Solana (SOL) has decreased by 1.5% in the past 24 hours, bringing its price down to $143.28. Simultaneously, the overall cryptocurrency market has seen a 1% decline today.
This downturn concludes a few disappointing weeks for the fifth-largest cryptocurrency by market value, with SOL also dropping 10% over the past week and 18% over the past month.
However, the medium- and long-term outlook for SOL remains very positive, as it has risen by 800% over the past 12 months.
Recently, Arthur Hayes predicted that Aptos would surpass Solana in the coming years, yet the forecast for SOL’s price remains excellent.
SOL’s momentum has significantly declined over the past week, with its Relative Strength Index (RSI) dropping from around 80 last night to about 30 today, while it hovered around 50 for most of the previous week.
According to TradingView, the 30-day moving average of SOL (orange) has been below the 200-day moving average (blue) for almost two weeks, indicating another decline today.
Nevertheless, this period may be a good opportunity to buy SOL, considering the market’s intense selling pressure and its potential for a rebound.
A small but encouraging sign is that its trading volume has increased from just over $1 billion yesterday to $1.5 billion today.
This could be linked to a significant purchase by a whale, as SOL remains the second most popular altcoin (after ETH) among digital funds, according to the latest CoinShares data.
This highlights Solana’s continued appeal, and with Ethereum preparing to launch multiple ETFs in the US, Solana could be next in line.
This would undoubtedly be significant for Solana’s price, which is expected to rise steadily in the second half of 2024, even if SOL ETFs do not appear immediately.
However, as mentioned above, some experts suggest that other altcoins might surpass SOL in the coming years, with BitMEX founder Arthur Hayes highlighting Aptos as a potential ‘Solana killer.’
Nonetheless, Solana’s recent adoption by the likes of Visa and PayPal (PYPL) underscores its credibility, and the upcoming interest rate cuts are expected to boost the broader market.
Solana’s price could reach $175 in the coming weeks and potentially $250 by the end of the year.
