Solana Meme Coins Will Go Ballistic If SEC Approves SOL ETF

This week, the cryptocurrency market saw another relief rally as the falling Bitcoin price stabilized above the $60,000 support. Among major assets, SOL coin is showing a notable rebound as some giant asset management firms have shown interest in creating an exchange-traded fund (ETF) focused on Solana (SOL). This development has notably had an impact on Solana Coins projecting their potential for a sharp rebound.

On June 27, 2024, VanEck filed a registration statement on Form S-1 with the United States Securities and Exchange Commission (SEC) for the VanEck Solana Trust. Additionally, 21Shares has also filed a Form S-1 with the US SEC for a Solana Exchange Traded Fund (ETF)The entry of several Solana-focused ETFs can drive greater adoption and liquidity of the cryptocurrency, thereby strengthening its position in the market.

After witnessing the success of the Bitcoin ETFmarket participants reacted positively to the SOL ETF news, leading to a nearly 10% jump on Thursday. If approved, Solana-based meme coins could also see a massive surge due to their natural volatility.

Read also : Will Solana and Ether eclipse Bitcoin in the ETF hype in the near term?

Solana meme coins – Dogwifhat (WIF)

Dog with hat (Wireless) is a memecoin launched on the Solana blockchain in late 2023. It is inspired by a popular Shiba Inu meme featuring a dog wearing a knitted hat.

Dogwifhat (WIF) | Tradingview

Amid renewed confidence, the WIF price correction trend saw an immediate reversal from the $1.478 support. The bullish surge increased by around 53% to hit downside resistance at $2.26.

The overhead trendline is behind the continued decline in WIF prices. At the time of going to press, the dog hat The coin is trading at $2.11 with a market cap of $2.1 billion. A possible break of the trendline would signal a change in market sentiment and encourage meme buyers to chase the $4.08 high.

BONK

BONK is a dog-themed meme coin built on the Solana blockchain, launched as a community initiative. Amid the recent market correction, the BONK Price witnessed an aggressive correction from $0.0000445 to $0.000018, recording a loss of almost 60%.

BONK | Commercial view

However, the memecoin price saw an immediate reversal to $0.000023, recording a 23% jump in the last six days. The daily chart shows that BONK coin has rebounded from an ascending trendline, providing dynamic support to buyers during the market decline.

According to coinmarketcap, the BONK The coin maintains a market cap of $1.55 billion, while the 24-hour trading volume has dropped 48% to $0.0000227.

The intact support trendline indicates that investors continue to accumulate this asset at a discounted price, which is a key sign of a stable uptrend. With sustained buying, the coin’s price is expected to rise by 96% and challenge the high of $0.000044 once again.

Doland Tremp (TREMP)

Doland Tremp (TREMP) is a meme coin launched on the Solana blockchain in February 2024. The project is centered around political satire, with a particular focus on themes related to the former U.S. President Donald Trump.

Doland Tremp (TREMP) | Tradingview

As the US election campaigns heat up, PolitiFi assets are set to attract the attention of crypto players. An analysis of the daily chart shows that the price of TREMP is following a slow and random uptrend under the influence of a channel pattern.

THE Doland Tremp The coin is currently trading at $0.58, registering a 15% loss over 24 hours, while the market cap has plunged to $58.07 million. If the selling pressure persists, the meme coin could plunge another 40% to seek support at a lower trendline.

However, if the trend continues, TREMP price is poised to reverse with the potential to move above $1.53.

Read also : Political Sentiment Influences Biden and Trump Meme Coin Prices

Key to remember

The S-1 filing by VanEck and 21Shares indicates a growing interest from major financial institutions in offering investment products focused on Solana. As with Bitcoin, this development is seen as a massive bullish sign for Solana and its meme coins. Amid the current market correction, dip buyers may find a suitable entry opportunity.

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