SOL has fallen by 4% in the past 24 hours, with the Solana price dropping to $173.63 on a day when the cryptocurrency market has barely moved.
Despite this loss, Solana remains up by a healthy 7% in a week, with the popular altcoin also sitting on a 22% gain in a fortnight, and a hefty 775% increase in a year.
With the coin’s medium- and long-term momentum remaining strong, today’s dip represents a good opportunity to buy it at a discount, before it rises again.
Solana Price Prediction 23 May: SOL is Up 7% in a Week – Time to Buy?
SOL may have taken a hit today, yet its chart is in a sweet sport insofar as it points to an incoming rebound.
For instance, Solana’s relative strength index (purple) has fallen to almost 30, indicating an oversold position that should make the coin attractive to new buyers very soon.
Source: TradingView
Meanwhile, SOL’s 30-day average (orange) is falling towards the 200-day (blue), and when it gets low enough a recovery should follow.
It’s likely that any further dips in the near term will not be severe, given that Solana’s trading volume still remains relatively high, at around $3.3 billion today.
What will be interesting is whether SOL’s support level (green) can prevent a concerted fall below $173.
If it can, we may see a strong return to growth over the weekend, compensating for the past couple of days of stagnation.
One thing that may boost the Solana price and the wider market is the incoming decision from the SEC regarding several spot-based ETH ETF applications.
There are promising signs that the SEC will indeed approve these applications, with VanEck’s ETH ETF listed yesterday on the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol ETHV.
While this is obviously bullish for ETH, it will also be highly positive for Solana, and not simply in terms of raising a general appetite for big alts.
NAH NO WAY TODAY IS REAL
They’re shilling Solana as the next ETF on CNBC already
Euphoricpic.twitter.com/bS9O1vWZ77
— Farokh (發咯) (@farokh) May 22, 2024
In particular, it would pave the way for a spot-based Solana ETF, which would do for the Solana price what January’s BTC ETFs have done for Bitcoin.
For this reason, we can expect the Solana price to reach $200 in the next few weeks, and $250 by the end of the summer, based on bullishness stemming from Ethereum ETF approvals.
Diversification into New Altcoins for Big Returns
Solana certainly has good prospects, yet it isn’t the only promising alt in the market today, with a range of new meme coins looking very strong.
While meme coins can be risky, one way of identifying more reliable candidates is to look for successful presales, which indicate market belief.
And one new coin with a growing sale is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised over $2.7 million in its token offering.
‘WienerAI’ Raises Over $2 Million in Crypto Presale – Best Meme Coin to Buy Now? – ReadWritehttps://t.co/dfaBBHgflO
— WienerAI (@WienerDogAI) May 18, 2024
What’s special about WienerAI is that it’s more than another viral meme coin, with its platform also offering an AI-based trading bot.
Answering queries from traders, WienerAI can identify high-potential coins before they begin rising, helping investors to make better informed choices.
It will also provide an atomic swap feature, so that traders can buy new tokens quickly through the WienerAI app.
Also helpful is its front-running protection, which will help investors trade ahead of MEV- and front running-bots.
As a whole, such features mean that WAI will have plenty of utility as a token, something which will boost the market’s demand for it.
It will have a max supply 69 billion tokens, while holders will be able to stake it for a passive income.
This is why its sale is already doing so well, with latecomers able to join by going to the official WienerAI website and connecting their wallets.
The coin is currently selling at $0.00071, a price which may end up seeming very cheap once the coin lists.
Buy WAI Today
The post Solana Price Prediction 23 May: SOL is Up 7% in a Week – Time to Buy? appeared first on Cryptonews.