Solana (SOL) Shows Signs of Recovery Amid Market Volatility

After last week's crypto bloodbath, the price correction for most cryptocurrencies continued during the weekend.

For the past two days Bitcoin as well as some altcoins showed resilience and erasing some of the recent losses

Solana (SOL) in particular is currently trading at $140.57 after a 15% increase since the 4-month bottom of $122.44, registered on the 5th of July.

This recovery follows recent market turbulence triggered by concerns over Mt. Gox Bitcoin reimbursements and large BTC sales by the German government. Increased inflows into BTC ETFs have also boosted sentiment.

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Analyst Ali Martinez noted similarities between SOL’s current price pattern and 2021, suggesting potential for a broader market rally.

#Solana seems to be mirroring the same price pattern we saw in 2021! Even the $SOL RSI is at the same level it was back then before the big bullish breakout. pic.twitter.com/5QQKjUlZcx

— Ali (@ali_charts) July 8, 2024

CoinCodex predicts SOL to reach $158.48 by month-end, up 11.2%, while Changelly forecasts a peak of $147.26 by July 2024.

The upcoming Ethereum ETF launch could further stimulate market activity, similar to the BTC ETF earlier this year, potentially driving a market-wide upswing.

Alexander Stefanov