Passive Income Potential: WAI also offers substantial passive income opportunities. With 20% of the total supply allocated for staking rewards, investors can earn an impressive 396% APY.
Expert Endorsement: Prominent crypto analyst Michael Wrubel has identified WAI as one of his top crypto picks for 2024.
Time to Act: The presale price of WAI is currently $0.000719, and it’s set to increase soon. Early investors could see significant gains if WAI achieves market leadership.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
