SOL is up 7% in a week: is it time to buy?

Last Updated: May 23, 2024 8:13am EDT | 3 minute read

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

Despite this loss, Solana remains up a solid 7% in one week, with the popular altcoin posting a 22% gain in two weeks and a hefty 775% increase in one year.

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

Solana Price Prediction May 23: SOL is up 7% in a week – is it time to buy?

SOL may have taken a hit today, but its chart is in sweet sport to the extent that it indicates a rebound is on the way.

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

Source: TradingView

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

Any further declines in the near term are likely not to be severe, as 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 decline below $173.

If this were to happen, we could see a strong return to growth over the weekend, offsetting the stagnation of the last couple of days.

One thing that could boost the price of Solana and the market in general is the SEC’s upcoming decision regarding several spot ETH ETF filings.

There are promising signs that the SEC will indeed approve these requests VanEck’s ETH ETF was 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 simply in terms of increasing overall appetite for big alternatives.

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

For this reason, we can expect Solana’s price to reach $200 in the next few weeks and $250 by the end of the summer, based on the bullish trend resulting from Ethereum ETF approvals.

Diversification into new Altcoins for great returns

Solana certainly has good prospects, but it is not the only promising alternative on the market today a range of new meme coins looking very strong.

While 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 a growing sale is WienerAI (WAI), a new cryptocurrency based on Ethereum which raised over $2.7 million in its token offering.

What’s special about WienerAI is that it is more than just another viral meme coin, as its platform also offers an AI-powered trading bot.

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

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

Also useful is its front-running protection, which will help investors trade before MEVs and front-running robots.

Overall, such characteristics mean that WAI will have a lot of utility as a token, something that will increase 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, with latecomers who can join by going to the official WienerAI website and connect their wallets.

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

Buy WAI today

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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