The crypto market outlook is positive today, July 11, as its cap shows a gain of 0.69% at the time of writing.\u00a0But while the top assets struggle, Solana (SOL) shows impressive gains in the 24-hour and 7-day trends. At the time of writing, SOL has gained 6.07% in 24 hours and 14.52% in one week. The question now is, since SOL is gaining when other assets are losing, what\u2019s next for the crypto asset?<\/p>\n
Solana is an open-source project utilizing the permissionless feature of the blockchain to offer decentralized finance solutions.\u00a0Since its launch in 2020, the crypto network has continued pushing its relevance. As of today, July 11, 2023, the crypto project occupies the 9th position on the Coinmarketcap<\/a> ranking.\u00a0\u00a0<\/p>\n Related Reading: Microstrategy Stock Surges 7% As Berenberg Highlights Bitcoin Halving\u2019s Impact<\/a><\/p>\n Apart from its rank, SOL is gaining today in price, trading volume, and market cap. The increased activities on its network have pushed the trading volume to $524,345,790, representing a 19.13% increase in 24 hours. Also, its market capitalization now stands at $8,867,175,756, showing a 6.11% increase in 24 hours.\u00a0<\/p>\n Usually, when the global market cap gains, it shows that many crypto assets are recording gains. But given that top assets are not gaining currently, network-related news or developments might be pushing SOL\u2019s gains.\u00a0<\/p>\n One of the recent events related to Solana is the prediction<\/a> that a former CEO of Goldman Sachs, Raoul Pal, released on it.\u00a0Pal, now the Real Vision CEO, stated that Solana could move the way Ethereum did after losing massively in 2018.\u00a0<\/p>\n Pal pointed out that ETH gained 47x times after it recorded a very low value in 2018. As such, he expects SOL to surge 20x its price now.\u00a0<\/p>\n Pal said, \u201cThere is a potential, a dream scenario, for SOL to do the same thing Ethereum did from its low in 2018 when it increased 47-fold. Solana\u2019s lowest price was $9, so the numbers could get very interesting with simple math. In my view, Solana could increase its value 20 times with current prices.\u201d<\/p>\n Based on SOL\u2019s daily chart above, the price trend is positive as the coin trades above the 50-day and 200-day Simple Moving Averages<\/a>. This position shows that SOL is sporting a bullish trend in the short and long term.\u00a0<\/p>\n Also, the Relative Strength Index (RSI)<\/a> currently stands at 68.78, close to the overbought region of 70. Since the line points upward, SOL will record more gains, but when it reaches the overbought zone, a trend reversal to the downside will likely occur.\u00a0<\/p>\n Lastly, the MACD line<\/a> is above the signal depicting a bullish trend. But again, the faded histogram bars suggest a possible trend reversal very soon.\u00a0So while SOL is currently bullish, traders should note the bars and the RSI pointing at a possible trend reversal.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The crypto market outlook is positive today, July 11, as its cap shows a gain of 0.69% at the time of writing.\u00a0But while the top assets struggle, Solana (SOL) shows impressive gains in the 24-hour and 7-day trends. At the time of writing, SOL has gained 6.07% in 24 hours and 14.52% in one week. The question now is, since SOL is gaining when other assets are losing, what\u2019s next for the crypto asset?<\/p>\n Solana is an open-source project utilizing the permissionless feature of the blockchain to offer decentralized finance solutions.\u00a0Since its launch in 2020, the crypto network has continued pushing its relevance. As of today, July 11, 2023, the crypto project occupies the 9th position on the Coinmarketcap<\/a> ranking.\u00a0\u00a0<\/p>\n Related Reading: Microstrategy Stock Surges 7% As Berenberg Highlights Bitcoin Halving\u2019s Impact<\/a><\/p>\n Apart from its rank, SOL is gaining today in price, trading volume, and market cap. The increased activities on its network have pushed the trading volume to $524,345,790, representing a 19.13% increase in 24 hours. Also, its market capitalization now stands at $8,867,175,756, showing a 6.11% increase in 24 hours.\u00a0<\/p>\n Usually, when the global market cap gains, it shows that many crypto assets are recording gains. But given that top assets are not gaining currently, network-related news or developments might be pushing SOL\u2019s gains.\u00a0<\/p>\n One of the recent events related to Solana is the prediction<\/a> that a former CEO of Goldman Sachs, Raoul Pal, released on it.\u00a0Pal, now the Real Vision CEO, stated that Solana could move the way Ethereum did after losing massively in 2018.\u00a0<\/p>\n Pal pointed out that ETH gained 47x times after it recorded a very low value in 2018. As such, he expects SOL to surge 20x its price now.\u00a0<\/p>\n Pal said, \u201cThere is a potential, a dream scenario, for SOL to do the same thing Ethereum did from its low in 2018 when it increased 47-fold. Solana\u2019s lowest price was $9, so the numbers could get very interesting with simple math. In my view, Solana could increase its value 20 times with current prices.\u201d<\/p>\n Based on SOL\u2019s daily chart above, the price trend is positive as the coin trades above the 50-day and 200-day Simple Moving Averages<\/a>. This position shows that SOL is sporting a bullish trend in the short and long term.\u00a0<\/p>\nWhat\u2019s Next For SOL Investors?<\/h2>\n
SOL Gains While Top Coins Loses, Any Reason?<\/h2>\n
What\u2019s Next For SOL Investors?<\/h2>\n