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The Solana price dropped 1% in the last 24 hours to trade at $177.7 as of 02:42 a.m. EST on trading volume that plunged 11% to $3.5 billion.
The SOL price fall came amid speculation over whether regulators might in future approve the trading of spot Solana ETFs. CNBC contributor and crypto enthusiast Brian Kelly stirred some excitement over the issue when he said that a spot SOL ETF would be next up.
Kelly’s comments follow increased market expectations that spot Ethereum ETFs will be approved soon. Bloomberg ETF analysts now predict a 75% chance of an ETH ETF being approved, down from odds of ”slim to none” previously.
NEW: @CNBC GUEST PREDICTS THAT SPOT $SOL ETF IS PROBABLY NEXT
— DEGEN NEWS 🗞️ (@DegenerateNews) May 22, 2024
The Solana price has been on a tear this month, rising steadily through the confines of the rising channel to hit $188, data from GeckoTerminal shows.
Following news of the possibility of spot ETH ETF approvals, rival SOL has been on a downward trajectory.
The slight retrace in the past day led to SOL falling to the lower boundary of the channel, as the bulls aim to push the price to overcome the $188 resistance.
Solana Price Aims To Breach The Upper Boundary Of The Rising Channel
Major indicators show that SOL is poised for a sustained bullish rally over the rising channel. SOL trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which offer enough support for the rally at $170 and $151, respectively.
Moreover, the Relative Strength Index (RSI) is currently trading at 52 as it rebounds from the 50-midline level. Sustained bullish momentum could push the RSI to the upside, indicating intense buying pressure.
Solana Price Prediction – $200 In Sight
The Solana price analysis on the 4-hour chart shows a bullish bias, with the bulls aiming to capitalize on the rising channel pattern to propel the price to $200.
The 50-day SMA also crosses above the 200-day SMA, forming a golden cross at $147. A golden cross could encourage the bulls to push SOL to its target.
However, if the bears exert pressure at this level, the bulls could retreat to the critical support level of $170. If the bears breach this mark, the bulls could find further support at $151, which offers a cushion against downward pressure.
As the Solana price aims for a breakout, investors are swarming to the new Solana meme coin presale Sealana (SEAL), which has just surpassed $2.5 million in funds raised.
According to Crypto Boy, a crypto analyst and YouTuber, $SEAL has the potential to surge 100X after its launch.
Sealana Meme Coin Hurtles Towards $3 Million – Best Solana Meme Coin To Buy?
The Sealana (SEAL) character is based on a chubby seal that is fully immersed in the Solana Sea. The character, once sleek and agile, is so absorbed in degen trades that he abandons the initial figure of his youth for a diet of chips and tinned tuna.
New Meme Crypto ‘Sealana’ Attracts Whales As Solana Price Recovers.
#SolanaMemecoin pic.twitter.com/zqP73U7Mk3— TechStory (@TechStoryin) May 5, 2024
Similar to the Slothana presale, Sealana is a ‘Send SOL’ launch without timers, stages, hard cap, or even a whitepaper. That makes now the optimal to buy because the ICO could end at any time.
To participate in the presale, you can visit the official website to buy SEAL tokens here. One $SEAL costs $0.022.
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