Solana Price Prediction as Tokenized Version of Bitcoin Prepares to Launch on SOL Blockchain – Time to Buy?
The price of Solana (SOL) has dived by 6% today, with the altcoin's fall to $23.39 coming as the cryptocurrency market as a whole drops by 1.5% in the past 24 hours.
This means SOL has lost 5% in a week and 15% in a month, with today's selloff largely the result of speculation that the SEC is delay all of its decisions regarding Bitcoin ETF applications until 2024.
However, even though SOL has been disproportionately affected by market-wide negativity, its fundamentals remain as promising as ever, and have actually been boosted by yesterday's launch of a tokenized version of Bitcoin on the Solana blockchain.
As such, SOL can be expected to make a recovery soon enough, and to see recurring rallies throughout the rest of the year.
SOL's chart suggests that the altcoin has just begun a selloff that could still take a few more days to bottom out, given that its indicators remain in middling positions.
Firstly, its 30-day moving average (yellow) has only just begun sinking towards its 200-day average (blue), as has its actual price.
Likewise, SOL's relative strength index (purple) has just dropped below 50, leaving it with plenty of space in which to fall towards – or below – 30.
This means that SOL's price is likely to sink further in the next few days, potentially dropping to $23 or $22 before it bottoms out.
One note of optimism comes from the fact that SOL's support level (green) has held up quite well in recent weeks, implying that the altcoin shouldn't drop too far before correcting itself upwards.
And there remains plenty of reasons to be optimistic about Solana and its future, with the Threshold Network launching its tokenized version of Bitcoin on Solana's network yesterday.
As with Wrapped Bitcoin (WBTC) on Ethereum, tBTC (as
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