May 24, 2024 3:57 pm CEST
| 3 min read
The Solana price fell by 8% in the last 24 hours, and the token is trading at $163.28 on a day in which the entire cryptocurrency market lost 4%.
These drops follow news that the SEC has approved eight spot ETFs on Ethereum which follow in the footsteps of the 11 Bitcoin ETFs that gained approval in January.
While this is decidedly positive news, it appears to have led to a downward correction in prices. Now SOL is also down 3.5% in a week.
However, its medium to long-term momentum remains enviable and, with a 740% increase in the space of a year, it has maintained enough momentum for a strong rebound in the short term.
Solana Price Prediction: ETF Rumors Emerge, Could SOL Hit $10,000?
The good thing about Solana’s graph is that the currency is close to a minimum level, having entered an oversold position.
Notably, its relative strength index (purple) has hit 30 in the past hour, meaning it cannot lose any further momentum.
This is happening as SOL’s 30-day average (orange) is about to fall below its 200-day average (blue), at which time the coin will approach a positive reversal.
It will be interesting to see if its support level (green) can avoid a fall below $160.
If he succeeds, we could see a rebound as early as this weekendwhile a drop below this level could bring a few days of further losses.
A positive element of Solana’s chart today is that the trading volume over the last 24 hours remains quite high, around $5.4 billion.
This indicates continued demand for the token, although at the moment it appears that i https://twitter.com/whale_alert/status/1793814999929872770
However, the medium- and long-term prognosis for Solana’s price remains decidedly positive.
The SEC’s OK to Ethereum ETFs changes the cards on the table
As indicated previously, The SEC has approved a list of spot ETFs on Ethereum and one of the reasons for the overall market decline today is that these ETFs haven’t actually launched yet.
But once they are, we could see an influx of volume and demand, initially targeting Ethereum itself, then spilling over into a generally bullish environment.
https://twitter.com/Scaramucci/status/1793802801606279418 as an important utility token after ETH, the opportunity to launch a short-term spot ETF may soon arise.
Solana’s price could reach $200 in the coming weeks and the possible introduction of a spot ETF on SOL could push it to $500 by the end of 2024.
If adoption continues to grow, it could even reach $10,000 in the next few years and perhaps decades.
Pre-sale tokens can help traders outperform market returns
There is no doubt that SOL will recover soon and have further rallies, but it may take some time.
Therefore, traders looking for above-average returns in shorter time periods may prefer to take a look at one of the numerous pre-sale tokens currently attracting investors.
One of the most interesting is Sealana (SEAL), a meme coin developed on Solana that raised just over $2.5 million in its pre-sale.
SEAL appears to be Solana’s new high-potential meme coin capable of joining the ranks of other successful cryptocurrencies that have appeared this year, like WIF and BONK.
This is demonstrated by the success of the presale which has already raised a significant amount, and the growing popularity of the social accounts. The official X account acquired over 5,000 followers in just a few weeks.
SEAL is becoming more and more effective at generating excitement and hype, which probably is will result in a significant rally once it is priced at the end of the pre-sale.
As a symbol, the meme coin has opted for an eccentric anthropomorphic seal which seems to do a good job of attracting attention.
Additionally, SEAL launched an Ethereum-based version of its token, also becoming a multi-chain cryptocurrency.
This could favor a increased SEAL adoption which may find broader use over time.
Investors can participate in the pre-sale by visiting the Sealana official websitewhere it can be bought at the exchange rate of 1 SOL for 6,900 SEALs, which is equivalent to approximately $0.025 per token.
Given its momentum and growing popularity, this price will seem very affordable in a few weeks.
Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.
