The Solana price slumped 8% in the past 24 hours to trade for $136.47 as of 00:07 a.m. EST.
While the SOL price dumped, trading volume surged 41% amid a frenzy of excitement about the possibility of a spot Solana ETF (exchange-traded fund).
🚀VanEck has filed for the first-ever Solana ETF in the U.S. Introducing the VanEck Solana Trust, aiming to harness Solana's decentralized power and high utility. Stay tuned! 🌟#AblesRT #sec #trading #VanEck #Solana #Crypto #ETF pic.twitter.com/SWJRylgSWs
— Sequential Rotation T Official (@SRTradeofficial) July 4, 2024
VanEck is the first company in the US to file for the financial instrument and head of research Mathew Sigel indicated its move is a play on the possibility that Donald Trump becomes president, and that the leadership of the Securities and Exchange Commission is changed.
VANECK PURSUES SOLANA ETF IN THE FACE OF REGULATORY CHALLENGES
VanEck's Matthew Sigel discussed the path to a Solana ETF while facing regulatory complexities, citing electoral impacts and SEC leadership changes.
"It all depends on the SEC chair," Sigel said, highlighting the… pic.twitter.com/ExI2IgMSHc
— IBC Group Official (@ibcgroupio) July 3, 2024
Solana Price Prediction
The Solana price is trading with a bearish bias, consolidating within a falling parallel channel with prospects for extended losses. While the centerline of the channel continues to hold as a support floor, how long this lasts is on the balance as sellers continue to overpower the bulls.
To start with, the Relative Strength Index (RSI) is recording lower highs, and has nosedived below the mean level of 50. It typically indicates that the Solana price could continue recording a downward trend as it approaches oversold conditions.
In the same way, the Moving Average Convergence Divergence (MACD) has crossed below the signal line (orange band). This crossing generally suggests that the short-term momentum has turned negative and the potential for a further decline in the stock price may be looming.
With such an outlook, the downtrend could extend for the Solana price to slip below the centerline of the channel. This would see the altcoin provide another buying opportunity at $130.79, or in a dire case, slip lower to collect the buy-side liquidity residing underneath.
GeckoTerminal: SOL/USD 4-hour chart
On the other hand, if the centerline holds as a support, a bounce atop this support floor could send the altcoin north. A stable candlestick close above $155.89 would vindicate the Solana price from the foothold of the bearish technical formation, effectively making SOL attractive to buy. Nevertheless, only a candlestick close above $175.91 would invalidate the bearish thesis.
Meanwhile, as the Solana price holds above support offered by the center line of the channel, investors continue to buy WienerAI (WAI), an AI meme coin that YouTuber Jon Trading says is the top AI crypto meme coin in 2024.
Promising Alternative To Solana
WAI is the native cryptocurrency behind the WienerAI ecosystem. It is a hybrid token using its AI capabilities to emulate the success of other canine meme coins like DOGE and SHIB.
The project combines animal memes, advanced AI tech, and a bit of processed meat humor. It has garnered a huge following, with its presale already soaring past $7 million in funds raised.
We've hit the $7M milestone! 🌭🚀
A huge thank you to our amazing community! The journey is just beginning, and the future is bright! 💰🐾 pic.twitter.com/ZPmTgXb6Lu
— WienerAI (@WienerDogAI) July 3, 2024
The WienerAI project will soon integrate trading bot capabilities to its platform. This AI-powered trading bot will deliver user-friendly AI-enhanced trading, seamless swap functionality, and zero fees.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
WienerAI boasts carefully designed tokenomics aimed at fostering long-term sustainability and growth. The team has already set aside 20% of tokens for staking rewards, where users can stake $WAI for an impressive 162% annual percentage yield (APY).
Our Dachshund is chillin' on the beach before the big launch! 🏖️🌭
Are you ready to catch the wave? 🌊 pic.twitter.com/6I41W6uWiM
— WienerAI (@WienerDogAI) June 15, 2024
Each WAI token is currently selling for only $0.000725. Buy soon if you are interested before a price hike strikes in about 34 hours.
Visit and buy WienerAI here using ETH, USDT, or a bank card.
Also Read:
What Sets WienerAI Apart from Floki Inu? A Deep Dive into Meme Coin Differences
WienerAI Brings Novel Twist to Crowded Meme Coin Sector With Hotdog-Canine-AI Hybrid
WienerAI Price Prediction – $WAI Price Potential in 2024 and Beyond
Are Crypto Presales Worth It? The Pros and Cons You Need to Know!
