The Solana price has dropped by 8% in the past 24 hours, falling to $163.28 on a day when the cryptocurrency market as a whole has lost 4%.
These declines follow the news that the SEC has approved eight spot-based Ethereum ETFs, which follow in the footsteps of the 11 Bitcoin ETFs that gained approval in January.
While this is entirely positive news, it appears to have led to a ‘sell the news’ correction, with SOL now also down by 3.5% in a week.
However, its medium- long-term momentum remains enviable, and with the coin up by 740% in a year, it has sustained enough impetus to rebound strongly soon.
Solana Price Prediction as ETF Rumors Emerge – Is $10,000 SOL Possible?
What’s positive about Solana’s chart is that it illustrates how the coin is close to a bottom, having entered an oversold position.
Most notably, its relative strength index (purple) has touched 30 in the past hour, meaning that it can’t really lose any more momentum.
Source: TradingView
This is happening while SOL’s 30-day average (orange) is about to dip below its 200-day (blue), at which point the coin will be close to a positive reversal.
It will, therefore, be interesting to see whether its support level (green) can prevent a drop below $160.
If it can, we may see a rebound as soon as this weekend, while a dive below this level could bring a few more days of pain.
Yet one positive feature of Solana’s chart today is that its 24-hour trading volume remains pretty high, at around $5.4 billion.
469,999 #SOL (82,669,656 USD) transferred from unknown wallet to #Binancehttps://t.co/kQ0osYTkpg
— Whale Alert (@whale_alert) May 24, 2024
This indicates ongoing demand for the token, although at the moment it seems that whales are likelier to sell the coin than buy it at the moment.
Even so, the medium- and long-term prognosis for the Solana price remains overwhelmingly positive.
As noted above, the SEC has approved a list of spot Ethereum ETFs, and one of the reasons why there has been a market-wide dive today is that these ETFs haven’t actually launched yet.
But once they do, we may see an influx of volume and demand, first coming to Ethereum itself but then filtering out into a general bullishness.
We are going to get a $SOL ETF get ready.
— Anthony Scaramucci (@Scaramucci) May 24, 2024
Given Solana’s status as the next major utility token after ETH, it could be poised for its own spot ETFs soon.
The price of Solana could hit $200 in the coming weeks, and the potential introduction of a SOL ETF might drive it to $500 by the end of 2024.
If adoption continues, it may even reach $10,000 in the years and perhaps decades to come.
Presale Tokens Can Help Traders Beat the Market
There’s little doubt that SOL will recover soon and enjoy some more rallies, yet it could potentially take some time.
As such, traders looking for above-average returns in shorter timeframes may prefer to check out one of the numerous strong presale tokens currently attracting investors.
One of the hottest of these is Sealana (SEAL), a Solana-based meme token that has raised just over $2.5 million in its sale.
#Sealana’s on his hog, hitting the drive-thru for his 4x Big Mac fix. But his hunger’s insatiable! Only $SOL can keep this seal chonky and ready for EPIC GAINS and LAMBO dreams. Load him up for a ride to success!
Send SOL to – DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c… pic.twitter.com/lq8lxfR6cB
— Sealana (@Sealana_Token) May 5, 2024
SEAL looks like the likeliest new Solana-based meme token to join the ranks of other successful coins this year, such as WIF and BONK.
This is indicated by its growing raise amount, as well as by the popularity of its official X account, which has accrued over 5,000 followers in only a few weeks.
What these show is that SEAL is being increasingly successful in generating excitement and hype, which is likely to convert into a significant rally once it lists at the end of its sale.
As a meme coin, it has opted for a quirky anthropomorphic seal as its mascot, which seems to be doing a good job in gaining attention.
And SEAL has also launched an Ethereum-based version of its token, making it a multi-chain cryptocurrency.
This can often result in greater traction, with SEAL potential gaining more use on more apps over time.
Investors can join its ale by heading over to the official Sealana website, where they can purchase at a rate 1 SOL for 6,900 SEAL, which is roughly $0.025 per token.
Given its momentum and growing popularity, such a price will end up seeming very cheap in a few weeks.
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