- Huge long liquidation in Solana crypto is recorded in the last 24 hours.
- A surge in the revenue of Solana has been recorded in the previous 30 days.
As per an X post of @bitcoinlfgo, BlackRock is well-prepared to apply for Solana ETF next month. This news has the potential to create a huge sensation in the price of the crypto. Despite this, the tweet gives an alert for this news to be a rumor. Thus, one must wait for updates from Solana or Blackrock’s official social handles.
RUMOUR
BLACKROCK ALL SET TO APPLY FOR $SOL ETF NEXT MONTH . pic.twitter.com/TTMtiVnfBE
— BITCOINLFG® (@bitcoinlfgo) June 11, 2024
Solana crypto has a solid market presence as it is the 5th largest cryptocurrency in the global cryptocurrency market. It has a market cap dominance of 2.75% with a market cap value of $70.528B.
Also, the maximum supply of Solana is infinite, and the current circulating supply of the crypto is 461.55M SOL. The SOL crypto’s price has advanced by 30000% from its all-time low price of $0.5052 in the last 4 years.
When writing, the trading volume of Solana has witnessed an advance of 18.6% in the last 24 hours. It shows a surge in the number of investors and traders actively trading the crypto.
Solana Crypto Blockchain Data Overview
The stablecoin market cap and the total value locked (TVL) are surging as per the DefiLlama.
![Solana](https://chezmanu-lausanne.com/wp-content/uploads/2024/06/Solana-ETF-Ahead-Is-The-Price-Ready-For-New-All-time.png)
The fees of the Solana have advanced by 45.8% in the last 30 days, followed by an advance of 22% in the token incentives of the crypto. There has also been a surge of 33% in active crypto users, resulting in a total of 11.94 M users.
Moreover, the current TVL for the crypto is $4.345B, and the stablecoins’ market cap is $3.009B.
SOL Crypto Technical Analysis
The SOL crypto price has remained above a long-term trendline for over six months.
![Solana](https://chezmanu-lausanne.com/wp-content/uploads/2024/06/1718247732_744_Solana-ETF-Ahead-Is-The-Price-Ready-For-New-All-time.png)
It is trading very close to its long-term trendline, which means it is in a strong buying zone. The overall character and the trend of the crypto are also bullish.
Following the trendline, SOL has given more than 250% returns to its investors.
Further ahead, if the price forms bullish candlestick patterns on the daily chart, optimism is possible, and that might lead to all-time highs.
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SOL/USD Chart by TradingView
The SOL crypto price is trading below the 50-day EMA, whereas the 50-day and the 200-day EMAs have been trading in a golden crossover for a long time. It shows that the overall sentiment of the crypto is bullish.
Conversely, the MACD is trading in a bearish cross and is declining towards the bearish trajectory. This is followed by the formation of bearish histograms on the indicator.
The RSI also follows a bearish cycle, declining below the 14-day SMA at press time. It is trading at 41.8 at press time, showing profit booking in the SOL crypto price.
Summary
Rumors suggest BlackRock may apply for a Solana ETF, potentially surging the SOL price, but confirmation is needed.
Despite recent gains and strong market presence, massive long liquidations and bearish technical indicators signal uncertainty. Investors should await official updates and monitor market trends before making decisions about SOL’s future prospects.
The support levels for the SOL crypto are $119.0 and $142.0, while the resistance levels where the crypto price might take pause are $175.0 and $210.0.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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