SOL has dropped by 7.5% in the past 24 hours, with the Solana price sinking to $180 today as the wider crypto market suffers a 5% loss.
The altcoin is now down by 6% in the past week, but remains up by 40% in the last 30 days and by a very impressive 760% in the past year.
Given its medium-term momentum, the past week’s dip is likely a momentary blip in the context of a longer term period of growth for Solana.
And with many analysts expecting the market to power ahead as we approach the next Bitcoin halving this month, now could be a very good opportunity to buy the dip.
Solana Price Prediction as SOL Drops to $180 Level – Dip Buying Opportunity?
While SOL’s chart does look pretty depressed at the moment, it also suggests that its current dip may have bottomed out.
In other words, it’s close to rebounding, with its relative strength index (purple) dipping below 30 this morning, in a sign that traders are now overselling it.
Source: TradingView
At the same time, its 30-day average (orange) has just dipped below its 200-day (blue), again providing an indication that that SOL is very close to reaching the bottom of its current dive.
It’s not likely to fall much lower below $180, and given how bullish it has been in recent months, it’s hard to see it do anything other than recover soon.
Its trading volume remains healthy at around $4.3 billion, with CoinShares data showing that it remains the most popular altcoin among funds after Ethereum (in terms of total holdings).
146,121 #SOL (26,837,587 USD) transferred from #Kraken to unknown wallethttps://t.co/1A5kEf3yWK
— Whale Alert (@whale_alert) April 2, 2024
And it seems that whales have resumed buying SOL again, taking advantage of the recent drop in price to accumulate.
This is clearly based on the expectation that the Solana price will rise again soon enough, with the overall trajectory of the market likely to help it rebound.
As noted above, the Bitcoin halving could be a big catalyst for a rally, as could developments related to Ethereum ETFs.
This is all bullish for prices in general, while Solana itself has stronger fundamentals than most altcoins.
Its total value locked in has ballooned this year amid demand for NFTs and meme coins, with this demand likely to continue boosting SOL.
The latter could return to $200 in the next few weeks, before hitting $250 by the summer.
Small-Cap Altcoins with High Potential
While Solana is one of the best bets among major alts, there are various smaller cap altcoins that also bring plenty of potential.
This includes several presale tokens, which can often generate big momentum as they raise funds and prepare to list on exchanges.
One example doing this right now is Slothana (SLOTH), a Solana-based meme token that has raised more than $5.8 million in its presale.
Wow! Sloth’s jaw is dropping at the SOL flooding in from our slovenly supporters! What a bunch of lazy legends! Let’s take Slothana to the moon! And remember, only send from your onchain wallets – Sloth can’t airdrop to exchanges! #Slothana #MemeCoin #LazyLegends
— Slothana (@SlothanaCoin) March 28, 2024
What’s impressive about this figure is that Slothana opened its sale only three weeks ago, an indication that investors are already betting big on the meme coin.
It has clearly impressed, likely because of a couple of key facts.
Firstly, its team is the same group that launched fellow SOL-based meme token Smog (SMOG), which rallied strongly earlier this year after listing.
This offers some indication that it has some kind of pedigree behind it, with its team knowing how to launch and market meme coins.
Secondly, Slothana has carved out a unique and distinctive niche for itself as a meme token, basing its design on the ever-dependable sloth, which symbolizes how it hopes to make maximum profits with a minimum of effort.
While it is a meme token and therefore has no real fundamentals, it emerges at a time when demand for Solana-based meme coins has been huge.
For instance, Pundu raised just over $100 million in its presale last month, while DogWifHat has gained by just over 240,000% since listing in December.
Investors can join its presale by heading over to its official website, with the coin available at a price of 1 SOL for 10,000 SLOTH.
It will airdrop coins to buyers once the sale ends, which will also see it list on exchanges, where it will potentially enjoy a big rally.
Visit Slothana Now
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