Solana’s price had a 54% performance in the market after the valuation increased to over $80 billion. There are also speculations that Solana could become the next token for a spot ETF after the approval of Ethereum. Below, we will examine Solana’s price increase, talks of an ETF, and its price predictions for the future.
Solana Price Goes Beyond $180
Solana has emerged as one of the top-performing cryptocurrencies in the market, after surging above $180 for the first time in many weeks. According to data from CoinMarketCap, the price of this token was consistently below $150 from the start of the year to March 12th. However, after crossing $150 and reaching as high as $212 back in April, the price of this token has gone downhill.
In the last 90 days, it even reached as low as $112, with the valuation of the token also decreasing to $52 billion. Nevertheless, Solana is back and running, with over 13% increase in the last seven days, and the valuation surging to as high as $87 billion. Moreover, there’s a 33% growth in the last month, 14% in the last 3 months, and over 60% in the year-to-date data.
Hopes of Solana ETF Rising
The expectations of a Solana ETF are rising, shortly after the spot Ethereum ETFs were scheduled to begin trading by 23rd July. Rennick Palley, founding partner at crypto venture fund Stratos appeared to analyze a lot of things about the Solana upcoming Solana ETF. According to him, if Donald Trump should win the elections, the chances of spot Solana ETF will increase, and the hostility by the US government will decrease.
“The recent pump is due to overall market sentiment improving and increasing odds that it and its ecosystem tokens won’t be viewed as securities by the Trump admin,” he said.
He added that Solana is the best-placed token to get the spot ETF approval once Ethereum begins trading. “The upcoming ETH ETF launch is helping as well – SOL appears poised to be the next token with an ETF, which, given its relatively small size and strong price performance, would be extremely bullish.” Palley a
SOL Price Prediction: $200 Possible?
Solana’s price prediction for the next month shows over $200 price increase is possible. According to analysis firm Coincodex, SOL is predicted to rise by 14.28% and reach $ 205.83 by August 21, 2024. This is mainly because this token has maintained positive growth in 21 days out of the 39 days of the past month.
Moreover, 27 technical analysis indicators are indicating bullish signals in favor of this token while the remaining 5 are signaling bearish signals. Furthermore, the RSI value of Solana is at 70.71, showing that the SOL market is in an overbought position. With the current data provided by the RSI indicator, there are chances that the price of SOL will increase.
Conclusion
Solana is having a good time in the crypto market, with market value increasing to over $180, after many weeks of staying below this price value. Moreover, the valuation is also on the rise, moving from less than $55 billion in the past 3 months to over $87 billion on July 22nd. Indeed, there are more predictions that the price of Solana could do better, and there are chances that it could increase to over $200 in the next month.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
