The Solana price has remained largely motionless today, holding to $141.09 as the crypto market as a whole clings onto a 1% gain in the past 24 hours.
SOL has now lost 1.5% in a week and 11.5% in a month, although the fifth-biggest coin in the market is still up by a very healthy 580% in a year.
It also has plenty of gains to look forwards to, with VanEck’s head of digital assets research, Matthew Sigel, predicting yesterday that it’s one of the likeliest coins to see dedicated ETFs, following the recent Ethereum ETF approvals.
And when combined with Solana’s growth as a platform, SOL ETFs could really push the alt’s price much higher.
ETF Readiness Boosts Solana’s Prospects Over XRP
As far as Solana’s chart is concerned, the coin is in a mixed position, yet the recent overselling it witnessed should make it likelier that it continues to rise in the near term.
For instance, the relative strength index (purple) plunged to 30 early in July and, aside from a two-day rise, has been struggling ever since.
Source: TradingViewLikewise, the 30-day average (orange) has only recently risen above the 200-day average (blue), implying that the coin should rise a little further before a significant correction is really on the cards.
What’s particularly bullish for SOL is that its support (green) and resistance (red) levels are converging on each other, meaning that a big move should be coming very soon.
This is what many traders and analysts currently think, with some even predicting that the Solana price will hit four figures during the current cycle.
This Price Action on $SOL reminds me of July 2021
Structure and Sentiment, both similar.
We will see 4 figure Solana this cycle
Fade at your own peril pic.twitter.com/womBGFJvSq
— Zer0 (@degengambleh) July 5, 2024
This may be an ambitious target, yet the possibility of Solana ETFs could be a game changer for the coin later this year.
As mentioned above, VanEck’s Matthew Sigel appeared in an interview yesterday, and in particular he argued that a Solana ETF is much more likely than an XRP ETF.
His reasoning was that there’s more demand for a SOL ETF than there would be for an XRP equivalent, while he also praised Solana for its greater decentralization than Rippl/XRP.
VanEck has actually filed for a Solana ETF in recent weeks, so it may not be too long before we such funds appearing.
Assuming they do, the Solana price could hit $250 again by the end of the year.
Diversifying into New High-Potential Meme Tokens
Solana certainly looks ready to make some big gains in the second half of the year, yet it won’t be the only alt making waves.
Traders looking to diversify may also be interested in several highly promising new meme tokens, which are currently holding their presales and prepping to launch.
One of the best of these is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised over $7.2 million in its popular token offering.
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 is exciting so many investors because its launching its own AI-based chatbot.
Harnessing generative AI, the bot will answer questions from traders, helping them to identify high-potential coins and to time their moves.
It will also offer an atomic swap feature, enabling users to directly and quickly trade any token it recommends.
Another big draw is its MEV protection, which will help traders to make their moves ahead of front-running bots.
Such features could mean that WAI experiences very strong demand, given that the coin will be necessary to pay for WienerAI’s services.
The token will have a capped supply of 69 billion WAI, with 30% of this supply going to the sale.
It’s also worth mentioning that WienerAI’s X account now has more than 14,000 followers, a sign of its growing popularity.
Its community will be instrumental in supporting its price over the long run, as well as in attracting new followers.
The WAI sale is due to end soon, but latecomers can join by going the official WienerAI website, where 1 WAI currently costs $0.00073.
Buy WAI Today
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