Solana Price Prediction as SOL Becomes Fifth Largest Coin in the World: Can SOL Overtake Ethereum?

Last Updated: May 21, 2024 9:11am EDT | 3 minute read

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

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

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

And given the momentum built in recent months, there is nothing to prevent a further increase in the coming weeks.

Solana Price Prediction as SOL Becomes Fifth Largest Coin in the World: Can SOL Overtake Ethereum?

SOL’s chart is in a good position as it has fallen slightly over the last hour or so, and is now poised to enjoy another short-term rally.

Its relative strength index (purple) fell close to 50 this morning, but is climbing again, in a sign of momentum returning.

Source: TradingView

Also promising is the 30-day average (orange), which continues to rise further 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 again rising in parallel after Solana started to recover towards the end of last week.

All this, combined with volume reaching $5 billion today, suggests that Solana has enough momentum to post gains in the coming days, before correcting slightly.

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

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

While only time will tell whether that prediction is accurate, Solana’s outlook remains very positive, with the coin boasting some of the strongest fundamentals in the market.

His the total value locked currently stands at $4.9 billionwhich represents an increase of close to 250% since the beginning of the year.

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

Therefore, Solana price is well placed to maintain its growth, with the coin potentially on track to reach $200 in the next few weeks and $250 by the fourth quarter.

Alternative options to consider for better than market returns

Since Solana has already posted an 800% return over the past year, it’s arguable that it could be relatively quiet in the coming months.

Traders may therefore prefer to look at small-cap tokens several pre-sale tokens it looks very promising right now.

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 string of SOL-based meme tokens to outperform the market this year, with its early investors clearly convinced it has a real chance of delivering.

His meme is an Americanized sigil that was designed to appeal to the MAGA audience of crypto-investors and X-posting, with Sealana’s X account now boasts nearly 5,000 followers.

While Sealana has not yet released his tokenomics, he revealed that he will also have an Ethereum version of his token.

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

Investors can join the presale by going to Sealana’s 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 likely to rise well above that price when listed in the coming weeks.

Buy SEAL 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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