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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Solana Price On The Rise: Key Resistance At $235 Could Spark Major Breakout

Ronaldo Marquez
Ronaldo Marquez
7 months ago
3 mins read
Synthetix

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Created by industry experts and meticulously reviewed
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Over the past week, the Solana price has reflected broader market trends, experiencing a slight decline of 1.3% in the last 24 hours. This decrease has led SOL to retest a crucial support level at $226. Despite this recent dip, experts believe that a successful breach of the $235 resistance could signal a continuation of the uptrend observed over the past six weeks.

Is The Solana Price About To Hit New All-Time Highs?

Market analysts report that Solana has shown resilience, rebounding towards the $230 mark after briefly hitting the $200 zone. If SOL can maintain momentum and surpass the $235 threshold, it may break the current price compression, potentially targeting a previous high of $264 in the near term. 

The co-founders of the market intelligence platform Glassnode, Yan Happel and Jan Allemann, noted that Solana’s daily Relative Strength Index (RSI) remains neutral, indicating that there is room for upward movement without being overbought.

In this context, they also suggest that if SOL gains traction, investors should monitor other tokens such as Jupiter (JUP) and Dogwifhat (WIF) for potential upward momentum.

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Despite trading at $226—13.5% below its all-time high of $263 achieved on November 23—The Solana price action is closely tied to broader market dynamics, particularly the anticipated regulatory framework under the incoming Trump administration. 

Experts believe that Trump’s pro-crypto stance could enhance the likelihood of approving spot Solana exchange-traded funds (ETFs) that have been filed by various asset managers earlier this year. 

Such approvals could pave the way for increased institutional adoption, a scenario that could significantly impact the Solana price and act as a catalyst on its path for new highs in the coming months.

Comparative trends in Bitcoin suggest that similar institutional actions could lead to substantial price gains; for example, Bitcoin reached a record peak above $73,000 just two months after its ETF approval in January of this year.

Solana Surpasses Ethereum As Top Ecosystem For New Developers

A recent report by Electric Capital highlights Solana’s growth as the leading ecosystem for new developers in 2024. This marks a significant achievement, as it is the first time since 2016 that any ecosystem has surpassed Ethereum in attracting new developers. 

In 2024 alone, Solana welcomed 7,625 new developers. However, Solana not only outpaced Ethereum but also emerged as the fastest-growing large ecosystem, with an impressive 83% year-over-year growth in monthly active developers. 

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The platform’s appeal has been particularly strong in Asia, with India leading as the top country for new developers, followed closely by the US, UK, Canada, and China. 

Solana’s focus on low-fee use cases has also positioned the network as a leader in decentralized exchanges (DEX) and non-fungible token (NFT) transactions, accounting for 81% and 64% of respective transactions across all chains.

Solana price
The daily chart shows SOL’s price retrace experienced over the past week after hitting its new record peak. Source: SOLUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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