Solana (SOL) has experienced a decline, with its price hovering around $139.39 and hitting an intraday low of $136.39, marking a 13.61% drop. Despite this, analysts believe SOL still has the potential to reach $260 in the near future due to its strong fundamentals, such as a high-performance blockchain that can process thousands of transactions per second at low costs. The increasing adoption of Solana’s platform by various projects and developers is expanding its ecosystem, supporting its long-term growth. Investor confidence remains steady, with many viewing the recent drop as a temporary setback on the path to higher valuations.
The Chicago Board Options Exchange recently removed the filings for VanEck and 21Shares’ spot Solana ETFs from its website. These filings, submitted in July 2024, were under review by the U.S. SEC, but without a Notice of Filing from the SEC, it is speculated that the applications were withdrawn. This development raises concerns, especially given the SEC’s cautious stance on Solana as a financial security and the lack of enthusiasm from major U.S. asset managers for Solana-based ETFs. The removal of these filings could impact Solana’s price due to declining investor confidence in the U.S. market.
Brazil, on the other hand, is moving forward with plans to launch its first Solana-backed ETF, led by QR Asset and Vortx, pending approval from the Brazilian Stock Exchange. This contrasts with the situation in the U.S., highlighting differing levels of trust and acceptance of Solana between different global markets. While the uncertainty in the U.S. regarding Solana ETFs could potentially harm Solana’s price, Brazil’s potential approval could provide positive momentum for the cryptocurrency in the financial sector.
TRUMPPUS, a new memecoin on the Solana blockchain, is gaining attention for its potential to deliver high returns similar to popular memecoins like Shiba Inu and Dogecoin. Early investors in TRUMPPUS could see significant gains, with projections suggesting the coin might increase by over 18,000% after upcoming listings on major crypto exchanges. Currently, TRUMPPUS is available on decentralized exchanges like Raydium.io and Jup.ag, with over $3,000 in liquidity, positioning it well compared to other new memecoins. As interest shifts from established memecoins to Solana-based ones like TRUMPPUS, demand for Solana (SOL) could increase, potentially driving up its price as more investors buy TRUMPPUS using SOL.
Solana (SOL/USD) is currently trading at $141.18, with technical indicators suggesting the market is at a crucial point. The price is finding support at $134.95, reinforced by an upward trend line. Resistance lies at the 50-day Exponential Moving Average (EMA) and a downward trend line at $145.40. A symmetrical triangle pattern indicates market indecision, with the Relative Strength Index (RSI) at 46.44, signaling a neutral sentiment. Traders are advised to sell below $145 if resistance holds, as a downward breakout could occur. If Solana breaks above $145.40, it may signal a bullish trend toward higher resistance levels.
Memegames ($MGMES) has raised $371,605.98 and is priced at $0.00925 per token, generating significant interest in the crypto community. Inspired by the Olympic spirit, Memegames features virtual competitions among top meme coins, with characters battling it out in various events. The presale is ongoing, offering early investors an opportunity to secure $MGMES tokens before the project gains traction and lists on decentralized exchanges by September 10. With a fundraising target of $1,078,567 and a market cap target of $792,208, Memegames is poised for growth. Investors are encouraged to participate in the presale before the price increases and stay updated on the project’s progress.
