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Solana price fell 8% over the past 24 hours, trading at $136.47 as of 12:07 a.m. EST.
As the SOL price fell, trading volume rose 41% amid a frenzy of excitement over the possibility of a spot Solana ETF (exchange-traded fund).
🚀VanEck has filed for the very first Solana ETF in the US. Introducing the VanEck Solana Trust, aiming to leverage the decentralized power and high utility of Solana. Stay tuned! 🌟#AblesRT #sec #trade #VanEck #Solana #Crypto #ETF pic.twitter.com/SWJRylgSWs
— Sequential Rotation T Official (@SRTradeofficial) July 4, 2024
VanEck is the first company in the US to apply for the financial instrument and head of research Mathew Sigel indicated that the move responds to the possibility of Donald Trump becoming president and a change in the leadership of the Securities and Exchange Commission.
VANECK SUPPORTS SOLANA ETF IN THE FACE OF REGULATORY CHALLENGES
VanEck’s Matthew Sigel discussed the path to a Solana ETF while facing regulatory complexities, citing electoral ramifications and changes in SEC leadership.
“It all depends on the chairman of the SEC,” Sigel said, emphasizing the… pic.twitter.com/ExI2IgMSHc
— IBC Group official (@ibcgroupio) July 3, 2024
Solana price forecast
Solana price is trading bearish and consolidating within a descending parallel channel with prospects for long-term losses. While the centerline of the channel continues to act as a support floor, the question is how long this will last as sellers continue to overpower the bulls.
For starters, the Relative Strength Index (RSI) is recording lower highs and has dipped below the average level of 50. This generally indicates that the Solana price could continue to trend downward as it approaches oversold conditions.
Similarly, the Moving Average Convergence Divergence (MACD) has been crossed below the signal line (orange band). This crossing generally indicates that short-term momentum has turned negative and the potential for further stock price decline is looming.
With such prospects, the downtrend could extend and Solana price could dive below the channel centerline. This would leave the altcoin with another buying opportunity at $130.79, or in a severe case, slide down to absorb the underlying buy-side liquidity.
GeckoTerminal: SOL/USD 4-hour chart
On the other hand, if the centerline remains as support, a jump on top of this support floor could send the altcoin north. A stable candlestick near $155.89 would clear Solana price from the bearish technical formation position, essentially making SOL attractive to buy. Nevertheless, only a candlestick close to $175.91 would negate the bearish thesis.
As Solana price remains above the channel midline support, investors continue to buy WienerAI (WAI), an AI meme coin that is the best AI crypto meme coin in 2024 according to YouTuber Jon Trading.
Promising alternative to Solana
WAI is the native cryptocurrency behind the WienerAI ecosystem. It is a hybrid token that uses its AI capabilities to mimic the success of other dog meme coins such as DOGE and SHIB.
The project combines animal memes, advanced AI technology and a bit of humor with processed meat. It has gained a huge following, with pre-sales already soaring past the $7 million mark in funds raised.
We’ve reached the $7 million milestone! 🌭🚀
Thank you to our wonderful community! The journey has only just begun and the future looks bright! 💰🐾 pic.twitter.com/ZPmTgXb6Lu
— WienerAI (@WienerDogAI) July 3, 2024
The WienerAI project will soon integrate trading bot capabilities into its platform. This AI-powered trading bot delivers easy-to-use AI-enabled trading, seamless trading functionality and zero fees.
More than just a bot: WienerAI is your ultimate crypto trading partner.
We’re excited to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
WienerAI features carefully designed tokenomics aimed at promoting long-term sustainability and growth. The team has already reserved 20% of the tokens for reward staking, with users able to stake $WAI for an impressive annualized return (APY) of 162%.
Our dachshund is chilling on the beach before the big launch! 🏖️🌭
Are you ready to catch the wave? 🌊 pic.twitter.com/6I41W6uWiM
— WienerAI (@WienerDogAI) June 15, 2024
Each WAI token currently sells for just $0.000725. Buy quickly if you’re interested before a price increase happens in about 34 hours.
Visit and buy WienerAI here with ETH, USDT or a bank card.
Also read:
PlayDoge (PLAY) – Latest ICO on BNB Chain
- 2D Virtual Doge Pet
- Play to earn Meme Coin Fusion
- Staking and in-game token rewards
- SolidProof checked – playdoge.io
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