Solana (SOL) The entire board is lit up in green. The asset SOL is also up nearly 471% since July 2023. SOL is up nearly 471% in the last year. SOL’s trading volume has increased, which is a sign of aggressive investing by investors. It is good news and could signal a rally for SOL.
As of press time, Solana’s SOL was back above $157. In the last three weeks Solana was in a unique position as the proposed Solana ETFs sparked optimism about the token. It is also worth noting that the Solana Network’s 2024 has been very successful, mainly due to meme coins.
SOL’s recent rally coincides with the larger recovery of the market. Bitcoin (BTC), has recently recovered the $65,000 mark and the total crypto-market cap grew to $2.52 trillion in less than 24 hours. SOL is still benefiting from temporary price spikes and can continue to rise.
Also Read: Ethereum: Will ETH ETF Have a Bigger Impact Than Bitcoin Did?
What is the Solana SOL on its way to $180?
SOL has shown recent patterns that indicate a price surge of over $175 or even $180. Ali Martinez, a prominent cryptocurrency analyst on X shared the news that SOL was forming a “W” pattern. The pattern analysis indicates that SOL might rise to $174. A rally exceeding 8.75% is required to reach $174. SOL has shown that it is capable of rallying by 8.7% in 2024, based on its current performance.
If bulls take control of Solana’s token, it could explode alongside Bitcoin. The difference is that Bitcoin ETFs were hyped up a few month ago. On the contrary, hype about Solana-based ETFs just began. The SOL token may be heading for an $180 valuation within the next few months.
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It could be bullish beyond July, August and September if SEC decides on Solana ETFs. Solana Bulls could start speculating on a coin’s value of $200 after $180. The prediction, although extreme, is not impossible as there is nothing impossible on the crypto-market. Bitcoin reached an all-time record in less than a month after ETF approval. If a Solana-related ETF were to be approved and considered, Solana’s previous high of $259.96 could then be tested.
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Source: watcher.guru
