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Solana (SOL) Price Survives the Weekend Rollercoaster – But for How Long?
The crypto market's wild weekend ride has left Solana (SOL), no exception. After reaching a peak of $168 on June 11, the token tumbled for four days straight, brushing against the $140 support barrier on June 13. Multiple analysts view this level as a crucial make-or-break point.
Treading a Precarious Path – Determining Solana's Future
Crypto analyst Ali recently posted on his social media, suggesting that a breach of the $140 level could trigger a 30% drop in Solana's price, plummeting it down to $100. At the moment, SOL is slightly recovering, trading around $146, inching up by 0.39%. Whether this recovery will sustain remains uncertain.
Remembering are the Days of Yore – Solana's Eventful History with Support Levels
According to Coinglass data, the crypto market has undergone a total of $131 million in liquidations over the past 24 hours. Last week, this figure surged up to $1 billion. With conditions so volatile, the $140 support level is under threat of being challenged by stronger selling.
On the flip side, a resurgence of the uptrend could carry Solana to the heights of its 50-day and 200-day moving averages, which stand at approximately $160 and $174, respectively.
Can ETF Horizons Offer Solace to Investors?
Amidst the bearish market sentiments, some analysts are optimistic about the potential approval of altcoin ETF proposals in the upcoming months. Notably, Bloomberg ETF analyst Eric Balchunas believes the chances of early approval for Solana and staking-focused ETFs are promising, paving the way for an 'altcoin ETF summer.'
Standing at a Crossroads – Solana's Pivotal Moment
Solana finds itself at a critical juncture in its journey. A break below the $140 level could accelerate the selling, while positive ETF developments or an improved broader market could propel the price back up to the $160-$174 range.
Investors should keep a close eye on the $140 level – a potential breach could lead to a steep correction, bringing the price down to $100. However, Solana's history of bouncing back after face-offs with support levels provides some hope for a potential recovery.
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- Given the current instability in the market and the impending threat to the $140 support level, Solana investors might find solace in potential early approvals for Solana and staking-focused ETFs, which could spur an 'altcoin ETF summer.'
- As Solana approaches a critical juncture, a break below the $140 level could instigate a sharp drop in its price, possibly reaching $100, while positive ETF developments or market improvement could push the price back up towards the $160-$174 range.
