Solana Price Prediction Following Roaring Kitty’s $180M GameStop Position – Impact on SOL?
The Solana price has gained by 0.5% in a day and by nearly 1% in the past hour, reaching $166.22 amid a 2% bounce for the crypto market today.
SOL is now up 15% in a week, with its lift today coming after meme-stock trader Roaring Kitty (Keith Gill) revealed he has built a position in GameStop stock worth $180 million.
This revelation has sparked excitement among traders, with GameStop stock surging this morning in pre-market trading, and with meme tokens also showing strong signs of life.
And as the blockchain of choice for meme tokens, a renewed meme-stock frenzy could be very good news for Solana, which may rally big soon.
Will Roaring Kitty’s $180M GameStop Position Impact SOL?
What’s good about today’s rise is it follows a period of decline and stagnation for Solana, implying that today could be the beginning of a good rebound.
Promisingly, SOL’s relative strength index (purple) has jumped from 30 late last night to around 55 as of writing, with the RSI have struggled and seesawed over the previous week.
What’s also promising is that the alt’s 30-day moving average (orange) has begun rising in the past few hours, and looks like it could be on its way to climb over the 200-day (blue).
If this happens, the crossover could signal a breakout, which we are probably due as far as SOL is concerned.
As noted above, it seems that the main reason for today’s decent performance is the revelation that Keith Gill has been stocking up on GameStop stock, causing a mini-frenzy online.
BREAKING: GAMESTOP SHARES HIT $43 UP 87% PRE MARKET IN THE FIRST 10 MINUTES $GME #GME #GAMESTOP pic.twitter.com/BtyBZHuvR1
— WhiteRabbit741 🏴☠️ (@madiguz7) June 3, 2024
This has spilled over into the cryptocurrency market, yet given that this news has only just emerged in the past 12 hours, we could see bigger gains across the board today.
This includes for Solana, which as the leading network for meme tokens is likely to benefit more from any sudden increase in demand for such tokens.
Solana also has plenty of other things going for it, including last week’s news that PayPal has launched its PYUSD stablecoin on the Solana blockchain.
Along with adoption from the likes of Visa, this highlights the long-term potential of Solana, which remains one of the most scalable blockchains in the sector.
Based on its fundamentals, and based on the expectation that the wider market is going to increasingly pick up over the coming months, the Solana price should continue posting gains.
It may reach $180 in the next few weeks, and $200 by the end of the summer.
Alternative Alts for Big Summer Gains
Solana certainly remains one of the best bets among major tokens, yet it isn’t the only coin in the market with the potential to do good things in the near future.
There’s also a wide variety of great new meme tokens in the market right now, with many of these holding their presales and gaining lots of momentum en route to listing.
One of the most promising new meme coins holding a presale today is Sealana (SEAL), a Solana-based meme token that has raised over $3 million in its offering.
#Sealana is conductin' compulsory family training! 🦭👨🏫🔫 Send $SOL so he can teach as many folks as possible. 📚
You can protect your children from these #Memecoins in many ways! When Big Gains, Lambos, and Freedom are on the line, this is a must! 🚀💰🇺🇸 Remember, ‘They're never… pic.twitter.com/Y6TqGXjX7v— Sealana (@Sealana_Token) May 31, 2024
Adopting a gun-toting, Trump-supporting seal as its mascot, Sealana is aiming to become the next big Solana-based meme coin to outperform the market.
Based on its raise amount, it seems to be doing a great job of drumming up support and interest, with the coin’s official X account now boasting over 8,000 followers.
This count is a clear sign of a rapidly growing online community, one which will support SEAL and help it gain beyond its listing.
What’s also interesting about SEAL is that it has also launched an Ethereum version of its token, with its existence on the two biggest layer-one networks giving it wide potential application.
Investors can get involved in its sale by going to the official Sealana website, with 1 SEAL available at $0.022.
This price is likely to rise much higher once the token lists on exchanges, potentially making it one of the best-peforming new launches of the year.
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.
