Solana (SOL) has been experiencing a consolidation phase and is currently trading at around $137. But the bulls are trying to wrestle back control, targeting a $250 SOL price. Can they win the fight?
Here we examine the technical data and possible outcomes, and also look to see if there is another coin that could bring similar or even better returns.
Solana (SOL) Price Technical Analysis
Solana (SOL) has been trading between $130-$160 over the last month, with the lower end as strong support and the upper end of the range as resistance. The RSI (Relative Strength Index) shows us that the coin is neither under or oversold. This demonstrates that Solana (SOL) has been in a consolidation phase.
The 50 Day MA (Moving Average) is currently acting as a moving support level which is a bullish sign, and if this continues the whales may hit their target of $250.If this happens, Solana (SOL) might initially aim for the psychologically significant $200 level. If it can break out of the $160 zone with a lot of volume, SOL’s price could reach $250.
On the other hand, if the SOL price remains within the $130-$160 range, it may suggest that investors are waiting for greater clarity regarding the broader market’s direction. In this more neutral outcome, SOL’s price may become stagnant.
Conversely, If SOL’s price drops below the critical $130 support level it could be a bad sign, potentially putting the bears in control. In this case, SOL’s price could even retreat to the $100 mark or even lower, depending on the selling pressure and overall market conditions.
Bitcoin’s (BTC) recent pullback was caused by the Federal Reserve’s signal of a solitary rate cut and a strong US dollar. This has put pressure on the entire market.
However, the upcoming Ethereum (ETH) ETFs in July could bring some optimism into the market, and this could help the bears reach their $250 SOL price target.
An innovative presale project is attracting attention, having just risen by 200%
If Solana (SOL) claims the $250 level, this would be an 87% increase from today’s prices of $137.
That’s a healthy profit and one that most TradFi traders could only dream of. But is there another coin with bigger potential?
Experts think there is, and the coin is called DTX. DTX Exchange recently posted 200% gains and is set to do another 200% in the next weeks.
So what is this new coin all about and why are people so bullish about it?
DTX Exchange (DTX) has the potential to revolutionize trading as we know it
DTX calls itself a “next-generation decentralizing trading exchange”.
Essentially, it’s the best of a CEX, a DEX, and a trading platform – all rolled into one. DTX Exchange (DTX) is currently in presale but the finished product will allow traders to choose from over 120,000 financial instruments, from forex to synths.
What this means for traders is that they can get access to all kinds of financial products. And the best bit? Without needing KYC, intrusive quizzes, or being barred by geographical restrictions. Because it’s built on the Ethereum blockchain.
DTX is designed with traders in mind. And that’s why they provide ultra-low latency execution speeds, 1000x leverage, automated trading strategies, and charge no commission.
DTX is currently offered at $0.04 and is scheduled to launch at $0.12 – That’s a guaranteed 200% rise from here, beating Solana (SOL)’s price target. And that’s likely just the beginning of a longer journey for DTX, whose roadmap seems solid.
Naturally, there are risks in trading new coins, and you should DYOR. That said, taking advantage of new coins in presale is how many crypto traders have become millionaires.
