Solana Price Prediction: SOL Falls 3% as Investors Send More Than $2.3 Million in Presale of This Popular New Meme Coin – Next Bonk?

adminMay 22, 2024

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Solana prices have fallen 3% over the past 24 hours, trading at $180.26 as of 3:53 a.m. ET, with volume down 20%.

Since Solana is a major competitor to the Ethereum blockchain, the slump in SOL prices occurred as ETH siphoned off liquidity amid growing optimism that an Ethereum exchange-traded fund (ETF) would soon be approved for trading.

The same pattern is reflected in the price of meme coins on each blockchain. Pepe (PEPE) and Floki Inu (FLOKI) prices recorded double-digit gains as did SOL-based meme coins including Dogwifhat (WIF) and Bonk (BONK). It’s struggling to keep up with single-digit gains, according to CoinGecko data.

Nonetheless, renowned trader and analyst @CryptoTony_ predicts that Solana price will hit a new all-time high.

$SOL / $USD – update
There are only a few days left to go to ATH. pic.twitter.com/cQAc53n4YP
— Crypto Tony (@CryptoTony__) May 22, 2024

Solana price prediction

Solana price is trading in an upward trend and is hitting higher highs as it consolidates within an ascending parallel channel. Broader market optimism has pushed layer 1 tokens beyond the limits of their technical structure.

Traders often interpret ascending parallel channels as a sign of continued upward momentum in the asset price. The lower trend line acts as support, and the upper trend line acts as resistance.

Prices tend to fluctuate between these two trend lines, with traders looking to buy near the lower trend line and sell near the upper trend line.

As the Relative Strength Index (RSI) hits higher lows, bullish momentum continues to abound and Solana price could extend its gains. A steady candle closing above the 23.6% Fibonacci retracement with a northward bias confirms the continuation of the uptrend.

This could see Solana price regain its $208.60 peak. Late bulls looking to take a fresh long position on SOL after missing the previous rally will probably have to wait for a stable close above $187.44.

In particular, Moving Average Convergence Divergence (MACD) remains above the orange band of the signal line, indicating that an uptrend is leading the SOL market. The volume profile shows green spikes, indicating growing bullish sentiment in the SOL market.

Solana prices

GeckoTerminal: SOL/USDT 1-day chart

converse case

On the other hand, early profit booking may cause Solana price to fall. A slide below the 38.2% Fibonacci retracement level of $174.35 would likely attract more sell orders. The resulting selling pressure will likely push Solana price below the 50% Fibonacci placeholder, below which the bullish thesis will be invalidated.

Even as Solana price rises to the next level, investors are keeping an eye on SEAL, a new SOL meme coin presale that has already raised over $2.3 million. According to Crypto Gains, the token, which has 131,000 subscribers, has “huge potential.”

A promising alternative to Solana

SEAL is the ticker for Project Sealana, a patriotic obese American country seal breaking out of his mom’s basement.

Sealana is thriving alongside its native chain, SOL, with Solana’s price rising 25% in the past week, according to CoinGecko data. This represents a high-risk, high-reward bet on the continuation of recent meme coin mania and the sustainability of investor demand.

Honorable discharge does not stop #Sealand From spreading FREEDOM with fellow special forces $SEAL.🪖🦭
With his days on the battlefield behind him, Sealana and his allies now face a different enemy: the keyboard warriors. #memecoin People I hate😡⌨️
He didn’t serve… pic.twitter.com/VV4oWeSjTi
— Sealana (@Sealana_Token) May 15, 2024

Sealana is a new addition to the culture-focused meme coin niche. Its signature feature is a quirky and relatable digital mascot. The character is inspired by the archetypal underground dweller archetype, and is depicted as giving up his physical health to pursue trading activities and make profits in the volatile cryptocurrency markets.

#SealandThrowing a wild social party for the OG $SEAL alphas #Ticketing We’re on track for $1 million. 🦭🚀
The bros are there, the beer is cold, the ladies are on their way🇺🇸🍻
Did you miss the invitation?📩 I don’t think I packed enough luggage. $SEAL 💰 Join us… pic.twitter.com/riLSZCqfkB
— Sealana (@Sealana_Token) May 13, 2024

The project’s integration with the Solana blockchain is a key benefit that leverages Solana’s powerful performance, low fees, and rapidly expanding ecosystem.

As a Solana Program Library (SPL) token, SEAL benefits from Solana’s scalability and active developer community.

👋Hello everyone! 🇺🇸
I heard that some people are having trouble purchasing. $SEAL ❌ So for the convenience of you lizard-skinned liberals, we $SEAL #multichain I’ll let you buy it later #Ethereum! So grab a cold drink, sit back, and let us show you how to fill up your truck… pic.twitter.com/3dsuUScSbw
— Sealana (@Sealana_Token) May 9, 2024

ClayBro says Sealana has 10x potential.

ClayBro, a cryptocurrency analyst and YouTuber, said that Sealana has the potential to rise 10x after launch.

Investors interested in joining the Sealana community can purchase SEAL for $0.022. These types of “Send SOL” ICOs have no timers, stages or hard caps and can end at any time, so it’s best not to wait too long before buying.

Visit Sealana here to purchase.