Solana meme coins will go ballistic if SEC approves SOL ETF

This week, the cryptocurrency market experienced a renewed recovery as the falling Bitcoin price stabilized above the $60,000 support. Among major assets, SOL coin shows a notable recovery as some giant asset management firms have shown interest in creating an exchange-traded fund (ETF) focused on Solana (SOL). The development notably impacted the Solana meme coins projecting its potential for a sharp recovery.

On June 27, 2024, VanEck filed a Form S-1 Registration Statement with the United States Securities and Exchange Commission (SEC) for the VanEck Solana Trust. Additionally, 21Shares has also filed a Form S-1 with the US SEC for a Solana ETF. The entry of multiple ETFs focused on Solana could drive greater adoption and liquidity of the cryptocurrency, reinforcing its position in the market.

After witnessing the success of Bitcoin ETF, market participants reacted positively to the SOL ETF news, resulting in a nearly 10% jump on Thursday. If approved, Solana-based meme coins could also witness a huge rise due to their natural volatility.

Read too: Will Solana and Ether Outperform Bitcoin in the Short Term Amid ETF Hype?

Solana meme coins – Dogwifhat (WIF)

Dog hat (WIF) is a memecoin launched on the Solana blockchain in late 2023. It is inspired by a popular Shiba Inu meme that features a dog wearing a knitted hat.

Hat Dog (WIF) | Trading Insight

Amid the renewed recovery sentiment, the correction trend in WIF price witnessed an immediate reversal from the $1.478 support. The bullish rally surged around 53% to hit the descending resistance at $2.26.

The overhead trendline is leading the continued decline in WIF prices. At press time, the Dog hat the coin trades at $2.11 with a market capitalization of $2.1 billion. A potential breakout of the trendline will signal the change in market sentiment and propel meme buyers to chase the high at $4.08.

BONADO

BONK is a dog-themed meme coin built on the Solana blockchain, launched as a community-driven initiative. Amid the recent market correction, the BONK Price witnessed an aggressive correction from $0.0000445 to $0.000018, recording a loss of nearly 60%.

BONK | Trading Insight

However, the memecoin’s price witnessed an immediate reversal to $0.000023, recording a 23% jump in the past six days. The daily chart shows that BONK coin has bounced off an ascending trendline, offering dynamic support to buyers during the market dip.

According to coinmarketcap, the BONK The coin maintains a market cap of $1.55 billion, while 24-hour trading volume dropped 48% to $0.0000227.

The intact support trendline projects that investors continue to accumulate this asset at a discount, which is an important sign of a stable uptrend. With sustained buying, the coin’s price is expected to surge by 96% and challenge the $0.000044 high again.

Doland Tremp (TREMP)

Doland Tremp (TREMP) is a meme coin launched on the Solana blockchain in February 2024. The project revolves around political satire, with a special focus on themes related to the former US president Donald Trump.

Doland Tremp (TREMP) | Tradingview

As US election campaigns heat up, PolitiFi assets are poised to gain significant attention from crypto players. An analysis of the daily chart shows that TREMP price is traveling in a slow and irregular uptrend under the influence of a channel pattern.

O Doland Tremp The coin is currently trading at $0.58, recording a 15% loss in 24 hours, while the market cap has dropped to $58.07 million. If the selling pressure persists, the meme coin could drop another 40% to seek support at a lower trendline.

However, if the pattern holds, TREMP price is ripe for reversal with the potential to surpass $1.53.

Read too: Political sentiment influencing the prices of Biden and Trump meme coins

Main advantage

VanEck and 21Shares’ S-1 filing indicates a growing interest among major financial institutions in offering Solana-focused investment products. Similar to Bitcoin, this development is seen as a massive bullish signal for Solana and your meme coins. Amid the current market correction, dip buyers may find a suitable entry opportunity.

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