Solana price gained a huge bullish momentum ever since the co-founder announced the plans of rolling out an SMS platform & Android phone. The price which had broken the falling wedge had broken out of the descending consolidation and rose high a week ago. However, the recent positive announcements did give the asset a larger boost which surged more than 25% in the past 24 hours. 

The SOL price even after a notable upswing, still appears extremely bullish. The price is constantly forming higher highs and lows aiming to regain the levels able $50 before the weekend. No doubt, reaching out to these levels is a tedious job as important resistance at $44, $46 and later at $48 may hinder the rally. However, a major SOL upswing is approaching fast which may raise the price towards the 3-digit figure very soon.

Also Read: Shiba INU(SHIB) in Top 15, This is When it May Enter the Top 10 Defying Dogecoin (DOGE)

According to the patterns formed in the weekly chart, the SOL price formed a constant higher low, starting in May 2021 and ending in June 2022. Moreover, each time, the asset reversed its trend, it began with a Doji candle forming at the end of the bearish trend registering the first green candle after accumulating massive bearish pressure. On the other hand, the altcoin market cycle consists of an 8-month plunge followed by an 8-month consolidation followed by a strong bullish wave. 

Therefore, the possibility of hitting a new low before the consolidation phase is much possible with the beginning of the current rally. Even if the bears strengthen their grip, the probability of a significant rebound toward the immediate resistance close to $75 surfaces. However, a 3-digit figure still appears pretty distinct and a strenuous job to achieve in 2022. 

After a few weeks of extended suffering and depressed price action, it appears that cryptocurrencies are finally seeing some relief. The total market capitalization expanded to slightly below $1 trillion and is pushing to recover above this psychological level at the time of this writing. However, this happened following massive volatility and considerable declines.

First things first, Bitcoin’s price charted an increase of about 4.2% in the past seven days and is currently trading at above $21,000. This isn’t to say that the week wasn’t tumultuous. On the contrary – just a few days ago – on Sunday, BTC dipped to a low of $17,622 (on Binance). The last time the cryptocurrency was trading at such a low level was back in December 2020.

Fortunately, buyers stepped in and managed to intercept any further declines. Since then, the price was able to recover and increased by almost 20%. Even though this might seem impressive, Bitcoin’s recovery was dwarfed by that of many leading altcoins, the best-performing of which seems to be SOL.

Solana is up a whopping 36% in the past seven days, and almost 50% since its lows reached on Sunday – June 19th. Other altcoins are also well in the green in the same timeframe. ETH recovered by some 13% – the same as BNB. ADA is up 5.2% and is evidently lagging behind the rest of the altcoins.

XRP is up 18%, whereas the two largest memecoins by means of total market capitalization – Dogecoin and Shiba Inu – are up 20% and 35%, respectively. Meanwhile, layer-two Ethereum scaling solution – Polygon (MATIC) – has also soared tremendously by more than 50% over the past week.

All of this comes on the back of many investors and community members calling for a bottom, although market sentiment remains largely depressed across the board. Data from the popular crypto Fear and Greed Index clocks in at 11, which, although an improvement from last week, is still far into “Extreme Fear” territory.

All in all, it’s very exciting to see how the weekly candle for most of the cryptocurrencies will close on Sunday and whether or not the current relief can extend into a broader recovery or if it’s just a dead cat bounce.

Market Data

Market Cap: $987B | 24H Vol: $76B | BTC Dominance: 40.8%

BTC: $21,130 (+4.2%) | ETH: $1,200 (+13%) | ADA: $0.49 (+5.2%)

This Week’s Crypto Headlines You Can’t Miss

Tether to Launch a British Pound-Pegged Stablecoin (GBPT) in July. Tether – the company behind the largest stablecoin by market cap USDT – will launch a new stable cryptocurrency. This time, it will be pegged to the British Pound and will carry the ticker GBPT. It’s supposed to go live in July.

Bitcoin Miners Sold 100% of Their Outputs in May: Analyst. According to analysis, Bitcoin miners have been heavily selling their proceeds over the month of May. Arcane Research analysts believe they sold even more BTC in the month of June. This could also be a sign that the price is getting closer to finding its bottom.

The Largest Investors’ Realized Loss in Bitcoin History Just Happened, But There’s Good News. Investors realized more than $7 billion in losses during the weekend’s crash. This is according to research compiled by the popular resource Glassnode. This took place as Bitcoin’s price plunged from $21,000 to below $18,000 during the weekend.

Harmony Bridge Hacked, $100 Million Worth of Ethereum Lost. A number of tokens were stolen through an exploit of Harmony’s Horizon bridge adding up to a total of around $100 million. These include wBTC, wETH, AAVE, and others. The team has started working with authorities to identify the culprit and retrieve the stolen funds.

Solana Announces a New Crypto Smartphone and a Web3 Developer Kit. Solana has announced that they will produce and ship a smartphone, and users are already able to sign up for the pre-order. It will cost approximately $1,000 and will be available for purchase early next year.

Binance Partners With Soccer Legend Cristiano Ronaldo to Launch Exclusive NFT Collections. The world’s leading cryptocurrency exchange – Binance – has teamed up with soccer legend Cristiano Ronaldo. The exclusive multi-year NFT partnership aims to onboard fans into the Web3 and NFT world.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the full price analysis.

Following Wednesday’s rollercoaster trading, which has seen bitcoin fall below $20,000 and altcoins collapse, crypto-assets calmed and recovered position today.

However, in the previous 24 hours, the worldwide crypto market cap grew 0.05% to $899.78 billion. Around the same timespan, however, total crypto market volume fell 5.85% to $66.53 billion.

Solana To Surpass Other Currencies

According to a well-known crypto expert, Solana (SOL) will outperform other digital currencies in the present phase.

Altcoin Sherpa, an anonymous analyst, warns his 178,800 Twitter followers that the renowned smart contract ecosystem might surpass various altcoins based on Bitcoin’s price fluctuations (BTC).

As per Altcoin Sherpa, he doesn’t really seem to be sure how far Solana could reach, but he anticipates obstacles around roughly $40. He believes SOL Price could fall if this one reaches $50. The smart contract network is now selling at $40.89 at the time of posting.

Decentraland (MANA) is the next cryptocurrency on which Altcoin Sherpa is positive. According to the expert, the virtual reality system is on the comeback after reaching rock bottom.

MANA is presently worth $0.92, up from the bottom of $0.74 in June.

He also reveals his prediction for ApeCoin (APE), one more metaverse token. He believes the cryptocurrency established for the non-fungible token (NFT) community of the Bored Ape Yacht Club might revert to the negative at $6. The current value of APE is $4.54.

In terms of Bitcoin, the expert predicts a “high time period negative marketplace.” At the time of this post, BTC is worth $21,284.