After hitting the $100 mark, SOL Coin saw a rebound to $150 as Bitcoin prices recovered. But when Bitcoin dropped following the opening of US stock markets, SOL Coin also experienced a pullback. The question now is, what can we expect during the halving week for Solana (SOL) coin?
Solana (SOL) Market Overview
The cryptocurrency markets recently faced a significant downturn, attributed to growing tensions in the Middle East. This negativity spilled over risk markets, impacting cryptocurrencies like Bitcoin. Despite some temporary rises in oil, gold, and DXY, the cryptocurrency market faced losses.
The downward turn in Bitcoin prices was influenced by sales activity in the BTC ETF channel. While ETF products in Hong Kong had encouraged buyers previously, the overall value of cryptocurrencies slightly rose during this period.
Looking ahead, the global spread of ETFs is anticipated to fuel further growth in cryptocurrencies. Andrew Kang of Mechanism Capital highlighted strong growth potential for altcoins with the support of ETFs.
Predictions for SOL Coin
Initial network outages triggered a correction in SOL Coin prices. Despite aiming for the all-time high (ATH) region, the market sentiment and technical issues within the Solana network pushed prices down. However, ongoing technical improvements, such as the release of version 1.17.31, signal positive changes.
Technical analysis suggests reclaiming the 50-day exponential moving average ($160.75) could accelerate the rally. Achieving successful support at the rising trend line would indicate bullish momentum targeting the ATH region around $255.
Nevertheless, short-term risks like ETF channel sales pose challenges, keeping the possibility of testing the 200-day EMA at $107.2 open.
This analysis was first published on COINTURK NEWS without social media links.
