The broader crypto market is down 4.40% in the last 24 hours, leading to a significant slump across top coins, including BTC and Ether. Unfortunately, SOL has not been spared in this onslaught, as it has lost over 7% of its valuation in the last 24 hours.

Among the top 10 crypto assets, SOL is the top loser, with a market cap of $61.3 billion. However, despite this bearish outlook, the community is still optimistic about the coin’s future.

This optimism is probably due to speculations about a potential Solana ETF listing and ecosystem developments. Given the heightened optimism, can SOL reach $1000, or will the downward movement continue?

SOL Recent Price Action

Solana’s price has been on a rollercoaster ride since May 20, slipping to $121 on May 24 after failing to maintain the high of $185. This decline represents a significant 34.6% decrease from its recent peak.

Despite this drop, SOL showed resilience, briefly rebounding to a critical level of around $153. SOL is approaching its previous support at the $121 threshold, crucial for determining the coin’s next move.

If SOL can hold this support, it might bounce back and attempt another recovery. Conversely, we could see further declines if it breaks below this level. Moreover, the technical analysis below signals potential bullish sentiment.

SOL Price Analysis: Potential 72% Surge or Further Decline?

Solana’s price recently rejected the $153 level and is now heading towards $121. This support level is crucial for SOL’s next move.

If the $121 support holds, SOL could bounce back strongly. With sustained bullish momentum, its price might even break the long-term trendline, potentially propelling SOL to $200, a 72% increase from the support level.

Moreover, technical indicators paint a bullish picture, with Solana (SOL) MACD above its signal line, suggesting short-term bullish momentum. This often indicates a potential upward trend.

Additionally, the SuperTrend indicator flags a buy signal, suggesting that SOL might be entering a bullish phase.

However, the RSI has dropped to 43, indicating a neutral market position, neither overbought nor oversold. This often suggests indecisiveness among market participants. But if sellers prevail and SOL eventually turns oversold, it could trigger a reversal.

Moreover, the PVT at 10.59 million shows positive volume trends, suggesting that buyers are still active despite recent price drops.

Will SOL Dump Further?

If bears keep control, Solana’s price will drop to its critical support level of $121; otherwise, the next price target could be $100. On the positive side, if a bullish reversal happens, Solana will gain momentum and test the $153 resistance level, empowering the bulls for a rally to $200.

So, investors might want to wait for the coin to drop toward the $121 support level to confirm the next direction.

Solana ETF Filings Fuel Potential Price Surge: Analyst Predicts Approval Within a Year

VanEck and 21Shares recently filed for a Spot Solana ETF, boosting the price of SOL by 11% to $150 due to positive investor sentiment. Many market participants are optimistic about a potential Solana ETF approval, as such a feat could drive SOL’s price higher. 

The famous Bloomberg ETF analyst Eric Balchunas believes approval might come within 12 months. He suggests a change in SEC leadership could benefit Solana. Despite SEC labeling SOL as a security, Balchunas remains hopeful.

“Yes, the odds of a Solana ETF being approved in the next 12 months are tied at the hip to the odds of a change in POTUS, and safe to say the chances of both are higher today than they were yesterday. Altho we not giving any exact number on this yet. Way too early,” the analyst said in an X post.

Furthermore, in a recent report, GSR analysts tagged Solana among the “Big Three” cryptocurrencies, predicting a surge to $1320 for SOL should the ETF approval come to fruition. The experts believe Solana ETFs might receive 14% of the BTC ETF inflow.

The analysts are optimistic about the weakening hawkish stance against crypto in the US, and a Trump administration could catalyze the ETF approval.

Crypto Expert Raoul Pal Bullish on Solana, Predicts Breakout

In a recent YouTube video, Raoul Pal, CEO of Global Macro Investor, said he was all-in to Solana. Pal said he has allocated 90% of his crypto portfolio to SOL.

The CEO uses chart analysis to support his bullish view of Solana. Pal points out a perfect wedge pattern in SOL’s price chart, which signals a potential upward breakout.

Pal also notes that Solana’s low volatility suggests a significant price movement is coming soon.

Solana Alternative: Pepe Unchained – New Meme Coin Raises $2 Million in Presale

While the market awaits SOL’s breakout, Pepe Unchained ($PEPU) is making waves in the crypto world. In less than two weeks, $PEPU has raised over $2 million, indicating investors’ confidence in the project.

The project aims to be an upgraded version of the original Pepe coin by creating its own Layer 2 blockchain on Ethereum to enhance transaction speed and lower fees.

The $PEPU tokens are sold for $0.0082596, but the price will increase as the presale moves to the next stage.

The presale success suggests strong community support and a potential future listing on major exchanges.

What Makes PEPU Unique?

Pepe Unchained offers high staking rewards, up to 845% APY, and bullish investors have already staked about 174 million $PEPU tokens.

Unlike regular meme coins, Pepe Unchained is launching a blockchain that could host other projects and even introduce a blockchain explorer. This strong foundation increases its allure to investors. 

Moreover, popular crypto influencers are bullish on $PEPU, suggesting it could offer 10x returns to early investors. If you want Pepe Unchained, visit the presale page to buy $PEPU using ETH, BNB, USDT, or a credit card.