SOL has gained by 2.5% in the past 24 hours, with the Solana price reaching $182.87 on a day when the crypto market as a whole has gained by 8.5%.
Solana has now risen by 25% in a week and by 21% in a month, with the altcoin posting a very impressive 800% return in the past year.
Such gains have enabled the coin to rise to fifth in the market in terms of cap, ahead of Lido Staked Ether (STETH) and behind BNB.
And given the momentum it has accrued in recent months, there’s nothing stopping it from rising further in the coming weeks.
Solana Price Prediction as SOL Becomes 5th Largest Coin in the World – Can SOL Overtake Ethereum?
SOL’s chart is in a good position insofar as it has dipped a little in the past hour or so, and is now ready to enjoy another short-term rally.
Its relative strength index (purple) fell close to 50 earlier this morning but is climbing back up again, in a sign of returning momentum.
Also promising is the 30-day average (orange), which continues to rise further above the 200-day (blue), providing the kind of signal that you see during growth spurts.
Another similar signal comes from the resistance (red) and support (green) levels, which are rising in parallel again after Solana began recovering towards the end of last week.
Combined with a volume that has reached $5 billion today, this all suggests that Solana has enough momentum to post gains over the next few days, before correcting little.
Today’s rally comes following positive news recording the possible approval of spot-based Ethereum ETFs this week.
While this news most directly affects ETH, it has undoubtedly increased market-wide bullishness, with some traders believing that it also makes a Solana ETF likelier.
This is very bullish for Solana.
Remember, Solana does everything Ethereum does – and more – but faster, cheaper and more user friendly.
If an ETF approval can send 70b in to a dino coin like Ethereum, imagine the candle when institutions like Visa (that actually use Solana… https://t.co/iv8s1UTtsD
— Johnny
(
,
) (@Cryptilt) May 21, 2024
While only time will tell if such a prediction is accurate, Solana’s prospects remain very positive, with the coin boasting some of the strongest fundamentals in the market.
Its total value locked currently stands at $4.9 billion, which represents close to a 250% increase since the beginning of the year.
Such an increase has followed from Solana becoming the blockchain of choice for meme tokens and NFTs, with its transaction volumes often surpassing those of Ethereum’s.
As such, the Solana price is in an ideal position to maintain its growth, with the coin potentially on course to reach $200 in the next few weeks and $250 by Q4.
Alternative Alts to Consider for Market-Beating Returns
Because Solana has already posted an 800% return in the past year, it’s arguable that it could be relatively quiet in the next few months.
Traders may, therefore, prefer to look at lower-cap tokens, with several presale tokens looking very promising right now.
One of these is Sealana (SEAL), a Solana-based meme token that has raised just over $2.2 million in its ongoing token offering.
#Sealana and his closest bros are stormin’ the Capitol to defend all #Crypto patriots, Sealana and his $SEAL troops are fightin’ for our right to Lambos
, Gains
, and FREEDOM!!
Stand with Sealana! Join the #Presale,and restore the former glory of #Memecoins!
pic.twitter.com/Sv1fGVm8ry
— Sealana (@Sealana_Token) May 20, 2024
SEAL is aiming to be the latest in a roster of SOL-based meme tokens to outperform the market this year, with its early investors clearly believing it has a real chance of performing.
Its meme is an Americanized seal who has been designed to appeal to the crypto-investing, X-posting MAGA crowd, with Sealana’s own X account now boasting close to 5,000 followers.
While Sealana hasn’t released its tokenomics yet, it has revealed that it will also have an Ethereum version of its token.
This makes it a multi-chain cryptocurrency, something which could increase its usage and, by extension, its price.
Investors can join its presale by heading over to the official Sealana website, where they can purchase the token by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
It’s available at a rate 1 SOL for 6,900 SEAL, which now converts to $0.026 per token.
Given how quickly Sealana has raised over $2 million, this price seems very low, with the new token potentially rising far beyond it once it lists in the next few weeks.
Buy SEAL Today
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