Solana Price Prediction as VanEck Files for Solana Trust – Can SOL Reach $10,000?
The Solana price has jumped by 7% in an hour, surging to $148 after major investment firm VanEck filed to launch a spot-based Solana exchange-traded funded.
VanEck’s filing follows the launch of its own spot Bitcoin ETF in January, as well as its more recent filing for a similar Ethereum ETF, which could launch in the next few weeks.
The news of its plans to operate a SOL ETF has sent the price of the altcoin flying, with the token now up by 8% in 24 hours and 7% in a week.
And while SOL is still down 13% in a month, the spread of VanEck’s news could push it much higher, with an eventual launch of the ETF helping it to reach all-time highs later in the year.
VanEck Files for Solana Trust – Can Solana Price Reach $10,000?
Solana’s chart almost speaks for itself, with the coin’s indicators moving into very bullish territory.
The coin’s 30-day average (orange) had already climbed over the 200-day (blue) yesterday, signalling an incoming breakout that has just happened in the past couple of hours.
Likewise, SOL’s relative strength index (purple) has shot from 45 earlier this morning to just over 80 today, a sign of some exceedingly strong buying pressure.
Indeed, the coin’s 24-hour trading volume has shot up to $3 billion on the news of VanEck’s move, with traders and investors racing to buy SOL before it gets too expensive.
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
VanEck’s head of digital asset research, Matthew Sigel, has posted on X to explain why his firm believes that “SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores.”
This is extremely bullish for Solana, which was already the second-most popular altcoin (after Ethereum) among digital funds, according to recent CoinShares reports.
While it may take several months (if not longer) for the SEC to reach a decision on VanEck’s filing, the move sets a precedent for other investment firms to follow.
Other funds may move quickly in order to avoid missing out on Solana while it’s still comparatively small (at least in relation to Bitcoin and Ethereum), so more filings could follow.
And if the SEC approves VanEck’s application (not to mention any that come later), it could do wonders for the Solana price.
It may hit $200 in the next few weeks, while the launch of Solana ETFs could push it towards $300 and beyond.
Diversification with New Meme Coins
There’s little doubt that Solana could now have a very big 2024, yet traders looking to increase their exposure to potential gains would do well to diversify into new meme tokens and presale coins.
One of the best right now is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised more than $6.5 million in its sale.
Let the wieners handle your trading needs 🌭🤖
WienerAI Trading Bot: Your smart, AI-driven solution for seamless and savvy trading 🤖 pic.twitter.com/1g8QHecAJn
— WienerAI (@WienerDogAI) June 21, 2024
What’s bullish about WienerAI is that, aside from being a viral meme token, it also boasts some very strong fundamentals.
It will be the native coin for an AI-based chatbot, which traders will be able to ask questions related to promising tokens and trade timings.
The app will also offer an atomic swap feature, meaning that investors will be able to directly and quickly trade any token it recommends.
What’s also interesting is that it offers MEV protection, so as to help users trade ahead of front-running bots.
Such utility is the main reason why WienerAI’s presale is doing so well, with the coin looking ready to rally big when it lists.
As a token, it will have a capped supply of 69 billion WAI, with 30% of this supply going to the sale.
This will make it a deflationary token over time, with the ability to stake the coin also meaning that it will experience price-boosting supply squeezes.
Interested investors can join its sale at the official WienerAI website, where 1 WAI currently costs $0.000722.
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.
