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Arslan Butt
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Arslan Butt
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Solana (SOL) continues its downward trend, hovering around $139.39 and hitting an intraday low of $136.39. This marks a 13.61% decline from $157.88.
Despite this drop, some analysts predict that SOL could still reach $260 in the near future, driven by its strong fundamentals, including a high-performance blockchain capable of processing thousands of transactions per second at low costs.
Additionally, the increasing adoption of Solana’s platform by various projects and developers is expanding its ecosystem, supporting its long-term potential.
Investor confidence remains steady, with many viewing the recent dip as a temporary setback on the way 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. However, without a Notice of Filing from the SEC, it’s speculated that the applications were withdrawn.
This development raises concerns, especially with 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.
In contrast, Brazil 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.
While the U.S. remains uncertain, Brazil’s potential approval could boost Solana’s presence in the financial sector.
This highlights the differing levels of trust and acceptance of Solana between the U.S. and other global markets.
The removal of Solana ETF filings in the U.S. could hurt Solana’s price due to declining investor confidence, but Brazil’s possible approval might offer some positive momentum.
Trump’s Pussy (TRUMPPUS), a new memecoin on the Solana blockchain, is gaining attention for its potential to deliver high returns, similar to Shiba Inu (SHIB) and Dogecoin (DOGE).
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 only on decentralized exchanges like Raydium.io and Jup.ag, where users can swap Solana (SOL) for TRUMPPUS. With over $3,000 in liquidity, TRUMPPUS is starting strong compared to many new memecoins.
As established memecoins like SHIB and DOGE lose momentum, investors are increasingly turning to Solana-based memecoins like TRUMPPUS, hoping to catch the next big trend in crypto.
If successful, TRUMPPUS could boost demand for Solana (SOL), driving up its price as more investors buy TRUMPPUS using SOL.
Solana (SOL) Consolidates, Key Levels to Watch for Breakout
Solana (SOL/USD) is currently trading at $141.18, and technical indicators suggest the market is at a crucial juncture.
The price is finding immediate support at $134.95, which is reinforced by an upward trend line. Should this level fail, the next support levels to watch are $127.03 and $116.07.
On the upside, resistance is forming at the 50-day Exponential Moving Average (EMA), currently at $145.40, which aligns with a downward trend line.
Beyond this, immediate resistance lies at $148.81, followed by $157.51 and $163.54.
This confluence of support and resistance creates a symmetrical triangle pattern, a sign of market indecision.
The Relative Strength Index (RSI) is around 46.44, indicating a neutral market sentiment that could swing in either direction.
Conclusion: Consider selling below $145 if resistance holds, as the symmetrical triangle could lead to a downward breakout.
If Solana breaks above $145.40, it may signal a bullish trend toward higher resistance levels.
Memegames ($MGMES) Presale: A Hot New Meme Coin Ready to Explode
Just a few days into its launch, Memegames ($MGMES) has already raised $371,605.98, showing strong investor interest. Currently priced at $0.00925 per token, $MGMES is generating significant buzz in the crypto community.
Join the Meme Games – Where Meme Coins Compete
Inspired by the Olympic spirit, Memegames features virtual competitions among top meme coins. Characters like Doge the OG, Pepe the Versatile, Wif the Trendsetter, Brett the Conqueror, and Turbo the Speedster battle it out in various events, with participants earning $MGMES tokens as rewards.
Presale and Future Growth Potential
The Memegames presale is heating up, and with only 1 day, 18 hours, 20 minutes, and 54 seconds left until the next price increase, now is the perfect time to secure your $MGMES tokens. The token price is expected to rise as the project gains traction and lists on decentralized exchanges (DEX) by September 10.
The presale offers an excellent opportunity for early investors to get in on the action before the anticipated price surge. With a fundraising target of $1,078,567 and a market cap target of $792,208, Memegames is poised for success.
Act Now Before the Price Increases
Don’t miss your chance to participate in the Memegames presale. Secure your $MGMES tokens at $0.00925 each before the next price hike.
Visit the Meme Games website to participate in the presale and stay updated on the project’s progress by joining their community on X and Telegram. The smart contract has passed a full audit by SolidProof, ensuring the security and reliability of your investment.
