What will happen to the price of Solana

SOLANA (SOL) began May with confident growth, but soon lost the impulse, moving into the consolidation phase. After reaching peak values, the price of cryptocurrency remained in a narrow range.

Having completed May on a stable note, Solana (SOL) has several factors that may affect its price in June.

SOLANA needs institutional support

In May, the interest of institutional investors in Solana was low. The market was in the shadow of SUI growth-a new blockchain platform that attracted the attention of the developers. SUI received $ 23.9 million, while Solana attracted only $ 0.5 million. This indicator is lower than that of Cardano ($ 1.9 million) and Chainlink ($ 1.1 million) for the same period, which indicates a weakening of interest in Soolana.

Probably, in the coming months, the institutions will pay more attention to other blockchain projects. The lack of institutional participation threatens to lead to a loss of large investments, which may affect its long -term growth.

Despite the decrease in interest from the institutions, retail investors and whales continue to believe in its potential. Over the past month, the balance on exchanges has decreased by 4.13 million SOLs, which is equivalent to more than $ 677 million. This indicates that both small and large investors consider Solana underestimated at current levels.

The ongoing accumulation of SOL helps to avoid sharp falls of altcoin, even against the background of market fluctuations. Investors’ confidence indicates that the price of SOLA NA in June may not face serious falls, even if a bear’s mood prevails on the crypto.

Sol price can grow in June

At the time of writing, the SOLANA is traded at $ 164, which means an increase of 11.5% since the beginning of May, but a drop by 12% of the maximum of the month. During June, cryptocurrency, most likely, will continue to move in the range between the support of $ 161 and the resistance of $ 178. For a breakthrough above key levels, a strong impulse from a wider market will be required.

If SOLANA manages to overcome resistance at $ 178 and gain a foothold above, the price can rise to $ 188. This movement will support the forming Pattern “Golden Cross” when the 50-day EMA crosses the 200-day EMA. In the event of his command, Solana will receive a chance to get closer to many -month maximums.

However, investors should remember that historically June was a bear month for Solana. Cryptorank data show that over the past five years, monthly profitability has varied from negative to positive. But the median yield is -8.97%.

Thus, if the story is repeated and the general market signals become negative or investors decide to fix the profit, Solana risks facing a fall. The fall below $ 161 is fraught with a rollback of up to $ 150 or even $ 144. Such a subsidence can be canceled by a bull script.

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