Can Solana Hit $500 by July End? Latest Price Prediction

The price of Solana has risen by 2.5% in the past 24 hours, climbing to $177.75 on a day when the cryptocurrency market has barely scraped a 0.3% gain.

This means SOL is now up by an impressive 16% in a week and by 32% in a month, with the altcoin – the fifth-biggest crypto in the market – also sitting on a very handsome 585% increase in a year.

These percentages make it one of the best-performing major tokens over short, medium and longer terms, with the alt retaining plenty of momentum that could see it push further in the coming weeks.

Indeed, it may be on course to break its ATH of $259 by the end of the year, particularly if rate cuts arrive and Solana receives its very own ETFs.

Can Solana Hit $500 by July End? Latest Price Prediction

SOL has actually dipped by 0.5% in the past hour, undercutting some of the short-term momentum it built last night.

Its indicators may therefore suggest that a small correction could be coming, with its relative strength index (purple) dropping to 50 this morning.

Having said that, it appears to have retarded its drop and could be about to bounce back again, with Solana looking as though it may be en route towards beating its high for 2024.

The alt’s 30-day moving average (orange) has also been rising healthily above the 200-day (blue), and while it had flattened its ascent in the past few hours, it could still have enough strength to resume its recent bullishness.

One note of caution is that some whales have been preparing to sell today, according to transfer data.

196,068 #SOL (35,167,639 USD) transferred from unknown wallet to #Binancehttps://t.co/07OafQEuVK

— Whale Alert (@whale_alert) July 22, 2024

Of course, analysts may interpret transfers to exchanges as indications that whales believe an assets price will rise soon.

And Solana certainly looks like it could continue to gain in the short- and long-term.

For instance, we’ll see the first Ethereum ETFs launching tomorrow, which prepares the ground for Solana ETFs later in the year.

And if SOL ETFs do arrive, there’s little doubt that Solana would rocket.

It’s likely to continue rising by virtue of its fundamentals, with the Solana network now boasting a total value locked in of just over $5 billion, making it the third-biggest layer-one network in the sector.

In such a context, Solana looks ready to beat its current ATH of $259 in the final quarter of the year.

Diversification into New Meme Coins Could Pay Off

While Solana easily remains one of the most promising top-ten coins, traders may increase their chances if they also diversify into smaller cap tokens and newer meme coins.

Such cryptos can often outperform the market by a big margin, with several promising presale coins looking as though they’re ready to surge once they list a little later in the year.

A great example of this comes from The Meme Games (MGMES), an ERC-20 cryptocurrency that has already raised over $200,000 after opening its sale last week.

The Meme Games has been successful in quickly attracting investors by virtue of its interesting fundamentals.

Aside from being another viral meme token, it will also feature a social gambling element, something which will provide a further incentive for holding its native MGMES token.

This gambling element involves automated competitions and races between virtual meme characters, with players staking their MGMES tokens on these characters and earn 10% staking bonuses if their chosen competitor wins.

In other words, The Meme Games has interestingly gamified staking, thereby making it likelier that more investors will buy into and hold its token for the longer term.

What’s also promising is that The Meme Games’ official X account already counts more than 147,000 followers, highlighting its growing popularity.

The MGMES token will have a cap supply of 2.024 billion, with 38% of this going to the presale, 10% going to staking and 9.3% going to games winnings.

New investors can join the sale by going to the official Meme Games website, where they can buy MGMES at a cost of $0.00905 per token.

This price will rise at successive stages during the sale, so traders should act quickly.

Buy Meme Games Now

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