Altcoin Season On? Is SOL About to See a Major Price Spike as Bullish Bets on Solana Stablecoins for $1.15B Capital Raise?

SOL has dipped to $181 today, with the cryptocurrency market as a whole falling ahead of the Federal Reserve’s Jackson Hole meeting later this week.

This means that the Solana price has now fallen by 8.5% in the past week, while it’s also down by 5% in the last 30 days.

These are disappointing percentages, but there are reasons to believe that the coin will recover strongly in the medium- and long-term, with crypto-exchange Bullish announcing yesterday that it will raising $1.15 in Solana-based stablecoins.

This is a massive vote of confidence in Solana and its ecosystem, and when combined with its recent momentum and its fundamentals, it points to a very promising long-term SOL price prediction.

Altcoin Season On? Is SOL About to See a Major Price Spike as Bullish Bets on Solana Stablecoins for $1.15B Capital Raise?

Announcing the move yesterday, the exchange explained that it will receive the proceeds of its hugely successful IPO in stablecoins, with “the vast majority […] minted for Bullish on the Solana network.”

Commenting for Bullish’s press release, Solana Foundation President Lily Liu framed the announcement as a hugely significant moment in Solana’s relatively short history.

She said, “Bullish’s use of stablecoins in its IPO merges public market infrastructure with blockchain rails, and highlights Solana’s unique position to power a new era of market efficiency and innovation.”

However, as positive as the announcement is for Bullish, Solana and crypto more generally, it coincided with a disappointing day for markets, which have suffered amid fears that the Fed may once again refuse to budge on interest rates.

But if we look at Solana’s chart, we see that it’s nearing a bottom, and may rebound again very soon.

For instance, its relative strength index (yellow) and MACD (orange, blue) have both turned negative today, nearing a point where they will have nowhere else to go but up.

What we also see is that a bullish pennant has been forming since mid-July, setting SOL up for a big move in either direction.

Given that the coin is still down on its ATH, and given its recent positive news, it’s highly likely that this move will be upwards.

Assuming that the Fed’s meeting this week brings positive news, the SOL price could pass $200 again next week, before reaching $300 in Q4.

Wall Street Pepe Beats Market with 10% Jump

It’s not only Solana-based stablecoins that have proven popular in recent months and years, but also Solana-based meme tokens.

In fact, meme coins have been one of the key ingredients in Solana’s growth, with the blockchain commanding the lion’s share of meme token trading volume.

It continues to witness new coin launches on a daily basis, and one exciting new addition to its chain is Wall Street Pepe (WEPE), an Ethereum-based coin that’s launching a SOL-based version of itself.

WEPE first launched in February after a presale that raised a hugely impressive $73 million, and it has risen by 10% in the past 24 hours.

At $0.00005375, it’s actually up by just over 250% since the end of May, making it one of the best-performing tokens over this period.

Its gain today has followed from the news that it’s launching a Solana-based version of its coin, which investors can buy directly from its official website before launch.

They can buy the Solana-based version of the coin either with fiat or crypto, or by depositing their holdings of the Ethereum-based version.

Wall Street Pepe is planning a variety of exchange listings to coincide with the launch, something which could boost its price substantially in the coming days and weeks.

And it will also burn its Ethereum-based supply in proportion to the amount of Solana-based tokens it sells, helping to maintain its price.

The post Altcoin Season On? Is SOL About to See a Major Price Spike as Bullish Bets on Solana Stablecoins for $1.15B Capital Raise? appeared first on Cryptonews.