Solana Endorsed by Hedge Fund CEOs but SOL Price Still Indecisive
SOL price remains trading sideways but crypto Hedge Funds are bullish. Will SOL make an upturn soon?
Key Takeaways
- Solana has received strong endorsements from hedge fund CEOs.
- SOL’s price remains uncertain despite network performance.
- Key resistance at $160 could determine SOL’s next move.
Solana continues to receive strong endorsements from top hedge fund CEOs. Asymmetric’s CEO called it “the fastest horse in crypto”, while Real Vision’s CEO highlighted its impressive metrics compared to other blockchains.
Despite these endorsements, SOL‘s price action remains uncertain, struggling to break out of its current range. The market has yet to reflect this optimism in SOL’s price, leaving investors waiting for a decisive move.
Why Are Hedge Fund CEOs Bullish on Solana?
Hedge fund CEOs are bullish on Solana for several reasons. Joe McCann, the CEO of Asymmetric, expressed strong confidence in Solana’s potential in a recent Wealthion podcast episode .
McCann’s bullish stance is rooted in Solana’s scalability and efficiency. McCann believes Solana’s scalability and efficiency gives it an edge over other major blockchains, like Ethereum. He sees Solana as a viable alternative, that could surpass Ethereum in terms of performance and adoption, particularly due to its faster transaction speeds and lower costs.
Raoul Pal , CEO of Real Vision, echoes this optimism, pointing to Solana’s metrics as a driving factor for his bullish outlook. Pal praised Solana’s dominance in decentralized exchange volumes. He also noted its ability to handle high transaction throughput without compromising speed or efficiency.
Both CEOs view Solana as a blockchain with the potential to lead the next wave of growth in crypto despite current price indecision.
SOL Price Analysis
SOL’s price fell to a low of $110 on Aug. 5. However, it recovered quickly, closing above its crucial $130 support level. This rebound suggests that the long correction phase from its mid-March high of $210 may have ended.
However, after reaching resistance around $160, SOL has retraced to the $136 area on Aug. 16 and is moving up, leaving two potential scenarios.
If SOL dips below $130 again, it could invalidate the start of a new uptrend, signaling further downside. On the other hand, staying above $130 and breaking through $160 resistance could confirm a new bullish phase, potentially pushing SOL toward $200 or higher.
The four-hour chart technical indicators RSI and MACD are still in a medial value range. With SOL’s price action remaining sideways since Monday, Aug. 12, it is showing indecision. The next move will determine the future outlook. This is because it should confirm whether or not SOL is in a bullish or a bearish scenario.
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