Could a SOL ETF Be Next?
Bitcoin just hit an all-time high of $99,000, putting the spotlight on the cryptocurrency market! Meanwhile, altcoins are either dragging their feet or holding on to support, waiting for a breakout. Solana, the fourth-largest cryptocurrency, has hit an all-time high, surging above $263, surpassing the previous record set in October 2021.
The rally marks a dramatic turnaround from a 95% price plunge during the cryptocurrency winter, which saw prices fall to $8 in late 2022. SOL is up 11% in the past 24 hours, surging 360% year-over-year, cementing its position as one of the market’s best-performing tokens.
So what’s driving this bull market? Let’s take a look!
Key catalysts for the rise of SOL
Solana’s ecosystem is vibrant, driven by meme currency trading and the booming decentralized finance (DeFi) scene. Its fast, low-cost blockchain has become a favorite among developers and traders, inspiring optimism and cementing its position as a leader in the cryptocurrency space.
Amid the possible surge, expect the U.S. Solana Spot ETF to emerge soon. With Donald Trump’s victory and the impending resignation of SEC Chairman Gary Gensler, the regulatory landscape will take a softer stance on crypto assets. Reports of active talks between the SEC and ETF issuers further boosted confidence, leading to a brighter future for Solana.
Whales push prices higher
Guan Lian disclose Big investors or whales have been buying and staking large amounts of SOL. One wallet withdrew $11.14 million worth of SOL, and another purchased and staked $23.86 million worth of SOL. These moves signal growing confidence in Solana’s future as its price continues to climb.
How high can SOL go?
Cryptocurrency analyst CryptoRus said Predictive Solana (SOL) has surged higher, with predictions that its price could reach $5,000 during the current market cycle, a staggering 1,965% increase from current levels. The prediction is based on a cup-and-handle pattern on the weekly chart, with SOL breaking through the $208 resistance and aiming to confirm a breakout above its all-time high of $259.72.
Supporting this outlook are Solana’s strong fundamentals, including surpassing Ethereum in DeFi transaction volume and popularity among developers, especially in the meme coin space. However, the bullish scenario depends on SOL holding above $110, below which levels invalidate optimistic forecasts.
Does the direction of SOL bode well for the SOL ETF in the near future? Please tell us what you think of the SOL ETF before XRP.
