- Investors shifted their attention from SOL to memecoin.
- SOL’s troubles may ease ahead of the US election, according to a cryptocurrency hedge fund.
From August, Solana (SUN) The range was limited to the $160-$120 range.
However, Quinn Thompson, founder of cryptocurrency hedge fund Lekker Capital, believes a strong breakout is likely.
According to Thompson, Solana has remained silent as cryptocurrency natives shift their focus to cryptocurrencies. Meme Coin rally.
“Despite the fact that most memecoin activity is taking place on SOL, this has not helped the SOL token price much as memes are being purchased by crypto capital that would normally purchase SOL or other alternative assets.”
Potential Impact of US Elections
Thompson added that Trump’s chances of being elected are increasing. american elections can drive strong Bitcoin (BTC) It gives rise to an upward trend and eventually improves SOL.
“This will soon change as BTC regains steam and starts trending again. This will then have the greatest impact on SOL and ultimately cause a SOLETH breakout.”
On the prediction site PolymarketTrump has maintained a growing lead over Kamala in October. This strengthened Thompson’s bullish outlook for BTC and SOL. Speculators currently estimate Trump’s odds of winning at 54%, compared to Harris’ 45.3%.
Source: Polymarket
That meansPositive sentiment for altcoins has hit a nine-month high, according to Santiment data. This highlighted the growing confidence of speculators. S.O.L.’s stomach Potential.
However, overall, Market Prophit is data The sentiment analysis for the SOL market was different.
At the time of writing, sentiment towards both crowds and smart money is negative. This means increased near-term caution as SOL’s recovery approaches key resistance levels.
Source: Market Prophet
As of press time, SOL’s recent recovery has reached the 200-day moving average (MA) of $151, with another overhead hurdle awaiting at the intermediate resistance level of $160. For the recovery to extend to $180, the $160 hurdle had to be removed.
Source: SOL/USDT, TradingView