Analysis

Solana Makes Final Breakthrough In June As It Nearly Reaches $20

Key Points:

Solana has experienced a significant surge in price, reaching nearly $20 and trading at around $18.9, with a 16% increase in the past 24 hours.
The integration of deBridge Finance into the Solana network has facilitated cross-chain communication and contributed to its active user base.
While altcoins like SOL have performed well, Bitcoin’s dominance in the market may impact SOL’s rise.

The price of Solana has soared in astonishing enormous rises, almost reaching $20. The competitive smart contracts token is presently trading at $18.9, up 16% in the past 24 hours.

While the crypto market is typically calm, with the odds favoring the bulls, SOL is one of the best-performing coins on Friday.

SOL has risen more than 16% in the past 24 hours and is now trading at roughly $18.9. Saga mobile, the network’s Web3 smartphone, led to a 300% rise in daily trade volume, exceeding $1 billion. Notwithstanding the SEC’s charges that Solana is an unregistered security asset, its creators and the worldwide community remain hopeful.

Following the latest price increase, the SOL price is more likely to close in June, retesting the macro downtrend. However, cryptocurrency traders’ attention is focused on the price of Bitcoin, which seems ready to break out and eat the altcoin market share.

The Solana network embraced deBridge Finance after more than a year of development to enable developers to smoothly interface with other EVM-compliant chains. Furthermore, the deBridge Solana SDK makes it simple for DeFi projects to link their Solana protocols to the deBridge infrastructure and begin delivering cross-chain communications. This is one of the driving reasons behind the Solana Network’s active user base.

SOL has had a spectacular pullback since June 10, its price even touched the threshold of $13.2 and bounced when Bitcoin regained the $30,000 mark after 2 months. Importantly, the SOL price is about to approach the Fib 50% area, and above that is the dynamic resistance created by the bearish trend line.

SOL price chart. Source: TradingView

Next, it is possible that altcoins’ outperformance for the moment is temporary as Bitcoin’s dominance is still very high, suggesting that SOL’s strong rise could be halted or recovered to support. Its former support is at $16.3, which is also the price zone of the Fib 23.6% level.

In the near term, we might consider approaching the SOL when the price is above $20 and there is a strong bullish signal or waiting for the price to rise firmly when a new support zone is formed after this rally.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.