Solana Price Prediction as SOL Trading Volume Hits $2.5 Billion

Last updated: May 13, 2024 at 5:34 p.m. EDT | 2 minutes of reading

Solana Price Prediction as SOL Trading Volume Climbs to $2.5 Billion – Are Whales Buying the Dip? / Source: Cryptonews

Solana (SOL) price rallied to test $150 from previous session lows below $140 amid rising trading volumes as traders await a barrage of upcoming releases. US economic data later in the week.

According to Yahoo Finance, trading volumes on major exchanges exceeded $2.5 billion on Monday. This is the highest level since last Tuesday.

The impressive price rise still leaves the Solana price well within its $120 to $160 range over the past month.

Wednesday US CPI and Retail Sales could shake things up as traders weigh the interest rate outlook.

But before that, the focus is on meme plays (and meme actions) after Roaring Kitty’s sudden return.

Its return comes with very low gas fees on major blockchains like Ethereum.

Solana establishes itself in 2024 as number one piece of money blockchain.

If The Return of Roaring Kitty coupled with low gas fees, you can start a new coin season, Solana could be a key beneficiary.

Solana Price Prediction – Are Whales Buying the Dip?

Bitcoin (BTC), last priced at $63,000, also remains stuck in multi-month ranges and is unlikely to see a major breakout soon.

The macroeconomic backdrop remains uncertain, with traders unsure when and how quickly the Fed will cut rates.

Spot Bitcoin ETF the flows slowly stopped. The April halving proved to be a news-selling event, with results post-reduce by half rallies usually don’t happen for 4-6 months.

And we are heading into summer, typically a moderate/bearish period for Bitcoin.

So, Bitcoin could easily remain stuck in recent ranges for the foreseeable future. And that suggests Solana may also be stuck in recent ranges.

But say piece of money the season returns and Solana meme pieces take center stage.

A break above $160 would open the door to a quick return to $200.

If it manages to break above the $160 resistance, Solana price is likely to quickly rally back to $200. Source: TradingView

However, if meme season fails and the broader market malaise turns into a selloff, Solana could fall.

$120 is key long-term support. If this level exceeds, a rapid test of $100 or less would be considered.

Alternatively, Solana price would likely drop below $100 if it breaks below the $120 support. Source: TradingView

Such a sell-off would likely see short-term holders with low tolerance for a pullback, often referred to as “crypto tourists”, panic selling into the hands of more convinced buyers and whales.

Such capitulation is not yet evident. But you can bet that at less than $100, Solana’s whales will flock to harvest more.

And that would be a good sign of a short-term bottom.

Solana Alternative to Consider – Slothana (SLOTH)

An exciting new Solana coin called Slothana (SLOTH) has had an incredible start to life since its recent launch.

The sloth-themed meme coin has grown 550% since its launch on May 1, with a market capitalization now approaches $100 million.

Slothana aims to supplant its predecessor, Slerf (SLERF), which at one point had a market capitalization of nearly $500 million.

But Slerf has since fallen back to $145 million. Slothana may soon take the crown for largest Sloth coin.

As the risk appetite for meme coins returns, they could become a multi-billion dollar coin. Slothana is a good bet for the next GME stock.

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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