The Solana price has fallen by 5% in the past 24 hours, dropping to $134.66 as the crypto market declines by 1.5% today.
Coins across the board have struggled in the past couple of weeks as the German government has continued to sell a big portion of the 50,000 BTC it confiscated in January 2024.
Despite these struggles, SOL holds onto a 10% gain in a week, although the major altcoin has dipped by 11% in the last 30 days.
It is, however, still up by 512% in the past year, underlining its medium- and long-term growth, and the momentum that could help it recover quite quickly.
Solana Price Update: SOL Drops 5% in 24 Hours – Future Price Prediction
SOL may have taken some pain in the past couple of days, yet its chart would suggest that it’s getting closer to having a rebound.
Its relative strength index (purple) plunged to 30 in the early hours of the morning and has remained low ever since, underlining the oversold position in which SOL finds itself.
At the same time, SOL’s 30-day average (orange) has fallen below the 200-day (blue) today, a sign that the coin may fall a little further today before potentially correcting itself in the next one or two days.
As with many other tokens right now, one encouraging feature of SOL’s chart is that its support (green) and resistance (red) levels are nearing each other, creating a bottleneck that could result in a big move.
SOL’s trading volume has also risen in the past few days, touching $3 billion as its market begins to heat up again.
These are all positive signs, and with the market about to witness the launch of Ethereum ETFs very soon, the Solana price will recover along with it.
The next few months may also bring increasing talk of Solana ETFs, with VanEck filing for its SOL fund in the past few weeks.
bitcoin = ideology
ethereum = academic
solana = product— 0xDesigner (@0xDesigner) July 11, 2024
What also remains bullish about Solana is that it’s the layer-one network of choice for meme tokens, with its network witnessing rising transaction volumes in the past few months.
This will help the Solana price climb steadily as 2024 progresses, with the arrival of rate cuts in the fall helping to push it even further.
It could hit $150 again in the next month, before returning to $200 by Q4.
New High-Potential Alternatives
SOL is likely to remain a good prospect for some time to come, but traders in search of the biggest gains may also do well to diversify into smaller alts and meme coins.
This includes presales tokens that could rally strongly once they list, with some of the biggest sales looking very promising at the moment.
One good example of this is new layer-two project Pepe Unchained (PEPU), which has already raised just over $3 million in its token offering.
Another chain broken!
Pepe officially hits $3M! Thank you for the incredible support. The journey is just beginning.
pic.twitter.com/yySoWoXaCa
— Pepe Unchained (@pepe_unchained) July 10, 2024
Pepe Unchained is quickly gaining momentum because of its strong fundamentals, with its layer-two network set to offer instant transactions and extremely low fees.
This gives PEPU much more utility than 99% of other new meme tokens, with its native platform aiming to become a rival to more established L2s such as Optimism and Base.
Its efficiency will also mean that it will offer holders double the staking rewards, creating a very strong incentive to hold PEPU for the long run.
As a token, PEPU will have a capped supply of 8 billion, with 30% of this going to staking, 20% to the presale, 20% to marketing, 10% to liquidity, 10% for its team, and 10% for chain inventory.
It’s also positive that the token has been steadily accumulating a following, with its X account now having over 6,000 followers.
This highlights its long-term potential, which the coin already has in spades by virtue of its layer-two network.
Investors can join its presale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
It currently costs $0.0083926 per token, although this price will rise fractionally with each stage of the sale, so interested parties should act sooner rather than later.
Buy PEPU Now
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