SOL is up 7% in a week – Time to Buy?

Last updated: May 23, 2024 at 8:13 a.m. EDT | 3 minutes of reading

SOL fell 4% in the last 24 hours, with the Solana Prize falling to $173.63 on a day when the cryptocurrency market barely moved.

Despite this loss, Solana remains up 7% in a week, with the popular altcoin also sitting on a 22% gain in a fortnight and a strong increase of 775% in a year.

With the coin’s mid- and long-term momentum remaining strong, today’s decline represents a good opportunity to buy it at a discount, before it rises again.

Solana Price Prediction May 23: SOL Up 7% in a Week – Time to Buy?

SOL may have taken a hit today, but its chart is in a soft spot as it indicates an imminent rebound.

For example, Solana’s Relative Strength Index (purple) has fallen to near 30, indicating an oversold position that should make the coin attractive to new buyers very soon.

Source: TradingView

Meanwhile, the 30-day SOL average (orange) is falling toward the 200-day mark (blue), and when it becomes low enough, a recovery should follow.

It is likely that further short-term declines will not be serious, given that Solana’s trading volume still remains relatively high, at around $3.3 billion today.

What will be interesting is whether the SOL (green) support level can prevent a concerted fall below $173.

If so, we could see a strong return to growth over the weekend, offsetting the stagnation of the past two days.

One thing that could increase the price of Solana and the market as a whole is the SEC’s incoming ruling regarding multiple ETH ETF spot 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 symbol ETHV..

While this is obviously bullish for ETH, it will also be very positive for Solana, and not just in terms of stimulating the general appetite for large alts.

In particular, this would pave the way for a spot-based Solana ETF, which would do for Solana price what the January BTC ETFs did for Bitcoin.

For this reason, we can expect Solana price to reach $200 in the coming weeks and $250 by the end of summer, based on the uptrend arising from Ethereum ETF approvals .

Diversifying into new Altcoins for big returns

Solana certainly has good prospects, but it’s not the only promising alternative on the market today, with a range of new meme pieces looks very strong.

Although meme coins can be risky, one way to identify more reliable candidates is to look for successful presales, which indicate market confidence.

And a new coin with increasing sale is WienerAI (WAI), a new cryptocurrency based on Ethereum which raised over $2.7 million through its token offering.

What makes WienerAI special is that it is more than just another viral coin, with its platform also offering an AI-based trading bot.

By answering traders’ questions, WienerAI can identify coins with high potential before they start to rise, helping investors make more informed choices.

It will also provide atomic swap functionality, so traders can quickly purchase new tokens through the WienerAI app.

Also useful is its top-tier protection, which will help investors trade ahead of top-tier MEVs and bots.

Overall, these features mean that WAI will have a lot of utility as a token, driving market demand.

It will have a maximum supply of 69 billion tokens, while holders will be able to stake it for passive income.

This is why its sale is already going so well, latecomers can join by going to the official website of WienerAI and connect their wallets.

The coin is currently selling for $0.00071, a price that may end up looking very cheap once the coin is listed.

Buy WAI today

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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