Solana currently ranks as one of the safe havens in the crypto market. While all other altcoins are in the red zone, SOL remains profitable due to the potential of the newly launched Solanax DEX platform.
At the time of writing, SOL is trading at $30.80 on major exchanges after a 14.34% increase in 24 hours.
Solana Price Analysis
The Solanax platform plans to end its private sale, which it started as an Initial Exchange Offer (IEO), on June 25. This sale is expected to increase the demand and value of the token. Investors who think that prices will increase during this period may cause the latest SOL uptrend.
Solana Price Analysis June 23
Figure 1. Solana price analysis.
Solana’s biggest drop occurred in May, when the coin started trading around the $19.50 support levels. However, the price created a new buying position for short-term investments. This helped to reverse the bear market. In June, Solana experienced constant fluctuations.
The current support level for the SOL appears at $30, but bulls are more likely to take profits at a higher rate. If the token manages to stay above the $30 support levels, it could gain momentum so it can climb to $40. Such a bullish trend can happen in the short term for now.
If Solana closes below $30 in any trading period this week, there could be overwhelming selling pressure that could renew the downtrend experienced in May. Such a turn might force the SOL to support the $20 and $22 levels and it could slide back to $19.50.
Solana’s uptrend is possible due to the increasing use cases of the blockchain. Solana is one of the fastest blockchains because it works with unique consensus algorithms. Estimates reveal that the speed at which blockchain processes transactions is faster than Visa.
We may soon see DeFi developers join Solanax to launch NFTs and other DeFi protocols. These developers will have to buy the SOL coin to use the blockchain, thus increasing the value of SOL. For this purpose, Solana makes a great investment, especially for investors who want to hold long-term.