Solana price could move 10% north if it stays above this level

Renowned analyst Benjamin Cowen warns that Solana (SOL) may follow a similar price trajectory as Cardano (ADA), potentially experiencing a dip below $10 before rebounding and seeing substantial gains, although historical parallels do not guarantee identical outcomes.

Bitcoin and Ether rose over 3% to reach their highest prices in a week, while Solana, NEAR, Cardano, Polkadot, and Binance's altcoins also experienced gains, following a surge in traditional markets; however, experts predict that the downtrend in digital assets may continue for the next few weeks.

Solana (SOL) and Cardano (ADA) led the gains in the crypto market as Bitcoin (BTC) gradually recovered, with large holders returning to the market aiding the recovery.

The total value of assets locked in Solana's blockchain has increased by 50% since the beginning of 2023, with the volume of transactions also rising, indicating a potential recovery in SOL price despite its current downward trend.

Solana (SOL) has the potential for significant gains in the next bull market, as it competes against other projects in the crypto space, while Binance Coin (BNB) faces uncertainty due to regulatory developments in the United States.

Collapsed crypto exchange FTX's new management is potentially planning to sell its large holdings of Solana (SOL) cryptocurrency, prompting Solana co-founder Anatoly Yakovenko to suggest distributing the SOL to ex-FTX customers as a "win-win" solution.

Solana (SOL) is predicted to outperform Ethereum (ETH) in the next risk expansion in crypto markets, according to venture capitalist Chris Burniske.

Interest in altcoins may have waned, but Solana remains the most loved altcoin amongst investors, with $700,000 invested in it over the past week and $26 million year-to-date inflows.

The price of bitcoin fell nearly 1% in the past 24 hours to below $25,700, following a surge last week after Grayscale's court victory, while the announcement of extended oil production cuts by Saudi Arabia and Russia could be bearish for bitcoin prices. However, Solana's SOL token saw a 3.7% increase after Visa's announcement of expanding its stablecoin settlement capabilities with Circle's USDC stablecoin to the Solana blockchain.

Visa's announcement of expanding its stablecoin capabilities to the Solana blockchain caused a 5% increase in the value of Solana's sol token, which aims to rival Ethereum due to its speed and cost effectiveness.

Ether's price has been supported by the Federal Reserve's injection of $300 billion, but doubts are growing about its ability to sustain this level due to bearish sentiment in the cryptocurrency market and declining metrics on the Ethereum network, including a decrease in the number of ETH investors and a decline in activity on decentralized applications. Competitors such as Solana are also benefiting from stablecoin volumes, and there is an increased likelihood of Ether's price dropping below the $1,600 support level.

FTX, the failed crypto exchange, owns $1.16 billion worth of Solana (SOL) tokens, which represents over one-third of its total liquid crypto portfolio.

Crypto markets experienced a decline as FTX's potential selling pressure raised concerns, causing Bitcoin to fall below $25,000 for the first time since mid-June, and altcoins to underperform, particularly Solana (SOL).

Solana (SOL) has the potential for exponential gains in the long term, according to a crypto trader, although short-term volatility and a potential liquidation from FTX could cause temporary price drops.

Solana's price dropped significantly after the collapse of FTX and the approval of the sale of FTX's digital assets, but there is potential for a counter move to the upside due to FTX's holdings being locked until 2025-2028 and the possibility of a short squeeze.