Strolling along the bullish path, the Solana (SOL) cryptocurrency is showcasing some noteworthy momentum, tagging in tandem with the broader market’s trend. The high-performance SOL, anchoring the consequential layer-1 Solana protocol, has seen a rebound, heading towards mid-$21s. This resurgence, walking hand-in-hand with soft US economic data, has breathed life into the broader market.
Contributing to SOL’s latest rally appears to be the integration of Solana Pay with Shopify Inc, opening the gateway for millions of US merchants to benefit from this decentralized, open source, peer-to-peer payments protocol. Merely forecasting price movements remains a tricky endeavor, as SOL seems to be lingering close to its significant moving averages, causing ambiguity over the future market trend.
Looking at the crystal ball, two paths diverge for SOL. It may either walk down the path plummeting 40% towards its mid-June lows near $13, or ascend further by 50% to its yearly highs exceeding $32. This largely depends on the broader market’s direction, which is currently grappling between the anticipation of Bitcoin ETF approvals sparking institutional adoption, and skepticism over the US regulatory future alongside ever-increasing risk interest rates.
From its position, Solana seems to be particularly susceptible to regulatory winds of change, especially given the label of ‘unregistered security’ by the US Securities and Exchange Commission (SEC). But does this slow its stride towards the potential for a 10x hike? Looking at the long-term forecast, the weather still seems favorable.
Powering a manifold ecosystem of decentralized applications, Solana holds potential for significant upside for the token as it expands. Despite its current Trade Value Locked (TVL) standing at a humble $1 billion, the past has witnessed highs of $15 billion. This indicates room for a substantial amount of capital to find its way back to Solana’s DeFi ecosystem.
It might be worth asking: could SOL potentially balloon to a market cap nearing $90 billion during the next bull market? It wouldn’t discount that possibility. However, like any asset, this sector is not free from risks.
And for the risk-takers with an appetite for alternative investments, they might consider the coin launched by Wall Street Memes. Known for being the home for over a million retail investing fans, it is now soaring towards the title of ‘the king of crypto’ with the launch of its meme coin token $WSM. The $WSM presale has garnered substantial support, raising more than $25 million. It resonates with ones desiring to hedge their bets amidst market unpredictability.
Disclaimer: Crypto is a high-risk asset class. This article serves informational purposes and doesn’t aim to provide investment advice. Your capital is potentially at risk.
Source: Cryptonews
