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BTC price volatility continues, with the price now rebounding to $70,600 after a drop to $68,555. The leading cryptocurrency faces pressure due to ongoing miner sales and high investor profitability, despite nearing a halving event. What’s the latest on the Solana (SOL) front?
Solana (SOL)
As of writing, SOL Coin starts the day with a 5% increase at $168. While many altcoins are experiencing losses today, assets like SOL and LINK Coin have managed to remain relatively strong. We have mentioned several times this week that the popular Ethereum competitor is targeting $200, and the current outlook reminds us of the rallies that have been ongoing for months.
Hong Kong’s SEC claimed in a notification in the last 24 hours that the Bybit exchange does not have the authority to offer lending and derivative products. This resulted in a spread of negative sentiment across all markets for the exchange, which carries $15 billion in open positions.
However, the impact of good news in bear seasons and bad news in bull seasons does not last long, and according to this theory, the negativity in cryptocurrencies should quickly reverse. This is important for BTC to move to $80,000 and SOL Coin to $200.
SOL Coin Commentary
According to DappRadar data, the total value locked in the Solana network increased by 13% in 7 days, while protocol volumes saw a 24% rise. In futures trading, positive funding for SOL is still dominant, indicating that traders carrying leveraged positions continue to feel bullish.
Coinbase’s article titled “How to Buy Geo Boden (BODEN)” also points to an upcoming new airdrop that could boost excitement on the network. All these factors support the optimism of SOL Coin investors.
Moreover, the BTC price’s stable stance above $70,000 and sales being quickly absorbed are motivating.
If the price continues to close above $158, it could turn $175 into support. Closures above this could pave the way to peaks at $205 and $245. The cumulative volume of cryptocurrencies increased by 20% to $161 billion, and interest remains strong. If BTC starts the final push for a new peak in the next 24 hours, it could trigger record movements for SOL Coin and others.
