Solana Price Analysis
The Solana price slumped 8% in the past 24 hours to trade for $136.47 as of 00:07 a.m. EST.
While the SOL price dumped, trading volume surged 41% amid a frenzy of excitement about the possibility of a spot Solana ETF (exchange-traded fund). VanEck is the first company in the US to file for the financial instrument and head of research Mathew Sigel indicated its move is a play on the possibility that Donald Trump becomes president, and that the leadership of the Securities and Exchange Commission is changed.
Solana Price Prediction
The Solana price is trading with a bearish bias, consolidating within a falling parallel channel with prospects for extended losses. While the centerline of the channel continues to hold as a support floor, how long this lasts is on the balance as sellers continue to overpower the bulls.
To start with, the Relative Strength Index (RSI) is recording lower highs, and has nosedived below the mean level of 50. It typically indicates that the Solana price could continue recording a downward trend as it approaches oversold conditions.
In the same way, the Moving Average Convergence Divergence (MACD) has crossed below the signal line (orange band). This crossing generally suggests that the short-term momentum has turned negative and the potential for a further decline in the stock price may be looming.
With such an outlook, the downtrend could extend for the Solana price to slip below the centerline of the channel. This would see the altcoin provide another buying opportunity at $130.79, or in a dire case, slip lower to collect the buy-side liquidity residing underneath.
On the other hand, if the centerline holds as a support, a bounce atop this support floor could send the altcoin north. A stable candlestick close above $155.89 would vindicate the Solana price from the foothold of the bearish technical formation, effectively making SOL attractive to buy. Nevertheless, only a candlestick close above $175.91 would invalidate the bearish thesis.
Meanwhile, as the Solana price holds above support offered by the center line of the channel, investors continue to buy WienerAI (WAI), an AI meme coin that YouTuber Jon Trading says is the top AI crypto meme coin in 2024.
Promising Alternative To Solana
WAI is the native cryptocurrency behind the WienerAI ecosystem. It is a hybrid token using its AI capabilities to emulate the success of other canine meme coins like DOGE and SHIB. The project combines animal memes, advanced AI tech, and a bit of processed meat humor. It has garnered a huge following, with its presale already soaring past $7 million in funds raised.
The WienerAI project will soon integrate trading bot capabilities to its platform. This AI-powered trading bot will deliver user-friendly AI-enhanced trading, seamless swap functionality, and zero fees.
WienerAI boasts carefully designed tokenomics aimed at fostering long-term sustainability and growth. The team has already set aside 20% of tokens for staking rewards, where users can stake $WAI for an impressive 162% annual percentage yield (APY).
Each WAI token is currently selling for only $0.000725. Buy soon if you are interested before a price hike strikes in about 34 hours.
