Despite an impressive $400 million trading volume on Monday, Solana (SOL) closed with a modest dip of 1 percent, trading just around $21 per token as per CoinGecko. This was a 7% drop from its weekend surge that grazed the $22.50 mark.
June saw Solana locked in a battle and was unable to break past its early month highs over the weekend, triggering a pushback. While this may have some market technicians worried about a potential bearish double-top pattern, others see a silver lining. Their optimism stems from SOL finding support at a key long-term downtrend, neatly maintained above its 200-Day Moving Average. For Solana enthusiasts, these price projections should be encouraging.
In fact, if Solana manages to close above $21 by Monday’s end, market technicians might consider this a bullish signpost. Their target would then be a re-enactment of the key long-term support-turned-resistance between the $26-27 mark. Achieving this signifies an easy 25% gain in the short-term, presenting an alluring opportunity for currently non-SOL holders.
However, it isn’t all smooth sailing. An undercurrent of uncertainty linked to regulations could unsettle SOL prices in the forthcoming months. This concern originates from a recent debacle where the US Securities and Exchange Commission raised claims in its lawsuits against Binance and Coinbase, portraying Solana more as a security than a cryptocurrency.
That said, the dynamics of the crypto world are fluid and investors should be ready to diversify their portfolio. In a high-risk, high-reward arena such as this, one strategy worth exploring is crypto presales. This strategy involves investing in the tokens of budding crypto ventures to aid their growth. With relative cheap prices and a solid track record of promising exponential returns to early bird investors, presale investments can be a treasure trove.
Success, as always, hinges on identifying projects with a talented team and a ground-breaking crypto application in sight. By spending considerable time sifting through numerous presale projects, we hope to assist investors in making informed decisions.
Making informed choices is critical in the world of crypto investments, with sudden rises and falls. Insiders and market experts provide valuable insights that are worth considering and keeping an eye on the ever-changing landscape of the crypto market.
Source: Cryptonews
