A few days ago, the buzz around a Solana (SOL) ETF application filed by VanEck caused the price to increase by 10% within a short period. Later on, investment firm 21Shares joined the race, but the token could not hold on to the initial hike.

However, some analysts stuck to their bullish predictions. But Solana’s short-term outlook may not bring out those forecasts.

Bullish Momentum Folds

At press time, SOL remains range-bound between $132 and $143. In the last 24 hours, the price has decreased by 7.46% due to widespread sell-offs in the market. 

According to the daily chart, the Relative Strength Index (RSI) stands at 40.57. The RSI measures momentum using the extent of price changes and indicates whether an asset is overbought or oversold.

When the value drops below the 50.00 neutral region, momentum is bearish. A rise above the midpoint indicates bullish momentum. Therefore, SOL is in a bearish phase. If unchecked, the momentum may weaken, leading to a lower price. 

Read More: Solana vs. Ethereum: An Ultimate Comparison

However, on June 28, crypto trading firm GSR shared its prediction for the token if the Solana ETF gets approved.

In analyzing the potential, GSR considered the bear, baseline, and bullish phases. It also added that a spot Solana ETF could record 2%, 5%, and 14% of Bitcoin inflows for each phase above.

Based on this prediction, the price of SOL may reach $1,192 in the long term. Previously, BeInCrypto reported that the development led to increased buying pressure on the spot market.

SOL Price Prediction: Token Stuck in Wait-and-See Mode

As of this writing, the Cumulative Volume Delta (CVD) shows otherwise. The CVD shows the difference between buying and selling volume in the market.

If the net difference is positive, it indicates more buying than selling. However, a net negative suggests market participants sell more than they accumulate.

According to Solana’s daily chart, the CVD is -127.945, indicating that more than 127,000 tokens have been sold compared to those that have been bought.

Furthermore, on the same chart, we observed that SOL formed a rounding top combined with an inverted cup and handle. This rounding top pattern appears when the price has hit a high point and is now pronounced toward the downtrend.

The inverted cup and handle signal a bearish continuation. Based on the formation of this pattern, the price of SOL may face a 4.65% decline, which would take it to $126.94.

Read More: Solana (SOL) Price Prediction 2024/2025/2030

However, this prediction will be invalidated if buying pressure increases or if the token gets oversold. Should this be the case, SOL may reverse and attempt to revisit $145.25.

Meanwhile, a recent paper published by Galaxy Research mentioned that the U.S. SEC may not approve the Solana ETFs. 

Authored by Alex Thorn, Charles Yu, and Christine Kim, the digital assets research institution mentioned the absence of a futures Solana ETF and past labeling of the token as security as hindrances. 

A recent post from Telegram CEO Pavel Durov has sparked speculation among the crypto community regarding his interest in the tap-to-earn game Hamster Kombat.

The post has led to a wave of comments and theories about the implications of his statement, potentially signaling an unexpected collaboration between the two.

Has Hamster Kombat Become the New Telegram CEO Interest?

Recently, Durov shared a video about the messaging app’s new updates on his official Telegram channel. He highlighted a shift in how people interact with mini-apps.

“Now people can collapse apps and switch between them. In the future, this new bottom bar will also store web pages and other content for later reading. This update also introduces the ability for channel owners to publish paid photos and videos, which users can buy with Stars. Like mini app developers, channel owners can convert the Stars they collect into Toncoin, with virtually no commission from Telegram,” Durov noted via his Telegram account.

Read more: Tap-to-Earn: What to Know About the Crypto GameFi Trend

Durov’s video strikingly features the Hamster Kombat, which draws community attention. The Hamster Kombat team also commented on this post.

“Looks like Pavel Durov was busy with new updates and just started playing Hamster Kombat! Pavel, please, keep in mind that upgrading your cards and increasing profit per hour is more important than the coin balance! And welcome to the Hamster Family, [sic],” the team wrote.

Hamster Kombat allows players to manage a virtual crypto exchange by tapping on digital hamsters to earn coins. Players tap in-game “hamsters” to mine HMSTR coins.

They can also boost earnings by winning coins via the Daily Combo, subscribing to the game’s YouTube channel, or inviting friends. Special missions and daily check-ins offer extra coins, and players can upgrade their exchanges to increase their earning rate.

BeInCrypto recently reported that Hamster Kombat has surpassed 200 million users globally. The project also launched its Hamster Academy in 17 different languages. The community eagerly awaits the long-promised airdrop.

Durov also has a history of showing interest in tap-to-earn games, thus further fueling the community’s speculation. In May, he publicly expressed his support for Notcoin (NOT), the pioneer tap-to-earn game on Telegram, illustrating how Notcoin quickly transformed from an in-game currency to real money for its users.

Read more: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token

In the same month, Durov and his team received over 1 billion NOT tokens, valued at roughly $6.8 million at the time. He pledged to keep the tokens until their value increased 100 times.

Arbitrum’s (ARB) price drop has led to ARB failing its investors by becoming the first major token during this season to chart an all-time low.

While meme coins and very small-cap tokens have witnessed ATLs before, Arbitrum’s market cap of $2.47 billion is rather surprising.

Arbitrum Investors Still Have Not Given Up

Arbitrum’s price may have formed an all-time low, but this has discouraged investors. Despite the price decline, participation on the network has been consistently high. As a result, the price DAA (Daily Active Addresses) divergence is currently flashing a buy signal. 

This indicator suggests that there is minimal room left for further drawdown, making it an opportune moment for potential investors to consider entering the market. Plus, since the altcoin is at its all-time low, ARB has nowhere to go but up.

Secondly, the adoption rate of Arbitrum has remained impressively high, consistently exceeding 20%. This steadiness highlights the robust demand and growing interest in the Arbitrum network. 

A strong adoption rate is crucial for any blockchain project’s long-term success and sustainability. Arbitrum’s performance in this regard is a positive sign for its future prospects despite the price witnessing declines.

Read More: How To Buy Cardano (ADA) and Everything You Need To Know

Moreover, the sustained high adoption rate indicates that Arbitrum has not lost traction in the market. Regardless of the fluctuations in the broader cryptocurrency landscape, Arbitrum has managed to maintain its appeal among users. This could help the price go back up.

ARB Price Prediction: Up, up, and Away

Arbitrum’s price has formed a new all-time low over the past 24 hours, trading at $0.72. The altcoin attempted this involuntary achievement twice in June, failing both times. This time, It was not so lucky.

However, since the altcoin has already likely hit bottom, there is no way to go but up. The altcoin supported by investor accumulation could be looking at reclaiming $1 as a support floor, which would warrant considerable support from either the market or the investors.

Read More: Cardano (ADA) Price Prediction 2024/2025/2030

If neither of the two appears, there is a good chance Arbitrum’s price could consolidate between $0.73 and $0.92. Since this happened back in October 2023, it could happen again and invalidate the bullish thesis.