Solana (SOL) has experienced a slight rise of more than 3% in the last seven days, reaching almost $150 despite a general market decline. In fact, over the past year, Solana has been able to perform many other major cryptocurrencies such as Bitcoin, Ethereum, and Cardano, with an increase of over 649.40% year-to-date. Now, the latest Solana price prediction for July 2024 shows there’s a chance for the token to reach $170. Below, we will provide an analysis of Solana price predictions for July and why liquid staking might have a massive impact on the price of the token.
Solana Price Prediction July 2024: Can SOL Move Beyond $170?
According to several analyses, there is a chance that Solana will move past the $170 in July. However, this will only happen if it meets certain criteria. According to Coincodex’s analysis, they expect Solana’s price to reach $ 165.30 by August 2, 2024. While this is still below $170, this is still impressive for the token. Apparently, the price of Solana is predicted to rise by 16.22%, and this is because Solana recorded 15/30 (50%) green days with 8.46% price volatility over the last 30 days. Moreover, the current sentiment is Neutral, while the Fear & Greed Index is showing 50 (Neutral).
Thus, one can see this as the best time to buy Solana for the next 30 days, although this is not financial advice. Beyond the technical analysis of Solana, many other events, such as the increasing interest in liquid staking and news of Solana spot ETFs, might drive the price to a whole new level.
Surge in Liquid Staking Increases Positive Outlook in Solana Price Prediction for July
According to Dune Analytics data, there’s been a massive increase in interest in Solana liquid staking. More than 26 million SOL tokens are currently on liquid staking, worth $3.97B.
Liquid staking is a form of crypto staking in which stakers receive a tradable token representing their staked assets. Thus, they can support network operations while still trading or using the liquid tokens in DeFi activities. More details from Dune Analytics show that despite the massive $3.97 billion staked tokens, the sector is still untapped. Only around 6.88% of staked SOL is via liquid staking.
The impact of this activity on Solana’s price will be massive. Apparently, it will lead to higher trading volumes, more demand for SOL tokens, and greater volatility, all of which will favor SOL’s price.
Upcoming Solana ETFs
Discussions around Solana ETFs could also spur a massive increase in Solana’s price. According to reports from WatcherGuru, Ark21 Shares and VanEck have filed for potential Solana ETFs. Bitcoin introduced discussions around spot crypto ETFs for Ethereum, and Solana followed suit. The news of ETFs in the mix for July could help improve SOL’s price growth.
Conclusion
Solana technical indicators show there’s a chance of the token breaking into new price levels for July. The relative strength index rising from 30 to just over 50 shows a welcomed increase in buying pressure. Moreover, the 30-day moving average is climbing further above the 200-day average. Other factors, such as the increasing interest in Solana liquid staking, with over $3.97 billion stake, could further push the price forward. Thus, in July, Solana is expected to go beyond $165, according to a similar analysis from Coincodex. However, only time will tell if SOL will reach this level or not.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
