Solana has fallen by 5% in the past 24 hours, with the SOL price slipping to $182 on a day when the crypto market has lost nearly 3%.
This dip still puts SOL up by 3% in a week and by 29% in a month, with the altcoin holding onto a handsome 630% increase in the past year.
Today’s movement also comes after the Securities and Exchange Commission amended its legal complaint against Binance, meaning that the presiding court will no longer have to rule as to whether Solana and nine other tokens are securities.
This could be bullish for Solana, and if the SEC permanently abandons the position that SOL is a security, it could pave the way for a Solana-based ETF.
SEC Drops Solana from Securities List: What This Means for SOL Price
After taking a hit in the past day, SOL’s chart gives the impression that it’s ready to bounce back very soon.
Its relative strength index (purple) has rebounded from 30 earlier this morning to just over 40 as of writing, suggesting a return of momentum.
On the other hand, the coin’s 30-day average – which has been falling for the past 24 hours – seems to suggest that it may have to fall further before we see a concerted recovery.
This probably won’t involve too much of a loss, however, given that SOL’s support level (green) has held up pretty well over the past week or so.
And it’s entirely arguable that the aforementioned SEC news points to a not-too distant future in which the SOL price begins to rise vigorously, with some traders expecting the SEC’s move to be a precursor to a Solana exchange-traded fund.
SEC no longer classing Solana as a security = probably a stronger chance of an ETF getting approved for it eventually https://t.co/cySXB5B9xV
— Nacho Trades (@NachoTrades) July 30, 2024
It’s not clear when a SOL ETF would arrive, yet the probability of such an ETF is certainly increasing with every passing month.
First we had spot Bitcoin ETFs in January, then Ethereum ETFs this month, while some institutions have already filed for a similar fund for Solana.
It’s also worth remembering that Solana remains a fundamentally strong token in its own right, with its platform accounting for $5.4 billion in total value locked in.
This figure has risen from $1.5 billion since January, as Solana has attracted growing use as a platform for meme tokens and NFTs.
It’s likely to continue this growth over the coming months, with the SOL price on course to reach $200 in the next few weeks.
A Solana ETF could see it easily beat its record high of $259 by the end of the year.
Diversification into New High-Potential Meme Coins
Solana is now the fourth-biggest coin in the market and remains promising for future gains.
However, it won’t be the only alt to enjoy high returns in the coming months, with several newer tokens also looking ready to surge in the near future.
A prime example of this is layer-two project Pepe Unchained (PEPU), which has raised more than $6 million in its ongoing presale.
Chain after chain is broken! 🐸⛓️
Pepe has raised $6M! The revolution continues! pic.twitter.com/555bPCkWdE
— Pepe Unchained (@pepe_unchained) July 28, 2024
Pepe Unchained is building a layer-two network for Ethereum, with its L2 offering instant transactions and competitively low fees.
It’s therefore aiming to become a real rival to existing layer-twos such as Base and Optimism, with its network looking to develop its own ecosystem for meme tokens.
What’s also bullish about Pepe Unchained is that, owing to its scalability and efficiencies, it will provide double the staking rewards.
This will provide greater incentive to hold PEPU for the longer term, and given that the latter is the platform’s utility token, it could witness considerable demand once it launches.
The coin will have a max supply of 8 billion PEPU, with staking receiving 30% of this and its presale getting 20%.
What’s also encouraging is that the coin’s X account now has over 9,000 followers, with this count offering an early sign of how big its community could become.
Read More: Pepe Unchained Price Prediction
Investors can get involved in PEPU’s sale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
It’s currently available at a price of $0.0087693 per token, although the success of its sale would suggest that it will rise much higher once it lists.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
