On July 2, the BTC price began to fall following Powell’s statements after strong job opportunities data. The Fed Chairman made relatively moderate comments. Powell reiterated his belief in the 2% inflation target and hinted that they could respond to potential labor market weakness with rate cuts. However, employment remains strong. So, what will happen to Solana (SOL)?
Solana (SOL)
The SOL Coin price is lingering at $148, and the spot SOL ETF news has not yet yielded the expected result. Perhaps more issuers need to apply in the coming weeks to support the belief in approval. With BlackRock and Fidelity applications, it would not be surprising to see targets of $300 and above within a few months because the Solana community and Solana‘s market cap are conducive to this.
Returning to the price topic, RSI entered the region above the neutral line for the second time in a month, indicating a significant shift in market sentiment. This activity, reflecting a bullish market trend, shows that sentiment is recovering again.
The funding rate also turned positive after dropping to negative levels. This data, which ratios the size of short and long positions, tells us that those expecting a rise are dominant. Since BTC has been lingering at low levels for a long time, there is a growing belief that this will soon end.
SOL Coin Price Prediction
Despite the negative fluctuations in BTC price, we see that SOL Coin bulls are well-motivated, considering funding and RSI. The increasing confidence in the price future is currently limited by the inability to surpass the $10 threshold. Given the drop in BTC price, this is not surprising.
If SOL Coin can reclaim the $156 level after $143 and $148, the recovery could accelerate again. Here, the $169 and $175 levels will be targeted, and these are expected to turn into support bases.
On the other hand, if BTC tries to test below $58,500 again, there could be a potential drop to $136 and $126. This could indicate sales continuing down to $98. This scenario could be possible if altcoins move from their current levels towards the 2023 lows. For now, despite BTC fluctuations, SOL Coin remains relatively strong compared to the overall market.
