Daily Price Outlook

Solana (SOL) coin has been struggling to halt its downward trend and is experiencing a continuous decline in value, remaining under pressure around the $16 level. It trades at $16.61, reflecting a 1.70% decrease in the past 24 hours.

However, the primary reason behind this decline is recent lawsuits filed by the United States Securities and Exchange Commission (SEC) against two prominent cryptocurrency platforms, Coinbase and Binance. These lawsuits accuse the platforms of offering unregistered securities.

Thus, this classification has created a negative sentiment among investors, increasing selling pressure and declining the coin’s price. As a result, Solana has struggled to regain its momentum and has faced continued downward pressure in the market.

Consequently, the price of SOL has declined by more than 40%. Investors and traders are closely monitoring regulatory developments and legal actions in the cryptocurrency industry as they can have strong effects on the market.

Solana’s Volatile Price Performance

Solana’s price performance has been highly volatile since the beginning of 2023, marked by significant surges, fluctuations, and losses. In early June, the cryptocurrency showed positive growth, as it climbed from $20.82 on June 1 to $21.82 on June 5.

However, the situation took a turn for the worse following the legal actions initiated by the SEC. As a result, Solana experienced a sharp decline, with its gains fading swiftly. The downward trend continued as the coin faced additional losses, dropping to $17.38 on June 10 and further down to $15.02 by June 14.

SOL has been trading within a relatively narrow range of $14 to $17 over the past few days. However, the market remained uncertain, and Solana’s price retreated slightly to $16.65 on June 25.

These price fluctuations and the overall market uncertainty have contributed to the turbulent performance of Solana during this period. Factors Influencing Solana’s Potential Recovery

As mentioned above, the outcome of the SEC case involving Coinbase and Binance could affect Solana and other cryptocurrencies. This may cause losses and uncertainty in the short term.

Despite potential short-term losses and uncertainty due to the SEC case involving Coinbase and Binance, Solana (SOL) has reasons to grow in the long term and recover its strength potentially. It is worth noting that Solana blockchain’s popularity is increasing, thanks to its fast transaction speeds and scalability, making it appealing to users and developers. As more people adopt the platform, the demand for Solana’s token could rise, driving its value up.

Furthermore, positive developments in the broader cryptocurrency market, such as clear regulations and institutional adoption, can also positively influence Solana’s price.

SOL/USD Price Chart – Source: Tradingview

SOL/USD – Technical Analysis

Solana is showcasing its impressive rebound abilities after taking a thrilling plunge toward the support level of $13.35. Like a superhero emerging from oversold conditions, Solana has surpassed the 38.2% Fibonacci retracement level at $16.75 and the mighty 50% Fibonacci retracement level at $17.85.

However, despite its valiant efforts, Solana has been unable to breach the strong resistance barrier at $17.85, raising questions about the strength of its bullish momentum.

The Relative Strength Index (RSI) indicator, with its cape of being below 50, and the shrinking histograms of the Moving Average Convergence Divergence (MACD) both indicate a decrease in buying pressure.

Solana finds itself face-to-face with a formidable opponent at the $17.85 level in this exhilarating battle.

Nevertheless, a breakthrough above this resilient resistance could unlock new buying opportunities, guiding Solana toward the enchanting Fibonacci retracement levels of 61.8% at $18.88 and 78.6% at $20.25.

However, caution is warranted as support stands strong at the $15.45 level, protecting Solana against potential downward attacks. Yet, should this line of defense crumble, a downward journey towards $14.15 or even $13.30 may come into play.

As the price moves closer to the critical level of $17.85, keeping a vigilant eye on every twist and turn is important. A break below this level could signal the continuation of the downtrend, while a triumphant breakthrough could herald the return of the bullish knights.

Daily Price Outlook

• Solana rebounds from oversold conditions and tests Fibonacci retracement levels at $16.75 and $17.85.
• Failure to break through the $17.85 resistance level indicates weakening bullish momentum.
• Support holds at $15.45, while a breakdown below could lead to a decline towards $14.15 or $13.30.

Solana is showing off its rebound skills after a thrilling dive towards the support level of $13.35. Like a superhero emerging from oversold conditions, Solana has already conquered the 38.2% Fibonacci retracement level at $16.75 and the mighty 50% Fibonacci retracement level at $17.85.

But wait, there’s a twist! Despite its valiant efforts, Solana couldn’t break through the resistance fortress at $17.85, raising questions about the strength of its bullish momentum.

The Relative Strength Index (RSI) indicator, wearing its below-50 cape, and the shrinking histograms of the Moving Average Convergence Divergence (MACD) are also signaling a decrease in buying pressure.

In this thrilling battle, Solana now finds itself face-to-face with a formidable foe at the $17.85 level.

However, a breakthrough above this resistance stronghold could unlock a world of new buying opportunities, guiding Solana towards the enchanted Fibonacci retracement levels of 61.8% at $18.88 and 78.6% at $20.25.

But beware, on the flip side, support stands firm at the $15.45 level, shielding Solana from potential downward attacks. Yet, should this line of defense crumble, a downward journey towards $14.15 or even $13.30 may come into play.

As the price dances closer to the critical level of $17.85, keep a watchful eye on its every move. A break below this level could signal the continuation of the downtrend, while a triumphant breakthrough could mark the return of the bullish knights.

SOL/USD Price Chart – Source: Tradingview

SOL/USD – Trade Idea

Entry Price – Sell Below 17.70 Take Profit – 14.14 Stop Loss – 19.47 Risk to Reward – 1: 2 Profit & Loss Per Standard Lot = +$356/ -$177

Daily Price Outlook

The Solana (SOL) coin has been unable to break its declining streak and remains on a downward trajectory, hovering around the $20 level. However, it has shown impressive performance recently, with a notable increase of 14.61% in the past few weeks.

Unfortunately, these gains were short-lived as the cryptocurrency market turned bearish. It is worth noting that the Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance, alleging illegal operations in the US.

This lawsuit specifically mentioned popular coins like SOL, ADA, and MATIC as unregistered securities, causing their prices to drop significantly. The current Solana price is $20.06, with a 24-hour trading volume of $560,175,893. Solana is down 6.98% in the previous 24 hours.

SEC Files Lawsuit Against Binance, Alleging Unregistered Securities Trading and Sales

The US Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance, claiming it offered trading and sales of cryptocurrencies without proper registration.

The lawsuit mentioned popular cryptocurrencies like Cardano (ADA), Polygon (MATIC), and Solana (SOL), stating that they were considered unregistered securities.

The SEC also alleged that Binance had previously listed assets that faced enforcement action by the commission. Consequently, the value of these tokens, including Solana, Algorand, Polygon, and Polkadot, experienced considerable drops.

Meanwhile, Binance, led by CEO Changpeng Zhao, is accused of violating US securities laws. The SEC argues that Binance operated as an unregistered exchange in the US, enabling high-value US customers to bypass restrictions. Binance, however, denies these allegations and is defending itself against the lawsuit.

Hence, this news has had a significant impact on Solana’s (SOL) coin price. Following the announcement, the value of SOL experienced a notable drop. The market sentiment surrounding SOL became bearish as investors reacted to the potential regulatory implications and uncertainty surrounding the coin’s classification.

Solana Price Chart – Source: Tradingview

SOL/USD – Technical Outlook

Solana has successfully recovered from the support zone at $19.20 and has now surpassed the significant psychological level of $20. The presence of a bullish engulfing candle followed by another bullish candle indicates a growing sense of optimism among investors, which will greatly influence future price movements based on both technical and fundamental factors.

Presently, investors are facing uncertainty regarding the market’s direction, particularly due to the SEC’s lawsuit against Binance. This has resulted in a risk-on sentiment affecting both the precious metals market and cryptocurrency prices.

Should Solana manage to maintain its position above $20, it holds the potential to reach the next target at $20.39, aligning with the 38.2% Fibonacci retracement level.

A successful breach of this level could lead to further gains, with a subsequent target at $20.76, corresponding to the 50% Fibonacci retracement level. Beyond that, the subsequent target lies around $21.2, representing the 61.8% Fibonacci retracement level.

Conversely, if Solana experiences a decline below the support level of $19.75, the next level of support is expected to be around $19.20.

Therefore, closely monitoring the price action around $19.75 is crucial, as a sustained move above this level would indicate a strong continuation of the upward trend.

Daily Price Outlook

• Solana has recovered from $19.20 support and surpassed the key level of $20, indicating growing optimism among investors.
• The SEC's lawsuit against Binance has created market uncertainty, impacting both precious metals and cryptocurrency prices.
• If Solana maintains its position above $20, it has the potential to reach targets at $20.39 and $20.76, aligning with Fibonacci retracement levels. Monitoring support at $19.75 is important for the upward trend continuation.

Solana has successfully recovered from the support zone at $19.20 and has now surpassed the significant psychological level of $20. The presence of a bullish engulfing candle followed by another bullish candle indicates a growing sense of optimism among investors, which will greatly influence future price movements based on both technical and fundamental factors.

Presently, investors are facing uncertainty regarding the market's direction, particularly due to the SEC's lawsuit against Binance. This has resulted in a risk-on sentiment affecting both the precious metals market and cryptocurrency prices.

Should Solana manage to maintain its position above $20, it holds the potential to reach the next target at $20.39, aligning with the 38.2% Fibonacci retracement level.

A successful breach of this level could lead to further gains, with a subsequent target at $20.76, corresponding to the 50% Fibonacci retracement level. Beyond that, the subsequent target lies around $21.2, representing the 61.8% Fibonacci retracement level.

Conversely, if Solana experiences a decline below the support level of $19.75, the next level of support is expected to be around $19.20.

Therefore, closely monitoring the price action around $19.75 is crucial, as a sustained move above this level would indicate a strong continuation of the upward trend.

Solana Price Chart - Source: Tradingview

Solana - Trade Idea

Entry Price – Buy Above 19.93

Stop Loss – 19.50

Take Profit – 20.76

Risk to Reward – 1: 1.93

Profit & Loss Per Standard Lot = +$77/ -$43

Profit & Loss Per Micro Lot = +$7.7/ -$4.3