As an experienced financial analyst, I’ve witnessed the ebb and flow of various cryptocurrencies, including Bitcoin, Ethereum, and now Solana. Based on my observation of Solana’s price action and market trends, I believe there is potential for significant growth in the future.
Just like Bitcoin and Ethereum, Solana’s price trend continues to be bearish despite current higher spot rates. The downtrend is still in effect, but this outlook could shift if buyers manage to push the prices above $155 first, followed by a sustained rise above $190.
Will SOL Soar To $2,800?
Some optimistic onlookers anticipate further growth for Solana as it recovers from the selling pressures of late last week, having already added 20% since reaching its lowest point in June 2024.
One analyst wrote in a recent post about X that based on the development of Solana’s (SOL) price trend over the past several months, there is a strong possibility that this coin could outshine the overall market during the upcoming bull run, potentially reaching a minimum price point of $2,800.
As a crypto investor, I’ve noticed some striking similarities between Solana’s (SOL) price behavior in recent times and Ethereum’s (ETH) in late 2018. SOL soared to an impressive high of around $260 not too long ago, marking a new peak. However, much like ETH back then, SOL took a nosedive and plunged below the $100 mark, effectively erasing most of the gains amassed during the previous bull run.
As a crypto investor in 2021, I witnessed Solana’s impressive surge, propelled by accommodative monetary policies and an abundance of liquidity. At its peak, the coin reached a stunning high of $240. However, following this peak, Solana experienced a sharp contraction, plummeting to as low as $8 in November 2022. This downward trend was further exacerbated by the unexpected collapse of major players in the crypto market, including FTX and Alameda Research.
It’s intriguing to note that Ethereum experienced significant declines following a strong rise, before subsequently surging more than 20-fold within approximately 660 days.
Based on the comparable depths of the 2018 and 2022 price corrections for Ethereum (ETH) and Solana (SOL), the analyst is of the opinion that there is a greater potential for SOL to surge beyond its current levels. Specifically, it’s anticipated that SOL could reach prices above $2,800 in upcoming trading sessions.
Solana Home Of Meme Coins, Spot ETF Hopes
One potential explanation for this upbeat outlook is the increasing significance of Solana in recent times.
Developers, particularly those working on meme coin projects, are being attracted in greater numbers to Solana due to its affordable fees and impressive scalability. Notable meme coins with significant market capitalizations, such as BONK and BOME, have already gone live on this network.
As a crypto investor, I’m thrilled about the latest moves from VanEck and 21Shares to apply for Solana spot Exchange-Traded Funds (ETFs). This decision is a promising sign for the growing adoption of this dynamic blockchain platform.
Although the SEC is currently examining these filings with their usual rigor, there’s optimism based on recent developments regarding Ethereum ETF proposals.
Should a Solana exchange-traded fund (ETF) receive approval in the US, institutions would then have the flexibility to invest, potentially driving up prices further.
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2024-07-12 06:11