Solana and BODEN: Impact of Biden's Exit, Will SOL Be Disturbed?

Bittime - Solana (SOL) has shown impressive performance so far this year. In the last two weeks, SOL recorded a significant rise to $187.15, witnessing a 52% recovery from the monthly low. However, this crypto coin has shown signs of being affected since Joe Biden announced his withdrawal from the 2024 American Presidential Election. Is that true?

SOL Performance Analysis

SOL's bullish performance shows buyer dominance, although signs of retracement appear. Over the weekend, SOL managed to break out of four-month descending resistance. However, SOL has now entered the resistance zone between $180 and $200, which was also a significant resistance zone previously.

Source: TradingView

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Technical Indicators

Indicators like RSI showed overbought conditions before a 3.41% correction in the last 24 hours. This resistance zone, along with the large number of traders taking profits, signals the potential for further retracement. The open interest map reveals a zone of interest at the $184 price level.

The Future of Solana

Despite the possibility of a short-term retracement, SOL's long-term outlook remains bullish. With the approval of an Ethereum ETF, Solana could be the next leading candidate. SOL's price increase this year was fueled by memecoins and network congestion, similar to Ethereum's performance during its 2021 bull run.

Impact of Biden's Exit on SOL and BODEN

In the Solana ecosystem, memecoin Jeo Boden (BODEN) plunged nearly 60% after US President Joe Biden announced he was withdrawing from the presidential race. This memecoin price reaction highlights how quickly real-world news impacts crypto assets.

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Conclusion

SOL's performance shows great strength and potential, despite the risk of short-term retracement. Integration with ETFs and reactions to real-world news indicate how dynamic this crypto market is.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.