Solana Price Prediction 23 May: SOL is Up 7% in a Week – Time to Buy?
SOL has fallen by 4% in the past 24 hours, with the Solana price dropping to $173.63 on a day when the cryptocurrency market has barely moved.
Despite this loss, Solana remains up by a healthy 7% in a week, with the popular altcoin also sitting on a 22% gain in a fortnight, and a hefty 775% increase in a year.
With the coin’s medium- and long-term momentum remaining strong, today’s dip represents a good opportunity to buy it at a discount, before it rises again.
SOL may have taken a hit today, yet its chart is in a sweet sport insofar as it points to an incoming rebound.
For instance, Solana’s relative strength index (purple) has fallen to almost 30, indicating an oversold position that should make the coin attractive to new buyers very soon.
Meanwhile, SOL’s 30-day average (orange) is falling towards the 200-day (blue), and when it gets low enough a recovery should follow.
It’s likely that any further dips in the near term will not be severe, given that Solana’s trading volume still remains relatively high, at around $3.3 billion today.
What will be interesting is whether SOL’s support level (green) can prevent a concerted fall below $173.
If it can, we may see a strong return to growth over the weekend, compensating for the past couple of days of stagnation.
One thing that may boost the Solana price and the wider market is the incoming decision from the SEC regarding several spot-based ETH ETF applications.
There are promising signs that the SEC will indeed approve these applications, with VanEck’s ETH ETF listed yesterday on the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol ETHV.
While this is obviously bullish for ETH, it will also be highly positive for Solana, and not simply in terms of raising a
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