Solana Price Prediction: As ETF Rumors Emerge Is $10,000 SOL Possible?
The launch of these ETFs follows the news of the SEC’s approval of eight spot Ethereum ETFs, which follows the approval of 11 Bitcoin ETFs in January. While this was entirely positive news, it appeared to have resulted in a "tank out" correction, with SOL also down 3.5% over the week.
However, the medium- to long-term momentum remains enviable, and with the coin up 740% in a year, it has more than enough momentum to rebound strongly soon.
Solana Price Prediction: As ETF Rumors Emerge, Is $10,000 SOL Possible?
One positive aspect of the Solana chart is that it shows that the coin is near a bottom and has entered oversold conditions.
Most notably, its relative strength index (RSI, purple) hit 30 on the hour earlier, meaning it has little more downside momentum.
Currently, SOL’s 30-day EMA (orange) is on the verge of breaking below its 200-day EMA (blue), at which point the coin is approaching a positive reversal point. Therefore, it will be interesting to see if its support level (green) can prevent a fall below $160.
If it does, we could see a rebound towards the end of the week; a break below this level could bring more days of losses.
However, one positive feature of Solana's Friday chart is that its 24-hour trading volume remains quite high at around $5.4 billion.
This shows that demand for the token remains strong, although whales are currently more likely to sell than buy.
Even so, the mid- to long-term outlook for Solana price remains very positive.
As mentioned above, the SEC has approved a series of spot Ethereum ETFs, and one of the reasons for the overall market decline today is that these ETFs have not actually launched yet.
But once launched, we will likely see an influx of trading volume and demand, starting with Ethereum itself and then gradually spreading to bullish sentiment across the market.
Pre-sale of tokens can help traders beat the market
There is no doubt that SOL will recover and enjoy more upside soon, but it may take some time.
Therefore, traders looking for above-average returns in a shorter period of time may prefer to focus on some of the strong pre-sale tokens that are currently attracting investors.
One of the hottest is Sealana (SEAL), a Solana-based meme token that has raised over $2.5 million in its sale.
SEAL looks like one of the new Solana meme-based coins most likely to join the ranks of other successful coins this year, such as WIF and BONK.
This is demonstrated by its growing fundraising, as well as the popularity of its official X account, which has amassed over 5,000 followers in just a few weeks.
These all show SEAL's increasing success in generating excitement and hype, which is likely to translate into significant upside once it hits the market at the end of the sale.
Being a meme coin, SEAL has chosen a quirky anthropomorphic seal as its mascot, which seems to do a great job of attracting attention.
Additionally, SEAL has launched an Ethereum-based version of its token, making it a multi-chain cryptocurrency.
This tends to lead to greater impact, and SEAL is likely to see greater use on more applications over time.
Investors can participate in its sale by heading to the official Sealana website, where they can purchase tokens at a price of 1 SOL for 6,900 SEAL, which is approximately equivalent to $0.025 per token.
Given its momentum and growing popularity, such a price will appear very cheap in a few weeks.
Buy SEAL today: https://cn.cryptonews.com/ext/sealana-cn/
Original text: https://cn.cryptonews.com/news/solana-price-prediction-as-etf-rumors-emerge-is-10000-sol-possible.htm
