Solana Price Prediction as SOL Becomes 5th Largest Coin in the World – Can SOL Overtake Ethereum?

Last updated: May 21, 2024, 9:11 a.m. EDT | 3 minutes of reading

SOL gained 2.5% in the last 24 hours, with the Solana Prize reaching $182.87 on a day when the crypto market as a whole gained 8.5%.

Solana is now up 25% in a week and 21% in a month, with the altcoin boasting a very impressive 800% return over the past year.

Such gains allowed the coin to rise to fifth in the market in terms of capitalization, ahead of Lido Staked Ether (STETH) and behind BNB.

And given the momentum it has gained in recent months, nothing will stop it from growing further in the weeks to come.

Solana Price Prediction as SOL Becomes 5th Largest Coin in the World – Can SOL Overtake Ethereum?

The SOL chart is in a good position as it has moved slightly lower over the past hour and is now poised to enjoy another short-term rally.

Its Relative Strength Index (purple) fell near 50 earlier this morning but is now climbing back up, a sign of a return to momentum.

Source: TradingView

Also promising is the 30-day average (orange), which continues to rise above the 200-day average (blue), providing the kind of signal 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 started to rally towards the end of last week.

Combined with volume that reached $5 billion today, all of this suggests that Solana has enough momentum to post gains over the next few days, before correcting little.

Today’s rally follows the recording of positive news possible approval of spot-based Ethereum ETFs this week.

While this news most directly affects ETH, it has undoubtedly increased the market-wide bullishness, with some traders believing it also makes a Solana ETF more likely.

Although only time will tell if such a prediction is accurate, the outlook for Solana remains very positive, with the coin boasting some of the strongest fundamentals in the market.

It is the total value blocked currently stands at $4.9 billionwhich represents an increase of almost 250% since the start of the year.

Such an increase is due to Solana becoming the blockchain of choice for meme tokens and NFTs, with its transaction volumes often exceed those of Ethereum.

As such, Solana price is in a great position to maintain its growth, with the coin potentially on track to reach $200 in the coming weeks and $250 by the fourth quarter.

Alternatives to consider for market-beating returns

Given that Solana has already returned 800% over the past year, it’s arguable that things could be relatively calm over the next few months.

Traders may therefore prefer to turn to low-cap tokens, with several presale tokens It looks very promising at the moment.

One of them is Sealana (SEAL)a Solana-based meme token that has raised just over $2.2 million in its ongoing token offering.

SEAL aims to be the latest in a list of SOL-based meme tokens to outperform the market this year, with its early investors clearly believing it has a real chance of performing.

His meme is an Americanized sigil that was designed to appeal to the crypto-investing, Sealana’s X account now has nearly 5,000 followers.

Although Sealana has not yet released its tokenomics, it has revealed that it will also have an Ethereum version of its token.

This makes it a multi-chain cryptocurrency, which could increase its usage and, by extension, its price.

Investors can participate in its pre-sale by going to Sealana official websitewhere they can purchase the token by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.

It is available at a price of 1 SOL for 6,900 SEAL, which now converts to $0.026 per token.

Considering how quickly Sealana raised over $2 million, this price seems very low, with the new token potentially surpassing this amount once it is listed in the coming weeks.

Buy SEAL 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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