Solana Price Prediction As SOL Trending Towards The $102.61 Buy Zone Amid Market Correction

Solana is experiencing a significant downtrend, primarily driven by the prevailing bearish sentiment across the broader market. As of 08:46 UTC, SOL was trading at $131.40, reflecting a 3.90% decline for the day.

This downturn follows Bitcoin’s recent correction after it lost the crucial $65,000 support level yesterday, pulling down the entire market, including SOL. However, many analysts believe this correction is temporary and that a market-wide rally could be on the horizon, pushing cryptocurrencies, including SOL, to new all-time highs.

Historical Context

This scenario is reminiscent of 2020, when Bitcoin’s significant correction led to an altcoin shakeout before a substantial rally that elevated all cryptocurrencies to unprecedented levels in 2021. Should history repeat itself, Solana’s strong and improving fundamentals could propel it to new highs later this year, heading to 2025.

Institutional Adoption

One of the key aspects contributing to Solana’s undervaluation at current prices is the increasing institutional adoption. While the focus has been on Ethereum ETFs in the US, Solana ETFs might soon become a reality in Canada.

Today, 3iQCorp tweeted an exciting announcement:

“3iQ Corp is pleased to announce that we have submitted a preliminary prospectus for the Solana fund (QSOL) in Canada about an initial public offering. This continues our track record of innovation. If applicable regulatory approvals are received, the fund would be the first Solana exchange-traded product listed in North America.”

This significant development indicates the rising acceptance of Solana as a viable investment option capable of attracting substantial institutional capital.

3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.

This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU

— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024

Real-World Applications

Moreover, Solana’s growing adoption in the development of everyday applications underscores its potential to bring blockchain technology to the masses. One notable example is the emergence of a ride-sharing app based on the Solana blockchain.

Ride Sharing App On Solana

Yesterday, Matty Verse, the founder of The Meta Key, tweeted about this innovative development:

“There’s an ‘Uber’ competitor on Solana called ‘Teleport’? I just came across this. I own 0, so I don’t know if there’s a token. Drivers earn ‘much more’. Users pay ‘a lot less’. Uber takes 44%, and Teleport takes 15%. Onchain rewards to motivate early adopters. Drivers earn ‘TRIP’ rewards. Actually, active and being used? Now THAT’s interesting. Not sure how adopted this is currently. But at first glance, this seems very well put together as a retail app that can leverage blockchain for cost/time efficiencies. Interesting. I’m watching.”

This development points to the innovative potential of Solana in practical, real-world applications, providing efficiencies and cost savings that could drive further adoption.

TLDR: drivers earn more, users pay less.

check out @teleportxyz, a ridesharing app built on Solana — live now in Austin, Texas https://t.co/TDIKw7Vfm4

— Solana (@solana) June 20, 2024

Solana Incubator Demo

In addition to these developments, the Solana team is gearing up for an Incubator Demo Day on June 26. This event will showcase the numerous projects launching and operating on Solana, highlighting the platform’s growing ecosystem and increasing utility in various sectors.

Curious what Solana ecosystem teams have been cooking?🧑‍🍳

Join the @SolanaLabs Incubator Demo Day on June 26 at 12:30pm EST (16:30 UTC)! Sign up below👇 pic.twitter.com/SiELuClcfH

— Solana (@solana) June 20, 2024

SOL Technical Analysis and Market Sentiment

Solana price chart — ***Source: TradingView***

Despite the current market pressures, Solana’s prospects remain robust. On the technical side, SOL is currently under pressure from the broader market selloff, having lost the $137.08 support level two days ago. SOL could test the multi-week support level of $102.61 over the weekend if the selloff continues.

Conversely, if the bulls regain control, they must break the $137.08 resistance level to signal a reversal in the current downtrend. With Bitcoin now trending towards $63,000, SOL could remain bearish in the short term. Nevertheless, this presents a potential buying opportunity due to SOL’s strengthening fundamentals and promising developments.

Recap

As institutional interest grows and innovative applications like Teleport gain traction, SOL is well-positioned for future growth. In summary, while SOL is experiencing a downturn in line with the broader cryptocurrency market, the long-term outlook remains optimistic. The price range between $137.08 and the $102.61 support presents a fantastic opportunity to buy SOL in anticipation of prices above $200 in the coming weeks.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.