Solana’s Future Outlook: Divergent Views on Traders Buying the Dip and yPredict’s Potential Surge
Solana ($SOL) has been one of the most talked-about cryptocurrencies over the past few weeks, soaring by 19% in late May before a sharp plunge in the first two weeks of June.
$SOL is now trading around the same level as it was at the start of the year, with traders debating whether the coin is set for a bullish turnaround – or whether the bearish momentum will continue.
While Solana’s future remains uncertain, other coins are carving out a niche in the market – with yPredict ($YPRED) and Ecoterra ($ECOTERRA) primed for growth in the coming weeks.
The Ongoing Saga of Solana Has Prompted Concern Among Traders
The $SOL price is currently hovering around $14.82, following a 35% drop since June 5.
Solana has now experienced five bearish daily closes in a row – the last time this pattern occurred was in early March.
Per CoinMarketCap, daily $SOL trading volume is now a mere $330 million, a 1.65% decrease in the past 24 hours.
On top of all that, Solana has also recently broken a significant support level, located at $16. Price rejected this level aggressively in early March, yet it was quickly passed last weekend – highlighting the intensity of the current bearish wave.
Given these dramatic fluctuations, a debate rages among investors: should they capitalize on this downturn by buying the dip, or should they entirely avoid $SOL?
Those with a bullish outlook argue that the current downtrend isn’t caused by anything directly related to the Solana blockchain. Instead, they claim it’s being brought about by the uncertainty stemming from the SEC’s recent actions – which include suing Binance and Coinbase.
These bullish traders point to other cryptos, like Bitcoin and Ethereum, that have also seen value declines in recent weeks – arguing that it’s not just Solana that is experiencing a challenging period.
Conversely, Solana bears take the opposite stance, pointing out that the SEC named $SOL as an unregistered security offered to investors through Binance and Coinbase.
The Solana Foundation, which handles the adoption and security of the blockchain, has fired back – claiming that $SOL is not a security.
Nonetheless, the fact that the SEC described it as a security has worried investors, given that it might result in exchanges deciding to de-list the token, making it more challenging for traders to buy and sell it.
Ultimately, the fate of Solana is now in the balance – and investors on both sides are keen for some