{"id":541051,"date":"2023-07-04T13:00:31","date_gmt":"2023-07-04T13:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=541051"},"modified":"2023-07-04T10:53:30","modified_gmt":"2023-07-04T10:53:30","slug":"solana-sol-price-targets-40-rally-strong-fundamentals","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-sol-price-targets-40-rally-strong-fundamentals\/","title":{"rendered":"Solana (SOL) Price Targets 40% Rally Amid Strong Fundamentals"},"content":{"rendered":"

The Solana (SOL) price is currently at a crucial turning point, which will be of decisive importance for the coming weeks. If the SOL bulls manage to leap above the currently most important resistance, a rally of up to 40% could be on the cards. If the bulls lose the upper hand, another plunge of up to 21% could be imminent.<\/p>\n

Crucial Moment For The SOL Price<\/h2>\n

An analysis of the 1-day chart using Fibonacci retracements shows that the SOL price is at a pivotal point for the coming weeks. At the time of writing, SOL was trading at $19.19, just below the 38.2% Fibonacci retracement level. So far, SOL bulls have failed to break above this level at $19.72.<\/p>\n

If successful, the price level above $21, at which SOL was trading before the U.S. Securities and Exchange Commission (SEC) classification of the Solana token was announced, would again be within reach. A bit further up, the 200-day Exponential Moving Average (EMA) awaits the SOL price at $22.05 – an indicator often described as a “bull line” that SOL investors have been unable to break above since April 2022.<\/p>\n

Related Reading: Cardano, Solana, Polygon Gains Despite Revolut Plans To Delist<\/a><\/div>\n

In this bullish scenario, the 200-day EMA can be considered as the second most important challenge for SOL bulls. An upside break could allow the price to rise to the 61.8% Fibonacci retracement level at $27.00, which also marked the year-to-date high, potentially marking a 40% rally. At this level at the latest, a preliminary pause in the rally is to be expected.<\/p>\n

In a bearish case, SOL fails to capture the 38.2% Fibonacci retracement level. In this case, a drop towards $15.30 is conceivable, which would represent a price loss of around 21%.<\/p>\n

\"Solana
Solana price stalls below 38.2% Fibonacci, 1- day chart | Source: SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Solana Displays Strong Fundamentals<\/h2>\n

The renewed momentum in Solana’s price can also be attributed to strong fundamentals. Last Friday, June 30, Solana surpassed<\/a> Ethereum in 24-hour NFT volume for the first time ever. Solana NFTs saw a surge in trading volume to $25.5 million, up over 1,900% day-over-day (compared to +28%, or $24.6 million for Ethereum).<\/p>\n

Related Reading: Solana Firedancer: 15% Rally Fueled By Ongoing Network Improvements<\/a><\/div>\n

Moreover, Drift Protocol’s “Super Stake” is also currently causing a stir in the Solana ecosystem.\u00a0Risk-averse traders can earn an additional 10% return by leveraging Solana Staking derivatives. Marinade-SOL (mSOL) from Marinade Finance is the preferred derivative, enabling traders to deposit mSOL tokens as collateral and borrow additional SOL tokens for continuous restaking, multiplying returns up to three times.<\/p>\n

This concept draws parallels with Ethereum’s MakerDAO and its stETH Yield Multiple Staking via Aave. While there are inherent risks, demand for Super Stake remains high, pushing Solana’s maximum utilization.<\/p>\n

Super Stake serves as a catalyst for the battered DeFi ecosystem, driven by the booming NFT market. Solana’s resilience, coupled with innovative solutions like Super Stake, positions SOL for a bullish breakout.<\/p>\n

Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Solana (SOL) price is currently at a crucial turning point, which will be of decisive importance for the coming weeks. If the SOL bulls manage to leap above the currently most important resistance, a rally of up to 40% could be on the cards. If the bulls lose the upper hand, another plunge of up to 21% could be imminent. Crucial Moment For The SOL Price An analysis of the 1-day chart using Fibonacci retracements shows that the SOL price is at a pivotal point for the coming weeks. At the time of writing, SOL was trading at $19.19, just below the 38.2% Fibonacci retracement level. So far, SOL bulls have failed to break above this level at $19.72. If successful, the price level above $21, at which SOL was trading before the U.S. Securities and Exchange Commission (SEC) classification of the Solana token was announced, would again be within reach. A bit further up, the 200-day Exponential Moving Average (EMA) awaits the SOL price at $22.05 – an indicator often described as a “bull line” that SOL investors have been unable to break above since April 2022. Related Reading: Cardano, Solana, Polygon Gains Despite Revolut Plans To Delist In this bullish scenario, the 200-day EMA can be considered as the second most important challenge for SOL bulls. An upside break could allow the price to rise to the 61.8% Fibonacci retracement level at $27.00, which also marked the year-to-date high, potentially marking a 40% rally. At this level at the latest, a preliminary pause in the rally is to be expected. In a bearish case, SOL fails to capture the 38.2% Fibonacci retracement level. In this case, a drop towards $15.30 is conceivable, which would represent a price loss of around 21%. Solana Displays Strong Fundamentals The renewed momentum in Solana’s price can also be attributed to strong fundamentals. Last Friday, June 30, Solana surpassed Ethereum in 24-hour NFT volume for the first time ever. Solana NFTs saw a surge in trading volume to $25.5 million, up over 1,900% day-over-day (compared to +28%, or $24.6 million for Ethereum). Related Reading: Solana Firedancer: 15% Rally Fueled By Ongoing Network Improvements Moreover, Drift Protocol’s “Super Stake” is also currently causing a stir in the Solana ecosystem.\u00a0Risk-averse traders can earn an additional 10% return by leveraging Solana Staking derivatives. Marinade-SOL (mSOL) from Marinade Finance is the preferred derivative, enabling traders to deposit mSOL tokens as collateral and borrow additional SOL tokens for continuous restaking, multiplying returns up to three times. This concept draws parallels with Ethereum’s MakerDAO and its stETH Yield Multiple Staking via Aave. While there are inherent risks, demand for Super Stake remains high, pushing Solana’s maximum utilization. Super Stake serves as a catalyst for the battered DeFi ecosystem, driven by the booming NFT market. Solana’s resilience, coupled with innovative solutions like Super Stake, positions SOL for a bullish breakout. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":541055,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[28885,82423,12837,83626,88558],"class_list":["post-541051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-fibonacci","tag-nfts","tag-sol","tag-solana","tag-super-stake"],"acf":[],"yoast_head":"\nSolana (SOL) Price Targets 40% Rally Amid Strong Fundamentals<\/title>\n<meta name=\"description\" content=\"The Solana (SOL) price is currently at a crucial turning point, which will be of decisive importance for the coming weeks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana (SOL) Price Targets 40% Rally Amid Strong Fundamentals","url":"http:\/\/wncen.com\/news\/solana\/solana-sol-price-targets-40-rally-strong-fundamentals\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana\/solana-sol-price-targets-40-rally-strong-fundamentals\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1322509303.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1322509303.jpg?fit=2309%2C1299"},"articleSection":"Solana","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["fibonacci","nfts","sol","solana","super stake"],"dateCreated":"2023-07-04T13:00:31Z","datePublished":"2023-07-04T13:00:31Z","dateModified":"2023-07-04T13:00:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana (SOL) Price Targets 40% Rally Amid Strong Fundamentals\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-sol-price-targets-40-rally-strong-fundamentals\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-sol-price-targets-40-rally-strong-fundamentals\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1322509303.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1322509303.jpg?fit=2309%2C1299\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"fibonacci\",\"nfts\",\"sol\",\"solana\",\"super stake\"],\"dateCreated\":\"2023-07-04T13:00:31Z\",\"datePublished\":\"2023-07-04T13:00:31Z\",\"dateModified\":\"2023-07-04T13:00:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1322509303.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541051"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=541051"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/541055"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=541051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=541051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=541051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}