Solana Price Prediction: ETF Readiness Boosts SOL’s Prospects Over XRP
The Solana price has remained largely motionless today, holding to $141.09 as the crypto market as a whole clings onto a 1% gain in the past 24 hours.
SOL has now lost 1.5% in a week and 11.5% in a month, although the fifth-biggest coin in the market is still up by a very healthy 580% in a year.
It also has plenty of gains to look forwards to, with VanEck’s head of digital assets research, Matthew Sigel, predicting yesterday that it’s one of the likeliest coins to see dedicated ETFs, following the recent Ethereum ETF approvals.
And when combined with Solana’s growth as a platform, SOL ETFs could really push the alt’s price much higher.
As far as Solana’s chart is concerned, the coin is in a mixed position, yet the recent overselling it witnessed should make it likelier that it continues to rise in the near term.
For instance, the relative strength index (purple) plunged to 30 early in July and, aside from a two-day rise, has been struggling ever since.
Likewise, the 30-day average (orange) has only recently risen above the 200-day average (blue), implying that the coin should rise a little further before a significant correction is really on the cards.
What’s particularly bullish for SOL is that its support (green) and resistance (red) levels are converging on each other, meaning that a big move should be coming very soon.
This is what many traders and analysts currently think, with some even predicting that the Solana price will hit four figures during the current cycle.
This Price Action on $SOL reminds me of July 2021
Structure and Sentiment, both similar.
We will see 4 figure Solana this cycle
Fade at your own peril
Read more on cryptonews.com
