Solana Price Prediction as ETF Rumors Emerge – Is $10,000 SOL Possible?
The Solana price has dropped by 8% in the past 24 hours, falling to $163.28 on a day when the cryptocurrency market as a whole has lost 4%.
These declines follow the news that the SEC has approved eight spot-based Ethereum ETFs, which follow in the footsteps of the 11 Bitcoin ETFs that gained approval in January.
While this is entirely positive news, it appears to have led to a ‘sell the news’ correction, with SOL now also down by 3.5% in a week.
However, its medium- long-term momentum remains enviable, and with the coin up by 740% in a year, it has sustained enough impetus to rebound strongly soon.
What’s positive about Solana’s chart is that it illustrates how the coin is close to a bottom, having entered an oversold position.
Most notably, its relative strength index (purple) has touched 30 in the past hour, meaning that it can’t really lose any more momentum.
This is happening while SOL’s 30-day average (orange) is about to dip below its 200-day (blue), at which point the coin will be close to a positive reversal.
It will therefore be interesting to see whether its support level (green) can prevent a drop below $160.
If it can, we may see a rebound as soon as this weekend, while a dive below this level could bring a few more days of pain.
Yet one positive feature of Solana’s chart today is that its 24-hour trading volume remains pretty high, at around $5.4 billion.
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