Despite nearly $400 million in trading volumes coming in on Monday as per CoinGecko, Solana (SOL) is down just over 1.0% on the day.
SOL/USD was last trading around $21 per token, nearly 7% lower versus weekend highs in the $22.50 area.
Solana, the cryptocurrency that powers the high-performance, smart-contract-enabled Solana layer-1 blockchain, found strong resistance at its early June highs over the weekend, hence the recent retracement.
Some technicians might fear that SOL has formed a bearish double-top pattern.
However, other technicians are likely to be more optimistic given that SOL has found support at a key long-term downtrend, as well as ahead of its 200-Day Moving Average.
As a result, price predictions are mostly optimistic right now.
Price Prediction – Where Next for Solana (SOL)?
Solana broke above a downtrend that has been in play going all the way back to last August last week.
It currently appears to be in the process of confirming this breakout via its bounce at the retest.
As long as Solana can close above $21 on Monday, that would be a bullish sign.
Technicians would likely target a near-term retest of the key long-term support-turned-resistance $26-27 zone.
That would represent easy near-term gains of potentially around 25%, meaning it could be a good time to buy SOL right now.
But bulls should keep their optimism in check.
Solana saw a cascade of sell pressure in June in wake of the US Securities and Exchange Commission’s claim 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 remain a headwind for the SOL price in the coming months.
Solana (SOL) Alternatives to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: This section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Read the full article here
