American investment firm VanEck has filed for a Solana ETF, resulting in an immediate spike in the SOL price.
The Solana price traded as high as $151 in the aftermath, surging by close to 8%. Meanwhile, SOL’s 24-hour daily trading volume is also up by 47% today on Thursday.
The question now remains whether the ETF news is enough to stave off the strong bearish pressure on Solana. The answer depends on the likelihood of the ETF approval and Bitcoin’s price action over the coming days.
However, experts believe that the mere expectation of a spot SOL ETF could give a strong boost to the Solana meme coins like Dogwifhat, Bonk and even new tokens like Sealana.
Solana Price Prediction – Can SOL Reclaim $200 In July?
The Solana price has faced a significant decline over the past few weeks. SOL is down 12% over the past month, despite today’s rally. Furthermore, it has corrected nearly 30% from the start of April when it traded as high as $200.
VanEck’s S-1 application for spot Solana ETF has offered a much-needed respite to the bulls. However, it is still trading below several key resistance levels, including the 20-week Simple Moving Average at $153 and the 100-day Simple Moving Average at $158.
In order for SOL to flip these levels, other TradFi giants – mainly BlackRock – will have to join the Solana ETF race. Notably, BlackRock has a 577-1 record when it comes to getting the SEC’s approval on its ETF applications.
However, Solana’s long-term price action now depends upon whether or not the SEC gives its green light to the ETFs. Bloomberg analyst James Seyffart believes that the spot Solana ETFs could get approved at some point in 2025.
However, this will very likely depend upon the results of the upcoming US presidential elections. It is highly improbable that the current SEC chair Gary Gensler will have a favorable view of VanEck’s S-1 application. The firm has claimed that Solana is a commodity, while Gensler remains firm on its security status.
However, a Donald Trump-led administration could have a different view.
In the short term, the bulls would also hope for some strength in Bitcoin. For instance, if BTC falls below $60,000, it would be hard for Solana to print any form of a bullish trajectory.
Either way, it appears unlikely that the Solana price could reclaim the $200 price mark in July. However, one or two favourable developments – such as BlackRock joining the ETF race – could change this Solana price prediction for the better.
Solana Meme Coins Skyrocket – Could Sealana Be The Next To Explode?
Solana meme coins are surging, with Dogwifhat and Bonk both up 8%. Similarly, Book of Meme and Popcat have rallied by 15% and 26% respectively.
A new Solana meme coin – Sealana (SEAL) – is also experiencing significant demand. SEAL has already raised over $6 million during its highly successful presale and is set to go live on Raydium and Uniswap DEXs on July 2nd.
Investors are still flocking to the Sealana presale website and buying the meme coin at its discounted price before the IEO.
Similar to WIF, Sealana’s mascot has garnered a substantial social media following and has emerged as a key factor behind its demand. Its theatrics – which can include sneaking into Area 51 or heckling Connor McGregor – have made Sealana a fan favourite. The project’s X account has over 13k followers while its Telegram has another 21k subscribers.
Unsurprisngly, smart money traders are bullish on the meme coin, with many expecting 10x to 100x returns after launch. A few analysts are even calling it one of the best Solana meme coins to buy now.
