The price of Solana (SOL) has dipped significantly in recent days, reflecting a broader bearish sentiment in the cryptocurrency market. SOL is currently trading below $125, down roughly 5% in the last 24 hours.
However, there’s a ray of hope for Solana bulls. Rumors of a potential Solana ETF launch are swirling in the cryptosphere. Could this news trigger a bullish resurgence for SOL-based altcoins?
This article explores 10 Solana-based altcoins with high growth potential amidst the Solana ETF buzz.
Memecoins See Mixed Signals
- Dogwifhat (WIF): WIF, a popular meme coin, has mirrored the broader market correction, dropping over 30% in the past week. Technical indicators suggest continued bearish pressure, but a market rebound could see WIF retest its $3.99 resistance level.
- BOOK OF MEME (BOME): Despite a surge in trading volume, BOME has shed 7.83% in the last day. While the token shows signs of decreasing bearish sentiment, significant volatility remains. BOME bulls need to hold the price above $0.007525 to target $0.015175.
Established Players Face Downturn
- Serum (SRM): SRM continues its bearish trend, losing value across various timeframes. The Relative Strength Index (RSI) indicates weak buying and selling pressure, while the Simple Moving Average (SMA) suggests a negative outlook. Bulls need to break the $0.05415 resistance for a potential upswing.
- Helium (HNT): HNT has also fallen victim to the market correction, dropping over 22% in the past month. Technical indicators paint a bleak picture, with a flat MACD and declining EMAs. Bulls must hold the price above $3.80 to target $6.525.
- Band Protocol (BAND): BAND currently sits in the oversold zone on the RSI, highlighting strong bearish sentiment. The token’s price is likely to continue its downward trend unless it finds support above $1.041.
- Audius (AUDIO): AUDIO has suffered significant losses across various timeframes. The downtrending RSI and resistance from the EMA suggest a bearish outlook. Holding above $0.140 is crucial for a potential rebound towards $0.2270.
Emerging Players Show Promise
- GMT (GMT): Despite a recent surge in trading volume, GMT has remained down over 30% in the past month. The MACD hints at a potential bullish convergence, suggesting mixed sentiment. A breakout above $0.28 could signal a price increase.
- Pyth Network (PYTH): PYTH’s price has dipped alongside the broader market but shows signs of potential bullish convergence on the MACD. Overcoming the bearish pressure and surpassing $0.5430 could lead to further gains.
- The Graph (GRT): GRT is nearing the oversold zone on the RSI, indicating a potential price reversal. However, the Death Cross formation on the EMA suggests a bearish outlook. Bulls need to hold the price above $0.1250 to avoid further decline.
Traditional Finance Gets a Crypto Twist
- GameStop (GME): GME, the meme stock phenomenon, has seen its crypto counterpart experience a significant correction. The flat RSI suggests indecision, while the declining SMA paints a mixed picture. Bulls regaining control above $0.00796 could lead to a rise towards $0.01736.
Conclusion
The cryptocurrency market remains volatile, with many tokens trading near multi-month lows. However, this downturn could present an opportunity for investors seeking entry points before the next bull run. Remember, cryptocurrency investments are inherently risky, so thorough research is crucial before committing any funds.
