Solana Price Prediction as ETF Rumors Emerge – Is $10,000 SOL Possible?

Last updated: May 24, 2024 at 7:27 a.m. EDT | 3 minutes of reading

THE Solana Price fell 8% in the last 24 hours, falling to $163.28 on a day when the broader cryptocurrency market lost 4%.

These declines follow the announcement that SEC approved eight spot-based Ethereum ETFswhich follow in the footsteps of the 11 Bitcoin ETFs approved 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 mid-to-long term momentum remains enviable, and with a 740% rise in one year, the coin 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 close the coin is to a bottom, after entering an oversold position.

Most notably, his Relative Strength Index (purple) has reached 30 in the last hour, meaning he can’t really lose momentum anymore.

Source: TradingView

This is happening as SOL’s 30-day average (orange) is about to drop below its 200-day average (blue), at which point the coin will be close to a positive reversal.

It will therefore be interesting to see if its support level (green) can prevent a fall below $160.

If so, 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 aspect of Solana’s chart today is that its 24-hour trading volume remains quite high, at around $5.4 billion.

This indicates continued demand for the token, although at the moment it appears that whales are more likely to sell the token than buy it at the moment.

Nevertheless, the medium and long term forecasts for the price of Solana remain extremely positive.

As noted above, the SEC approved a list of Ethereum spot ETFs, and one of the reasons there was a market-wide drop today is because these ETFs did not yet been launched.

But once they do, we could see an influx of volume and demand, first arriving on Ethereum itself but then turning into a general uptrend.

Given Solana’s status as the next major utility token after ETH, it may soon be ready to launch its own spot ETFs.

Solana’s price could reach $200 in the coming weeks, and the potential introduction of a SOL ETF could take it to $500 by the end of 2024.

If adoption continues, it could even reach $10,000 in the years or even decades to come.

Presale Tokens Can Help Traders Beat the Market

There is no doubt that SOL will recover soon and benefit from further rallies, but it could potentially take some time.

As such, traders looking for above-average returns in shorter time frames may prefer to consult one of the many strong presale tokens currently attracting investors.

One of the hottest of them is Sealana (SEAL), a meme token based on Solana which raised just over $2.5 million during its sale.

SEAL appears to be the new Solana-based meme token most likely to join the ranks of other blockbuster coins this year, such as WIF and BONK.

This is indicated by the increasing amount of its raise, as well as the popularity of his official X accountwhich has gathered more than 5,000 subscribers in just a few weeks.

What this shows is that SEAL is increasingly successful in generating enthusiasm and hype, which is likely to turn into a significant rally once it lists at the end of its sale .

As a coin, he opted for an original anthropomorphic seal as a mascot, which seems to do a good job of attracting attention.

And SEAL also launched a version of its token based on Ethereum, making it a multi-chain cryptocurrency.

This can often result in greater traction, with SEAL’s potential being increasingly used across more applications over time.

Investors can join in his beer by visiting Sealana official websitewhere they can purchase at the rate 1 SOL for 6,900 SEAL, or 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

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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