Solana Price Prediction as SOL Trading Volume Soars to $2.5 Billion – Are Whales Buying the Dip?
With the Solana (SOL) price bouncing back to test $150 after dipping below $140, and trading volumes hitting a high of $2.5 billion, the question on everyone’s mind is – are the whales buying the dip?
As the crypto market awaits key US economic data releases, Solana’s impressive price rise keeps it well within its $120-$160 range over the past month. The return of Roaring Kitty and low gas fees across major blockchains like Ethereum could potentially trigger a new meme coin season, with Solana as a key beneficiary.
Solana Price Prediction – Are Whales Buying the Dip?
Despite Bitcoin (BTC) remaining stuck within multi-month ranges, the macro backdrop remains uncertain. Traders are unsure about the timing and speed of Fed rate cuts, and Bitcoin ETF flows have slowed down. The April halving turned out to be a sell-the-news event, with post-halving rallies typically not coming in for 4-6 months. As we head into summer, a typically subdued/bearish time for Bitcoin, it’s likely that Solana might also remain within recent ranges.
What if Meme Coin Season Returns?
If meme coin season returns and Solana meme coins take center stage, a break above $160 could lead to a swift move back to $200. However, should meme season fail, and the market’s broader malaise turns into a sell-off, Solana could break lower. $120 is key long-term support. If this level breaks, a quick test of $100 or lower would be on the cards. Such a sell-off would likely see short-term holders, often referred to as “crypto tourists”, panic sell into the hands of higher conviction dip-buyers and whales.
Solana Alternative to Consider – Slothana (SLOTH)
An exciting new Solana meme coin called Slothana (SLOTH) has seen an amazing start since its recent launch. The Sloth-themed meme coin is up 550% since its May 1 launch, with a market cap now near $100 million. Slothana aims to supplant its Sloth-themed meme coin predecessor Slerf (SLERF), which at one point had a market cap of close to $500 million. As meme coin risk appetite returns, Slothana could soon become a multi-billion-dollar coin.
Conclusion
As the crypto market navigates through uncertain times, Solana’s price movements and the potential return of meme coin season provide interesting developments to watch. While the market’s broader outlook remains unclear, the emergence of new meme coins like Slothana offers exciting opportunities for investors.
