• Market Cap: $1,144,793,726,611.46
  • 24h Vol: $29,470,293,761.59
  • BTC Dominance: 44.82%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Solana price enters correction territory after 80% monthly gains

Jon Hartney by Jon Hartney
July 20, 2022
in Bitcoin, Blockchain, Business, Market
0
Solana price enters correction territory after 80% monthly gains
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

SOL’s bear flag setup sees its price declining to $21 by September 2022.

Solana (SOL) ticked modestly lower on July 20 after testing a critical technical resistance, suggesting further pullback moves in the coming weeks.

SOL price eyes 50% wipeout

SOL’s price decreased by over 4% to $44 after failing to breach a multi-week ascending trendline resistance. Interestingly, this resistance level comes as a part of what appears to be a bearish continuation pattern dubbed the “bear flag.”

Related articles

US Justice Department charges two men in Mt. Gox Hack

US Justice Department charges two men in Mt. Gox Hack

June 9, 2023
Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

June 9, 2023

A previous test of the same resistance trendline in late June had preceded a 30%-plus price drop, illustrating a higher distribution sentiment among SOL traders near the level. Therefore, the latest pullback from the same range could lead to an extended downside retracement. 

SOL/USD daily price chart. Source: TradingView

Meanwhile, the bear flag’s lower trendline has been capping SOL’s sharp pullback moves. As a result, SOL’s extended correction scenario could have its price hit the support level, now near $35.40 — a 20% drop from current price levels.

Additionally, a decisive close below the lower trendline would risk triggering the bear flag breakdown setup, wherein the price falls by as much as the height of the downtrend (called “flagpole”) that preceded the flag’s formation.

SOL/USD daily price chart featuring “bear flag” breakdown scenario. Source: TradingView

That puts SOL on the road to levels near $21 by September, down over 50% from today’s price.

What experts are saying about Solana

The bear flag setup appears after SOL’s 80%-plus price rally since June 14, primarily driven by a similar recovery across the crypto market.

For instance, Ether (ETH), Solana’s top rival in the smart contract space, has risen over 85% more than a month after bottoming out locally at $880. Similarly, Bitcoin (BTC) is up 35% in the same period.

SOL/USD and BTC/USD daily correlation coefficient at 0.97. Source: TradingView

Independent market analyst Altcoin Sherpa sees SOL’s price rising to the $60-$80 area in 2022 if Bitcoin continues to climb.

Conversely, Andrey Diyakonov, chief commercial officer at Choise, notes that demand for SOL could drop due to Ethereum’s transition to proof-of-stake in September.

“The new Ethereum protocol has the same advantages as Solana, and investors may choose to stick with Ethereum should the high gas fees and scalability woes be solved,” Diyakonov explained.

Related: 3 reasons why Solana can repeat Ethereum’s 2018 fractal to 5,000% gains

Paweł Łaskarzewski, co-CEO at Synapse Network, fears SOL’s ongoing price rally could be a bull trap, noting that SOL, alongside the rest of the crypto market, still faces macro hurdles led by higher inflation and rising lending rates.

He said:

“We might see small ups on the price of Solana but due to the current market state, I would not expect any big changes”

Solana funds add $110.8M in 2022

Meanwhile, institutional interest in Solana continues to look better compared to Ethereum, according to CoinShares’ latest weekly report.

Net flows into crypto funds in 2022 (by assets). Source: CoinShares

Notably, Solana-backed funds have attracted $110.8 million into its coffers since the beginning of this year. In comparison, Ethereum-based investment vehicles have witnessed withdrawals worth $446.1 million from their reserves in the same period, including $2.5 million in the week ending July 15.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

US Justice Department charges two men in Mt. Gox Hack

US Justice Department charges two men in Mt. Gox Hack

by Jon Hartney
June 9, 2023
0

The Justice Department claims Alexey Bilyuchenko and Aleksandr Verner took control of a Mt Gox server and stole 647,000

Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

by Jon Hartney
June 9, 2023
0

Traditional finance companies are boosting their engagement with Ethereum-based real-world asset protocols, resulting

DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

by Jon Hartney
June 9, 2023
0

The top-100 DeFi tokens by market capitalization had a bearish week as the total value locked in these protocols fell

Argentina Ready To Support Bitcoin With Gathering And Event In Buenos Aires

Argentina Ready To Support Bitcoin With Gathering And Event In Buenos Aires

by Jon Hartney
June 9, 2023
0

Bitcoin Argentina, an NGO dedicated to bitcoin adoption in the country, is hosting an event that promises to be a

WikiLeaks Founder Julian Assange Facing Extradition After Losing Challenge

WikiLeaks Founder Julian Assange Facing Extradition After Losing Challenge

by Jon Hartney
June 9, 2023
0

The loss is an indication that further challenges will be difficult, although Assange plans to renew his appeal next

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
US Justice Department charges two men in Mt. Gox Hack

US Justice Department charges two men in Mt. Gox Hack

June 9, 2023
Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave

June 9, 2023
DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

June 9, 2023
Argentina Ready To Support Bitcoin With Gathering And Event In Buenos Aires

Argentina Ready To Support Bitcoin With Gathering And Event In Buenos Aires

June 9, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • US Justice Department charges two men in Mt. Gox Hack June 9, 2023
  • Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave June 9, 2023
  • DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined June 9, 2023
  • Argentina Ready To Support Bitcoin With Gathering And Event In Buenos Aires June 9, 2023
  • WikiLeaks Founder Julian Assange Facing Extradition After Losing Challenge June 9, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$26,449.00-0.64%
  • ethereumEthereum(ETH)$1,836.41-0.84%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$261.38-1.20%
  • usd-coinUSD Coin(USDC)$1.000.04%
  • rippleXRP(XRP)$0.542.28%
  • staked-etherLido Staked Ether(STETH)$1,834.50-0.86%
  • cardanoCardano(ADA)$0.301642-7.10%
  • dogecoinDogecoin(DOGE)$0.0688301.18%
  • solanaSolana(SOL)$17.66-6.65%
  • matic-networkPolygon(MATIC)$0.74-5.88%
  • litecoinLitecoin(LTC)$89.130.63%
  • tronTRON(TRX)$0.071677-7.91%
  • polkadotPolkadot(DOT)$4.99-0.82%
  • binance-usdBinance USD(BUSD)$1.000.06%
  • avalanche-2Avalanche(AVAX)$13.84-1.12%
  • shiba-inuShiba Inu(SHIB)$0.000008-1.33%
  • daiDai(DAI)$1.000.03%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,439.00-0.72%
  • uniswapUniswap(UNI)$4.59-1.11%
  • leo-tokenLEO Token(LEO)$3.51-0.93%
  • chainlinkChainlink(LINK)$5.97-0.67%
  • cosmosCosmos Hub(ATOM)$9.20-2.90%
  • okbOKB(OKB)$44.870.42%
  • moneroMonero(XMR)$142.86-0.15%
  • ToncoinToncoin(TON)$1.690.73%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • ethereum-classicEthereum Classic(ETC)$16.96-0.21%
  • stellarStellar(XLM)$0.0882441.07%
  • bitcoin-cashBitcoin Cash(BCH)$110.59-1.01%
  • true-usdTrueUSD(TUSD)$1.00-0.02%
  • lido-daoLido DAO(LDO)$2.190.89%
  • internet-computerInternet Computer(ICP)$4.231.09%
  • filecoinFilecoin(FIL)$4.03-1.95%
  • quant-networkQuant(QNT)$107.86-2.96%
  • hedera-hashgraphHedera(HBAR)$0.048279-0.80%
  • crypto-com-chainCronos(CRO)$0.057943-1.93%
  • AptosAptos(APT)$7.37-4.06%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • ArbitrumArbitrum(ARB)$1.13-0.23%
  • nearNEAR Protocol(NEAR)$1.39-1.74%
  • vechainVeChain(VET)$0.017154-4.48%
  • apecoinApeCoin(APE)$2.83-2.98%
  • paxos-standardPax Dollar(USDP)$1.000.03%
  • fraxFrax(FRAX)$1.00-0.08%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • the-graphThe Graph(GRT)$0.111092-2.52%
  • BSCEXBSCEX(BSCX)$261.5283.44%
  • eosEOS(EOS)$0.890.40%
  • rocket-poolRocket Pool(RPL)$47.32-0.32%
  • algorandAlgorand(ALGO)$0.1248610.43%
  • elrond-erd-2MultiversX(EGLD)$34.77-0.93%
  • blockstackStacks(STX)$0.64-2.65%
  • the-sandboxThe Sandbox(SAND)$0.473290-3.17%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,973.81-0.86%
  • aaveAave(AAVE)$59.99-0.04%
  • optimismOptimism(OP)$1.33-3.83%
  • render-tokenRender(RNDR)$2.26-0.18%
  • fantomFantom(FTM)$0.287686-3.11%
  • tezosTezos(XTZ)$0.83-1.11%
  • theta-tokenTheta Network(THETA)$0.75-1.47%
  • usddUSDD(USDD)$1.000.02%
  • decentralandDecentraland(MANA)$0.408152-3.05%
  • immutable-xImmutableX(IMX)$0.731.20%
  • Bitget TokenBitget Token(BGB)$0.504.17%
  • axie-infinityAxie Infinity(AXS)$6.05-3.47%
  • BitDAOBitDAO(BIT)$0.477912-0.63%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.81-0.15%
  • radixRadix(XRD)$0.066977-0.87%
  • havvenSynthetix Network(SNX)$2.05-1.13%
  • kucoin-sharesKuCoin(KCS)$6.72-1.19%
  • flowFlow(FLOW)$0.62-1.86%
  • neoNEO(NEO)$9.01-0.88%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • curve-dao-tokenCurve DAO(CRV)$0.76-0.82%
  • galaGALA(GALA)$0.025674-1.75%
  • terra-lunaTerra Luna Classic(LUNC)$0.000100-0.85%
  • bitcoin-cash-svBitcoin SV(BSV)$29.99-1.13%
  • gatechain-tokenGate(GT)$4.141.77%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.23%
  • makerMaker(MKR)$625.78-0.34%
  • injective-protocolInjective(INJ)$6.91-1.28%
  • kavaKava(KAVA)$0.94-5.15%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • klay-tokenKlaytn(KLAY)$0.1644820.86%
  • bittorrentBitTorrent(BTT)$0.000001-0.78%
  • xdce-crowd-saleXDC Network(XDC)$0.0358142.95%
  • pax-goldPAX Gold(PAXG)$1,919.87-0.47%
  • iotaIOTA(MIOTA)$0.177004-2.02%
  • Tokenize XchangeTokenize Xchange(TKX)$6.150.03%
  • tether-goldTether Gold(XAUT)$1,959.99-0.15%
  • PepePepe(PEPE)$0.0000014.43%
  • compound-ethercETH(CETH)$36.89-0.87%
  • casper-networkCasper Network(CSPR)$0.043280-1.49%
  • huobi-tokenHuobi(HT)$2.921.47%
  • conflux-tokenConflux(CFX)$0.225503-3.20%
  • chilizChiliz(CHZ)$0.087198-0.80%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • gmxGMX(GMX)$51.19-0.99%