Decentral Block Post

Solana (SOL) dipped to a two-week low at around $35.50 on July 26, mirroring downside moves elsewhere in the crypto market. Nonetheless, technicals suggests that Solana's price flirts with the prospects of rising 40% in August.

SOL hits key inflection point

Ironically, the bullish setup for Solana emerges out of a classic bearish continuation pattern.

On the daily chart, SOL's price has been consolidating inside what appears to be a "bear flag," a technical pattern that develops during a downtrend and gets resolved after the instrument exits it with further price drops.

The so-called bear flag breakdown has not happened yet. Instead, SOL has been holding the lower trendline as support, raising possibilities of a sharp rebound toward the upper trendline, as illustrated in the chart below.

The rebound setup exposes SOL to a potential rally toward $49.50 in August, up 40% from today's price. The $49-$50 level had served as both support and resistance in May.

Bitcoin (BTC) fell to $21,000 on July 26 after it emerged that major United States cryptocurrency exchange Coinbase was under investigation.

$21,000 now "super critical" for BTC bulls

Data from Cointelegraph Markets Pro and TradingView showed a swift reversion to lower levels for BTC/USD as reports emerged of fresh legal problems for Coinbase over securities trading.

The U.S. Securities and Exchange Commission, Bloomberg originally reported, was looking into whether the exchange had allowed users to trade unregistered securities.

Part of a wider battle between the U.S. crypto industry and regulators over compliance, the move appeared to frighten the market, coming amid parallel allegations that a former executive conducted insider trading.

With that, Bitcoin was back to defending $21,000 as support on the day, with commentator Mark Cullen stressing that the level must hold for bulls to stay in control.

Bitcoin (BTC) fell to $21,000 on July 26 after it emerged that major the United States cryptocurrency exchange Coinbase was under investigation.

$21,000 now “super critical” for BTC bulls

Data from Cointelegraph Markets Pro and TradingView showed a swift reversion to lower levels for BTC/USD as reports emerged of fresh legal problems for Coinbase over securities trading.

The U.S. Securities and Exchange Commission, Bloomberg originally reported, was looking into whether the exchange had allowed users to trade unregistered securities.

Part of a wider battle between the U.S. crypto industry and regulators over compliance, the move appeared to frighten the market, coming amid parallel allegations that a former executive conducted insider trading.

With that, Bitcoin was back to defending $21,000 as support on the day, with commentator Mark Cullen stressing that the level must hold for bulls to stay in control.

While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people. 

Factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. Considering these factors, a Forex Suggest study revealed Hong Kong’s position as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. Despite having a bigger crypto infrastructure than the island nation, the United States and Switzerland made it to the top three with lower crypto-readiness scores of 7.7 and 7.5, respectively, as shown below.

The biggest factors considered in the study to calculate a country’s readiness were the number of crypto ATM installations proportional to the population and geographical size of the jurisdiction and the number of blockchain startups per 100,00 people. As a result, Hong Kong’s smaller land mass helped the country top the list. 

CoinATMRadar data shows that the U.S. houses 88% of the global crypto ATM installations. On the contrary, Hong Kong installed a network of 146 crypto ATMs, representing just 0.4% of crypto ATMs worldwide. Owing to the smaller area, Hong Kong residents are never more than 4.3 miles (7 kilometers) away from a crypto ATM.

On the other hand, Switzerland has a crypto ATM every 161.5 miles (260 km), while the U.S. has installed crypto ATMs every 168.3 miles (271 km).