In recent days, Solana’s price has seen a significant pullback, indicating increasing bearish sentiment in the altcoin market. Reportedly, the SOL price has dropped by about 5% in the past day, causing its value to fall below the $125 mark.
However, with growing speculation in the cryptocurrency market about a potential Solana ETF, could SOL-based altcoins see a strong bullish return in the future?
In this article, we introduce 10 Solana-based altcoins that are likely to see significant gains in their respective portfolios amid Solana ETF rumors.
Dogwifhat (WIF)
Amid the ongoing adjustment in the cryptocurrency market, WIF memecoin has dropped by 5.60% in the past day and about 30% over the past seven days. Additionally, it has plummeted by 45.29% in the past 30 days, indicating long-term bearish sentiment in the crypto space.
The SMA indicator continues to act as resistance on the price chart, suggesting weak bullish sentiment for Dogwifhat. Furthermore, the MACD continues to show a constant red histogram, indicating that WIF cryptocurrency will continue to depreciate this week.
If the market regains momentum, WIF memecoin will experience a bullish reversal and is poised to test its upper resistance at $3.990 in the near future. Conversely, if bears continue to dominate the market, Dogwifhat token will fall to its key support at $1.
Serum (SRM)
Serum’s price continues to trade under bearish sentiment, dropping 5.55% in the past seven days and 18.08% in the past 30 days. Additionally, this altcoin has erased 54.39% from its portfolio this year, highlighting strong bearish sentiment toward this cryptocurrency.
The RSI has repeatedly failed to break the neutral point, indicating weak buying and selling pressure on Serum in the market. However, the SMA shows a high possibility of bullish convergence, indicating mixed market sentiment.
If bulls overpower bears, the SRM token price will break resistance and prepare to test its highest price of $0.05415. On the downside, if bears control the bulls, Serum’s price will fall to its key support at $0.030.
Helium (HNT)
Helium’s trading volume was $4.27 million in the past day, with its valuation down by 6.82%. Moreover, this altcoin has dropped 22.76% in the past 30 days, with a year-to-date return of -53.77%.
The MACD shows a constant flat line on its price chart, with its average value recording a similar trend. This indicates waning investor interest in this altcoin. On the other hand, the 50/200-day EMA shows a continuous decline, indicating a bleak outlook for the Serum token.
If the SRM price remains above the resistance at $3.80, bulls will regain momentum and prepare to test its upper resistance at $6.525. However, if bulls fail to gain strength, the Serum token will fall to its support at $2.510.
Band Protocol (BAND)
BAND cryptocurrency’s market cap is $154.516 million, successfully ranking it 268th in the global crypto market. However, this altcoin has plummeted 35.63% in the past 30 days and dropped 51.20% year-to-date.
The RSI continues to trade in the oversold range, highlighting strong bearish sentiment in the market. Additionally, the average index shows a continuous downward trend, indicating that BAND’s price will continue to trade under bearish sentiment.
If the market keeps Band Protocol’s price above its key support at $1.041, bulls will gain momentum and prepare to move towards its upper limit at $2. Conversely, if bears gain momentum, BAND cryptocurrency will fall to a new annual low.
GMT (GMT)
Reportedly, GMT’s price soared by 140% in 24-hour trading volume. However, this altcoin has dropped by 3.01% in the past day and 30.39% in the past 30 days. The GMT token’s market cap is $329.74 million, and its price has erased 51.09% from its portfolio since the beginning of the year.
Despite constant resistance on the price chart, the MACD’s red histogram continues to decline, with its average value suggesting potential bullish convergence. This indicates mixed sentiment in the crypto market towards GMT’s price.
With a bullish reversal, the GMT token price will see a positive breakout and move towards its upper resistance at $0.280. However, if bearish action occurs, GMT cryptocurrency could drop to a low of $0.1125 in the near future.
Audius (AUDIO)
AUDIO’s price has dropped by 6.91% in the past day and 12.05% in the past week. Additionally, this altcoin has dropped 38% in the past 30 days, with year-to-date long-term investors losing 44.90%.
Since the beginning of the month, the RSI has shown a continuous downward trend, highlighting strong selling pressure in the crypto market. Additionally, the 50-day EMA acts as resistance on the price chart, indicating uncertainty in future price movements.
If bulls keep Audius token’s price above its key support at $0.140, the altcoin will prepare to test its upper resistance at $0.2270. On the downside, if bears continue to gain control, AUDIO’s price will fall to a low of $0.0975.
Pyth Network (PYTH)
Despite a doubling of trading volume, PYTH’s price dropped by 5.33% in the past day and 10.34% in the past week. Additionally, this SOL-based altcoin has plummeted 31.55% in the past 30 days and dropped 15.08% year-to-date.
Technical indicators show the MACD continuously dropping in the chart, with its average value recording a high possibility of bullish convergence. However, the SMA shows a negative trend, indicating uncertainty in Pyth Network’s future price movements.
If bears overpower bulls, Pyth Network’s price will drop to a low of $0.2580. On the positive side, if the market sees a bullish reversal, PYTH’s price will prepare to test its upper resistance at $0.5430 in the coming weeks.
The Graph (GRT)
In the ongoing cross-border market adjustment, GRT’s price has pulled back by 4.47% in the past 24 hours and 6.08% in the past week. Notably, the AI token has plummeted 37.51% in the past 30 days, with a year-to-date return of -5.16%.
The RSI indicator is about to test its oversold range, indicating weak price momentum for GRT in the market. Additionally, the 50/200-day EMA records a high possibility of a death cross in the 1D time frame, indicating a bleak outlook for The Graph’s price.
If the price chart sees a bullish reversal, GRT’s token price will prepare to retest its upper resistance at $0.3550. However, bearish price action may pull The Graph token towards its lower support at $0.1250.
BOOK OF MEME (BOME)
Top memecoins have seen significant adjustments in their respective portfolios. Despite BOME’s trading volume soaring by 78.29%, its price has dropped by 7.83%. Additionally, this meme token has erased about 33% of its portfolio in the past 30 days.
The MACD continues to decline in the red histogram, with its average value showing a decline in bearish sentiment. As the SMA continues to act as resistance, volatility in the crypto space is rising.
If bulls keep BOME memecoin above its key support at $0.007525, it will test its highest price at $0.015175. On the downside, if bears continue to dominate the market, BOOK OF MEME’s price will fall to a low of $0.0010.
GameStop (GME)
GME’s price experienced a significant adjustment after a sharp valuation surge during the memecoin frenzy. Notably, GameStop’s price has dropped by 10.90% in the past day and 43.66% in the past 30 days.
The RSI technical indicator shows a flat line on the price chart, indicating weak buying and selling pressure on GME in the crypto market. However, the SMA indicator records a significant decline, indicating mixed sentiment in the crypto market.
If the market pushes GameStop’s price above the resistance at $0.00796, bulls will regain momentum and prepare to test its highest price at $0.01736. Conversely, a bearish reversal may pull GME token’s price towards its lower support at $0.00349.
Conclusion
The cryptocurrency market’s volatility continues to rise. Additionally, with top tokens hovering near multi-month lows, this could be a good entry point for investors to stockpile more tokens for the upcoming bull market.
Investing in cryptocurrencies is highly risky due to current market volatility. Additionally, always conduct your research before investing in any digital asset.
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