Demand from the Institutions Solana (SOL) In the past few weeks cryptocurrency prices have been rising, signaling that SOL may reach new heights. Solana has recovered to $140 and is eating away at a 20% drop in price over the last 30 day. CME Group data show that Solana Futures have reached 1.75million contracts. The CME Group data shows that the SOL crypto currency is gaining institutional acceptance. SOL could reach new heights with the increasing demand.
The following is a list of Glassnode on XSOL CME Contracts are on the rise “suggests institutional investors are positioning aggressively as price rebounds to ~$145.” SOL’s futures trading has been brisk in June, with three days ranking among the top five busiest of this year. This indicates a current bullish sentiment. According to futures investors, with SOL having reclaimed $140 more in value, it is possible that further gains are on their way. This, in turn, could also lead to the Solana cryptocurrency rising.
How else could SOL prices be soaring?
A potential Nasdaq list could also be re-igniting the momentum for Solana. A filing with the SEC by Canadian company Sol Strategies suggests that SOL will be listed on Nasdaq. This listing could attract more investors to SOL, and even send it back up. There is currently no news on the Nasdaq Listing, however, it is widely believed that an approval will be imminent due to the rapid growth in the crypto sector this year. The current price data shows a cluster of liquidity around $160. If SOL’s price starts to rise again, the cluster could indicate a price move in that direction. This can happen if Solana is placed on Nasdaq.
In recent days there has also been a number of major transfers, yesterday being no exception. the movement of $107.7 million in SOL The wallets are unknown and the transfer is anonymous. After lying inactive below $160 during the last two week, this sudden whale activity is yet another proof of SOL’s imminent rally. Solana’s (SOL), also, has several spot-ETF applications awaiting SEC approval. Bloomberg ETF Analyst James SeyffartThere is 90% probability that SEC will grant a SOL spot ETF approval this year. These factors may all play a part in SOL’s soap opera return to its ATH level.
Also Read: Bybit Launches Solana DEX ByREAL, Targets Q3 Mainnet Debut
So How high can Solana SOL soar?
On how high SOL could reach, analysts have mixed opinions. SOL could reach a higher ATH than Ethereum before the end of this year, some analysts suggest. Firstly, SOL must prove that the price is on the rise. SOL’s positive fundamentals, such as whale purchases and ETF buzz, indicate a steady rise in price on a medium and long term basis. Solana’s price may therefore reach $160 at the start of July and then surge to $200 before August. If the price of Solana reaches $160 in July, it could then surge to $200 before August. SOL currently sits 51% under its January ATH, which was $294.33.
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Source: watcher.guru
