Solana Price Prediction: SOL Drops 3% After CME Clarifies Solana Futures Addition Was An Error, Driving Traders To This Layer-2 Solution

Solana Price Drops 3%, Pulled Back by CME Exchange Error

Solana price experienced a 3% decrease in the past 24 hours, trading at $247.51 as of 02:32 AM EST. While trading volume increased by 1% to $10 billion, the pullback was attributed to a clarification from the Chicago Mercantile Exchange (CME).

CME Error Triggers Solana Price Correction

An earlier leak on the CME website hinted at the addition of regulated XRP and Solana (SOL) futures. However, a CME spokesperson confirmed that the beta version of the website, intended for mock drafts, was mistakenly made public. The spokesperson emphasized that no official decisions have been made regarding futures contracts for either token.

Bullish Outlook for Solana Price

Despite the recent pullback, a daily chart analysis of the SOL price reveals a bullish outlook. The asset is trading above its 50-day and 200-day Simple Moving Averages (SMAs), with both sloping upward. The golden cross formation signals strong bullish momentum.

The Relative Strength Index (RSI) stands at 61.50, indicating room for further price appreciation. The Moving Average Convergence Divergence (MACD) line remains well above the signal line, with positive histogram bars.

SOL Poised for a New All-Time High (ATH)

The breakout from the rounding bottom pattern, combined with supportive technical indicators, suggests potential for additional upward movement. The projected target for the pattern breakout lies in the range of $339, which would mark a new ATH for Solana.

Solaxy: A Promising Alternative to Solana

In the wake of Solana's recent network challenges, Solaxy (SOLX) has emerged as a potential alternative. As Solana's first layer-2 scaling solution, Solaxy handles transactions off-chain, reducing congestion and maintaining low fees.

Solaxy also offers a platform for developers and the ability to launch new tokens while leveraging Solana's layer-1 capabilities. Token holders can enjoy a substantial annual yield of 280% by staking SOLX tokens.

Solana-Related News