Solana’s (SOL) price dropped by 4.5% in the past 24 hours to $104.89 as per trading view. SOL has increased by 8% weekly and 12.5% in the past 30 days. Over the past year, SOL has experienced a 400% gain. However, market indicators suggest a potential further correction for SOL.
BTC ETF FLOWS AND IMPROVING SENTIMENT MAY BOOST SOL AFTER CORRECTION
Crypto market may turn bullish due to rising Bitcoin ETF inflows, potentially benefiting SOL after correction. Solana’s relative strength index has decreased from around 65 to 55, indicating lost momentum. However, SOL’s 30-day moving average is still modestly rising above the 200-day average. SOL’s price is approaching its 30-day moving average, possibly leading to a downturn.
Solana’s support level has been strong since December, suggesting the current correction might not be severe. Market optimism influenced by Bitcoin ETF volumes impacts altcoins, including Solana. A transaction of 688,765 SOL (valued at $73,965,690 USD) was reported, indicating significant movement of funds.
TRADERS REMAIN CAUTIOUS AMID OUTAGE CONCERNS
Traders should be cautious due to Solana’s potential for outages, as a recent five-hour downtime has brought back concerns from 2022. Growing bullish sentiment and Solana usage may propel SOL’s price to $150 by spring.
SPONGE V2 LAUNCHES WITH IMPROVED TOKENOMICS
Sponge (SPONGE), a small-cap ERC-20 cryptocurrency, has launched SPONGE V2 featuring an improved staking model and utility in an upcoming P2E racing game. SPONGE V2 is listed on Uniswap and is expected to be listed on other exchanges soon. SPONGE V2 has already seen an 86% gain since its listing a week ago as per DEXTools.
Further listings could drive SPONGE V2’s price higher in the coming weeks. Investors can purchase SPONGE V2 on Uniswap or through the official Sponge website as per tweet.
The analysis is based on an article from Cryptonews excluding their external links.