Solana Retreats From $163 Jump: Can SOL Find Momentum in June?
The cryptocurrency market has had its fair share of ups and downs throughout the first five months of the year. Like the stock market, increased geopolitical tensions and macroeconomic uncertainties have not been good for sustained price increases. That goes for Solana as well; with SOL falling from a $163 surge, all eyes are on if the asset can find any kind of momentum in June.
Entering the year, few cryptocurrencies had the kind of potential that Solana did. The token was viewed as a promising investment in the ever-growing industry. Now, with institutional interest in the digital asset growing at a rapid rate, it may well have a major surge in its future.
Also Read: Ripple & Solana Deals Solidify UAE as Global Force of Crypto Adoption
Solana Drops From $163 Surge as All Eyes Are On June PRojections
At the end of May, SOL Strategies announced its plan to raise $1 billion to purchase more Solana. It aligned with the company’s ongoing efforts to build an SOL treasury and provided increased optimism for its price movement. Moreover, it solidified the outlook that the token had to become one to watch throughout this year.
However, that promise and upside have yet to culminate into gains for the cryptocurrency. Now, Solana has quickly retreated from the $163 level, as traders are hoping SOL can find increasingly elusive momentum to its price position throughout the month of June. The question is, can it?
Also Read: Coinbase Launches 24/7 XRP & Solana Futures Trading June 13
There has been growing institutional interest continuously, which should help the price. Canary Capital filed for a spot Solana ETF recently, while its ecosystem has continued to grow. Wallet Connect launched a new token, with daily transaction volumes rising 26% amid increased on-chain participation.
The next key level to watch for is $165. That provides an important resistance point that will make or break the asset’s performance in the coming weeks. It has dropped more than 8% over the last seven days, trading at $156, according to CoinMarketCap. Yet, if the crypto market can find an upward swing, Solana should be one of the key beneficiaries.
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Solana Retreats From $163 Jump: Can SOL Find Momentum in June?
The cryptocurrency market has had its fair share of ups and downs throughout the first five months of the year. Like the stock market, increased geopolitical tensions and macroeconomic uncertainties have not been good for sustained price increases. That goes for Solana as well; with SOL falling from a $163 surge, all eyes are on if the asset can find any kind of momentum in June.
Entering the year, few cryptocurrencies had the kind of potential that Solana did. The token was viewed as a promising investment in the ever-growing industry. Now, with institutional interest in the digital asset growing at a rapid rate, it may well have a major surge in its future.
Also Read: Ripple & Solana Deals Solidify UAE as Global Force of Crypto Adoption
Solana Drops From $163 Surge as All Eyes Are On June PRojections
At the end of May, SOL Strategies announced its plan to raise $1 billion to purchase more Solana. It aligned with the company’s ongoing efforts to build an SOL treasury and provided increased optimism for its price movement. Moreover, it solidified the outlook that the token had to become one to watch throughout this year.
However, that promise and upside have yet to culminate into gains for the cryptocurrency. Now, Solana has quickly retreated from the $163 level, as traders are hoping SOL can find increasingly elusive momentum to its price position throughout the month of June. The question is, can it?
Also Read: Coinbase Launches 24/7 XRP & Solana Futures Trading June 13
There has been growing institutional interest continuously, which should help the price. Canary Capital filed for a spot Solana ETF recently, while its ecosystem has continued to grow. Wallet Connect launched a new token, with daily transaction volumes rising 26% amid increased on-chain participation.
The next key level to watch for is $165. That provides an important resistance point that will make or break the asset’s performance in the coming weeks. It has dropped more than 8% over the last seven days, trading at $156, according to CoinMarketCap. Yet, if the crypto market can find an upward swing, Solana should be one of the key beneficiaries.
Read More
Solana’s Old Hands Are Moving—Is Trouble Brewing?