Solana Price Forecast: Grayscale’s ETF Move Could Propel SOL to New Highs

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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October 16, 2024

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The Solana price has barely moved in the past 24 hours, hanging at $154.72 today as the cryptocurrency market as a whole also struggles to climb.

Despite this, SOL has gained by 8% in the past and is also up by 18% in a month, with the market beginning to pick up again after a difficult start to October.

Solana has also received a boost via asset manager Grayscale, which has filed with the SEC to convert its multi-crypto Digital Large Cap Fund into an exchanged-traded fund.

Given that this fund includes SOL (in addition to Bitcoin, Ethereum, XRP and Avalanche), its approval could result in a big boost to the Solana price.

Solana Price Forecast: Grayscale’s ETF Move Could Propel SOL to New Highs

SOL’s relative strength index has been hovering around 50 for nearly a day, after passing 70 on two separate occasions in the past week.

We also see that SOL’s 30-period moving average (orange) has stopped rising above the 200-period average (blue), and could therefore be about to drop.

While SOL’s RSI has certainly been high for long enough to warrant a correction, the coin’s medium-term issues would also justify further gains this week.

And this seems to be the direction the overall market is taking at the moment, with Grayscale’s application on Monday helping to boost prices across the board.

Grayscale’s Digital Large Cap Fund already trades as a private fund, comprising 75.59% BTC and 17.83% ETH, as well as smaller allocations for SOL, XRP and AVAX.

If Grayscale were able to convert it into an ETF, it would invite more institutional investment in Solana, as well as the other coins in the fund.

Yet it’s arguable that Solana is doing just fine without a dedicated ETF, given that it remains up by just over 570% in a year.

This makes it one of the best-performing top-100 coins of 2024, with much of its performance stemming from Solana’s growing use as a launch platform for meme tokens.

Indeed, its total value locked in has risen by 1,800% in the past 12 months, and because this is in excess of SOL’s price growth, it means that most of the growth has come from actual adoption.

And assuming that the market continues to improve over the coming weeks, the Solana price could have a really strong end to the year.

It could reach $200 by the end of November, and $250 by the end of December.

New Presale Tokens with Strong Fundamentals.

While SOL could have a very big 2025, traders should always consider diversifying into smaller alts as well as, in order to maximize their exposure to potential upside.

This includes investing in newer tokens, with presale coins often being an easy way of making quick profits.

While not all presale tokens will do well, one of the most promising right now is layer-two project Pepe Unchained (PEPU), which has raised an impressive $19.8 million in its sale.

Pepe Unchained is launching an L2 network for Ethereum, providing traders with instant transactions and competitively low fees.

It’s aiming to become a major ecosystem for meme tokens, with the platform enticing adopters by offering double the usual staking rewards.

It can provide greater rewards than it would have as a layer-one token because of its improved scalability, with its superior throughput meaning that it can issue tokens at a faster rate.

And given that PEPU will serve as a the utility token for the L2 network, demand for the coin could be high.

It comes with a max supply of 8 billion PEPU, with its protocol allocating 30% to staking and 20% to its presale.

Not only are its tokenomics and fundamentals good, but Pepe Unchained already has a big community, with its official X account boasting over 47,000 followers.

Read More: Pepe Unchained Price Prediction

Investors can join PEPU’s sale at the coin’s official website, where it’s selling at $0.0099 per token.

This will rise a few more times before the sale ends, at which point PEPU could have one of the biggest new listings of the year.

Buy PEPU Now