As a crypto investor with experience in the market, I’m excited about the recent developments in the Solana ecosystem. The potential approval of multiple Solana ETFs is a significant bullish sign for SOL and its associated meme coins. This news has already resulted in a notable rebound for Solana and its memecoins, as shown by the double-digit percentage increase in their prices within just a few days.
This week, the cryptocurrency market has seen a new surge of optimism as Bitcoin‘s price found stability above the $60000 mark, halting its downward trend. Notably, among the leading cryptocurrencies, Solana (SOL) has shown significant gains, with major asset management firms expressing intent to develop an Exchange-Traded Fund (ETF) centered around it. This news has significantly influenced the Solana ecosystem, hinting at a potential strong rebound for related meme coins.
On June 27, 2024, VanEck submitted a Form S-1 registration form to the US Securities and Exchange Commission (SEC) for launching the VanEck Solana Trust. Similarly, 21Shares filed an identical form with the SEC for a Solana exchange-traded fund (ETF). The introduction of multiple ETFs dedicated to Solana could lead to increased acceptance and trading volume for the cryptocurrency, thereby strengthening its role in the market.
*21SHARES FILES S-1 FOR SOLANA ETF: BBG
— Tree News (@News_Of_Alpha) June 28, 2024
Following the Bitcoin ETF’s impressive performance, market players responded enthusiastically to the announcement of a Solana ETF. Consequently, SOL experienced a nearly 10% surge on Thursday. If given the green light, meme coins tied to Solana could potentially experience significant growth due to their inherent volatility.
Solana meme coins- Dogwifhat (WIF)
A memcoin named Dogwifhat (WIF) emerged on the Solana blockchain towards the end of 2023, drawing inspiration from an widely recognized Shiba Inu meme depicting a canine donning a knitted hat.
In the midst of optimistic market feelings resurfacing, the downward trend for WIF prices at the $1.478 support level took a sudden U-turn. The bullish surge propelled approximately a 53% price increase, peaking at the resistance level of $2.26.
The downward slide in WIF prices is being driven by the rising trendline. At the time of publication, the Dogwifhat coin is valued at $2.11 with a total market capitalization of $2.1 billion. A breach of this trendline could indicate a shift in investor sentiment and encourage meme traders to pursue the previous peak price of $4.08.
BONK
As a meme coin with a dog theme and built on the Solana blockchain, BONK was introduced through community efforts. In the wake of the recent market downturn, the price of BONK experienced a significant correction from its peak at $0.0000445 to a low of $0.000018, representing approximately a 60% decrease in value.
Despite a sudden drop in value to $0.000023, the memecoin price experienced a notable surge of 23% over the past six days. The daily chart reveals that BONK coin bounced back from an ascending trendline, providing resilience for buyers during the market downturn.
Based on the data from CoinMarketCap, I observe that the BONK coin currently holds a market capitalization of approximately $1.55 billion. However, the coin’s 24-hour trading volume has experienced a significant decrease, dropping by around 48% to $0.0000227.
As an analyst, I would interpret the intact support trendline as a clear indication that investors are still accumulating this asset at a discounted price. This is a crucial sign of a stable uptrend. The persistent buying power is expected to push the coin’s price up by approximately 96%, potentially reaching a challenge of its previous high at $0.000044.
Doland Tremp (TREMP)
As a dedicated researcher exploring the dynamic world of cryptocurrencies, I’d like to share some insights about an intriguing meme coin called Doland Tremp (TREMP). Launched on the robust Solana blockchain in February 2024, this project captures my attention due to its unique focus on political satire. Specifically, it targets themes related to a former U.S. President – Donald Trump.
During the intensifying US election season,PolitiFi’s cryptocurrency assets are set to draw increased interest from the crypto community. A look at the day-to-day chart reveals that the TREMP price is gradually climbing within an uptrend influenced by a channel formation.
As an analyst, I’m observing that the current price of Doland Tremp is at $0.58, marking a 15% decrease in the past 24 hours. Additionally, the market capitalization has dropped to $58.07 Million. If the selling pressure continues, it’s possible for this meme coin to experience another potential decline of around 40%. In such a scenario, it might find support at a lower trendline.
As a researcher studying the trends in the TREMP market, I’ve observed a consistent pattern. If this pattern persists, then the TREMP price may be on the verge of a reversal, potentially reaching beyond $1.53.
Key Takeaway
Major financial institutions, as indicated by VanEck and 21Shares’ S-1 filings, are growing increasingly interested in creating investment products centered around Solana. This trend recalls the surge of interest in Bitcoin and is widely perceived as a strong positive signal for Solana and its related meme coins. During this market downturn, potential buyers can consider entering their positions at favorable prices.
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2024-06-29 17:12