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    Home » Price Prediction » Solana Price Prediction: SOL Pumps 7% This Week: Time to Dive In?
    Solana Price Prediction
    Price Prediction

    Solana Price Prediction: SOL Pumps 7% This Week: Time to Dive In?

    Ronaldo MarkueBy Ronaldo MarkueMay 24, 2024Updated:May 24, 2024No Comments3 Mins Read
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    Solana dropped 4.3% of its value in the last 24 hours, however, its price declined $166 on the day when no major bear hit the market.

    Although the market condition is unfavorable for Solana, still it produces a gain of 7% from the last week. Solana gained 22% in the last two weeks, an impressive 775% increase over the past year.

    As the coin holds strong long-term momentum, this can be an opportunity for traders to jump in and enjoy the dip as a discount before it spikes again.

    Solana Price Prediction: What Position It Can Achieve

    Solana’s price dropped slightly today, but if we see a chart, there is still a chance to rebound. If we talk about the relative strength Index, it has dropped to almost 30. This drop attracts the user as it indicates oversold coins.

    Source: Trading View

    The other indicator, Sol‘s 30-day average, is bending towards 200-days. When this average decreases to a point, there are chances for the coin to grow again.

    Considering a deep correction in its price is likely, not possible as the trading volume of Solana is still very high at $5.4 billion as per coinmarketcap.

    Now the concern is about the support of Solana, can it resist its support at $173? If it drops from the immediate support, it can possibly touch a figure of $160.

    If the toke recovers back to $173, a strong bounce is expected in the price of SOL. The upcoming approval of Ethereum ETF by the SEC can be a reason for the token to gain its price.

    It looks like the SEC might say “yes” to these applications. One good sign is that VanEck’s ETH ETF got listed yesterday on the DTCC under the ticker symbol ETHV.

    The approval of ETH will not just boost the price of Ethereum, it will also impact Solana. The approval can flood the AltRally to spike their price.

    NAH NO WAY TODAY IS REAL

    They’re shilling Solana as the next ETF on CNBC already

    Euphoricpic.twitter.com/bS9O1vWZ77

    — Farokh (發咯) (@farokh) May 22, 2024

    This could lead to a Solana ETF based on spot prices, potentially having a similar impact on Solana’s price as BTC ETFs did for Bitcoin in January.

    For this reason, we can expect that it can hit the mark of $200 in the next few weeks and a milestone of $250 by the end of September, based on its long-term momentum and Ethereum ETF approval.

    Disclaimer: Please note the article written above is just for knowledge purposes. Investing on behalf of this Article, BtcProNews is not accountable for any loss incurred. Please do the best research before investing.

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    Ronaldo Markue
    • Website

    Ronaldo, a freelance writer, specializes in blockchain and cryptocurrencies. Based in Rio de Janeiro but originally from New York City, he reviews ICO Whitepapers, writes crypto articles, and creates web content for blockchain platforms.

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