The Solana price fell 8% in the last 24 hours, falling to $163.28 on a day when the cryptocurrency market as a whole lost 4%.
These declines follow news that the SEC has approved eight location-based Ethereum ETFs, following in the footsteps of the 11 Bitcoin ETFs that received 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 3.5% in a week.
However, its medium-long-term momentum remains enviable, and with the coin up 740% in a year, it has retained enough momentum to rebound strongly soon.
Solana Price Prediction As ETF Rumors Emerge – Is $10,000 SOL Possible?
What is positive about Solana’s chart is that it illustrates how the coin is near a bottom, after entering an oversold position.
Most importantly, its relative strength index (press) reached 30 in the past hour, which means it can’t really lose any more momentum.
This is happening while SOL’s 30-day moving average (orange) is about to drop below its 200-day (blue), at which point the coin will be close to a positive reversal.
So it will be interesting to see if the support level (green) can prevent a drop below $160.
If it can, we could see a rebound as soon as this weekend, while a dip below this level could bring a few more days of pain.
Still, one positive feature of Solana’s chart today is that its 24-hour trading volume remains quite high, at about $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 an ongoing demand for the token, although at the moment it seems whales would rather sell the coin than buy it right now.
Despite this, the medium and long-term forecast for the Solana price remains overwhelmingly positive.
As mentioned above, the SEC approved a list of mock Ethereum ETFs, and one of the reasons there was a market-wide dip today is that these ETFs haven’t actually launched yet.
But once they do, we can see an influx of volume and demand, first coming to Ethereum itself, but then filtering out in a general bullishness.
We are going to get a $SOL ETF ready.
— Anthony Scaramucci (@Scaramucci) May 24, 2024
Given Solana’s status as the next big utility token after ETH, it may soon be ready for its own mock ETFs.
The price of Solana could reach $200 in the coming weeks, and the potential launch of a SOL ETF could push it to $500 by the end of 2024.
If adoption continues, it could even reach $10,000 in the years and perhaps decades to come.
Presale tokens can help traders beat the market
There is little doubt that SOL will soon recover and enjoy a few more rallies, but it may take some time.
As such, traders looking for above-average returns in shorter timeframes may prefer to check out one of the many strong pre-sale tokens currently attracting investors.
One of the hottest of these is Sealana (SEAL), a Solana-based meme token that raised just over $2.5 million in its sale.
#Sealana is on his hog hitting the drive thru for his 4x Big Mac fix. But his hunger is insatiable! Only $SOL can keep this seal thick and ready for EPIC PROFITS 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 most likely new Solana-based meme token to join the ranks of other successful coins this year, such as WIF and BONK.
This is indicated by his growing raise amount, as well as by the popularity of his official X account, which gained more than 5,000 followers in a few weeks.
What this shows is that SEAL is increasingly successful in generating excitement and hype, which is likely to translate into a significant rally once it lists at the end of its sale.
As a meme coin, it opted for a quirky anthropomorphic seal as its mascot, which seems to do a good job of getting attention.
And SEAL also launched an Ethereum-based version of its token, making it a multi-chain cryptocurrency.
This can often lead to greater traction, with SEAL potential gaining more use on more applications over time.
Investors can join his beer by going to the official Sealana website, where they can buy at a rate of 1 SOL for 6,900 SEAL, which is approximately $0.025 per token.
Given its momentum and growing popularity, such a price will end up looking very cheap in a few weeks.
Buy SEAL Today
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.
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