The Solana (SOL) price is pulling lower on Tuesday, dipping back to $150 having pushed nearly as high as $160 earlier in the day, though traders continue to predict big near-term upside for the token.
Solana succumbed to sell pressure on Tuesday after challenging the $160-163 support-turned-resistance zone, where the 50DMA also resides.
SOL is still up more than 25% versus last week’s lows. Last week’s weaker-than-expected US jobs data helped boost sentiment on rising confidence for Fed rate cuts this year.
Spot Bitcoin ETF flows have also been positive in recent days, though US regulatory fears are in focus this week. The SEC this week hit retail stock and crypto trading platform Robinhood with a Wells Notice.
For now, the Solana price remains locked within a $120-160 range.
But traders continue to predict big things for the cryptocurrency. Here’s what you need to know.
Solana Price Prediction – Traders Predict a 40% Surge
One trader thinks the Solana price is set up to post a near-term 40% surge.
Thoughts on $SOL #SOL! See ATradeSniper’s idea on TradingView below. https://t.co/DCapV7Mr10
— CryptoCharts (@cryptocharts) May 7, 2024
In their post on TradingView, ATradeSniper thinks SOL can pump back above $200 after breaking out of a descending flag structure.
Other traders are also bullish on the near-term outlook.
“SOL is the most bullish chart after BTC right now,” commented popular crypto analysis account MancBTC.
$SOL is the most bullish chart after $BTC right now
Held yearly VWAP and looks ready to push $200+ this year
Ecosystem and memes booming pic.twitter.com/t8yQGcp1Ar
— Mac 🐺 (@MacnBTC) May 7, 2024
Solana has held its yearly volume weighted average price (VWAP), with its ecosystem and memes booming, Mac noted.
MacnBTC also thinks the Solana price is ready to move 40% up and surpass $200 once again.
Meanwhile, fellow analyst ColdBloodShill urged followers to ignore low time frame (LTF) analysis, and focus on strength in the HTFs.
$SOL is still cheap.
I will keep telling you.
It’s still holding the most significant level on the chart.
Trading -30% lower than when everyone was begging for an entry.
Stop fucking around on LTF and appreciate the strength shown in the HTFs. https://t.co/udzDQqDZ86 pic.twitter.com/DqUnP5yxmZ
— Cold Blooded Shiller (@ColdBloodShill) May 5, 2024
With bullishness expected to return to crypto later this year as post-halving tailwinds come in for BTC and Fed rate cuts arrive, the Solana price could be in consolidation mode ahead of a major push higher.
Investors would do well to secure a decent bag of SOL. But they should also add exposure to crypto tokens within the Solana ecosystem.
These might include leading Solana meme coins BONK or WIF. Or the native token of Solana’s largest DEX Jupiter (JUP).
But traders looking to take on some risk would also do well to allocate to up-and-coming projects.
One project that analysts at Cryptonews like a lot is new Solana meme coin Slothana (SLOTH).
SOL Alternative to Consider – Slothana (SLOTH)
After a blockbuster presale that saw Slothana rake in more than $10 million in funds, the meme coins launch last week was a big success.
🚀The $SLOTH airdrop has been completed! 🌿
If you didn’t receive your tokens, it’s likely because you sent from a centralized exchange like Coinbase.
These tokens were airdropped to the exchange’s wallet address, as user wallet addresses from centralised exchanges do not…
— Slothana (@SlothanaCoin) May 2, 2024
The token last had a market cap of $14 million, with over $2 million in liquidity and over 35,000 holders.
That’s according to DEXTools, whose smart contract audit shows Slothana to be a squeaky-clean token.
Those impressive metrics suggest Slothana has the early makings of a meme coin that could deliver big gains.
The first goal would be to overtake Slerf, the current largest Sloth-themed token on Solana.
Slerf hit a market cap high of near $500 million earlier this year. If SLOTH can match this feat, that would mean 35x gains from current levels.
But SLOTH has even bigger goals than this, and that’s why the team continues to build out the coin’s utility.
“Exciting updates are brewing in the background,” Slothana teased on Twitter.
🌿 While Sloth may be moving at a slothful pace, rest assured, exciting updates are brewing in the background! 🚀 Stay tuned, loyal followers, as Slothana prepares to unveil some thrilling developments just for you. Your patience will be rewarded! 💫🦥 #Slothana #Memecoins
— Slothana (@SlothanaCoin) May 7, 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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