Why is Solana price up today?
Ripple's win against the SEC has propelled other altcoins' prices. SOL price spiked over 50% since the news hit the wire on July 13. The post Why is Solana price up today? appeared first on CoinChapter.
Key Takeaways:
- Ripple’s win against the SEC has propelled other altcoins’ prices.
- SOL price spiked over 50% since the news hit the wire on July 13.
NEW DELHI (CoinChapter.com) — Blockchain platform Solana’s native token SOL saw its price spike by over 50% from July 13’s low of $21.45. The surge in the token’s prices was probably a result of the news of Ripple’s winning in its lawsuit against the US Securities and Exchange Commission.
SOL prices spiked by nearly 25% on July 13 to reach a daily high near $26.8 before jumping over 26% on July 14. Should the uptrend continue, the Solana token’s price might rise to the resistance near $30.6.
Furthermore, breaking and holding above the immediate resistance level might help the SOL price challenge the resistance near $37 before downside corrections pare gains.
The rally also left SOL’s 50-day EMA (purple wave) poised to needle above the token’s 100-day EMA (blue wave). If the shorter EMA trendline breaks above the longer-term one, it will form a bullish pattern called the ‘Golden Cross.‘
Buyers often enter the market when the pattern forms, pushing prices higher.
On the other hand, should the rally fail due to the profit booking, the SOL price could crab before falling to the support near $25. Failure of the immediate support level could result in the Solana token price testing its 200-day EMA (green wave) support near $22 before recovering.
Meanwhile, the rally pushed SOL’s relative strength index into the overbought region, with a value of 82.88 on the daily charts.
Ripple Lawsuit Win Against SEC Propels SOL, Other Altcoins
Following Judge Analisa Torres ruling in Ripple’s favor, the altcoin market exploded, with the market cap spiking nearly 13% to reach a market cap of $620.4 billion on July 13. Moreover, the euphoria helped Bitcoin’s (BTC) price close above $31,000 for the second time in more than a year.
Ethereum (ETH) price also closed above $2,000 for the first time since April 2023. Other prominent altcoins, like Cardano (ADA), Avalanche (AVAX), and Polygon (MATIC), also registered double-digit gains following XRP’s win in the SEC lawsuit.
However, an appeal from the SEC against the ruling could reintroduce FUD in the market and force cryptos to pare gains.
The post Why is Solana price up today? appeared first on CoinChapter.
