Solana Price Prediction Following The Epic Year Surge: What To Expect For SOL Price?
The post Solana Price Prediction Following The Epic Year Surge: What To Expect For SOL Price? appeared on BitcoinEthereumNews.com.
Solana (SOL), a standout in the cryptocurrency market, has surged up to 800% year-on-year, outperforming major players like Bitcoin (BTC) and Ethereum (ETH). This remarkable growth positions Solana as a leading contender in the evolving crypto landscape, attracting significant interest from investors and ETF providers alike. With these positive signs, what to expect for SOL price shortly? Solana’s ETF Approval The launch of the first U.S. spot ETFs for Bitcoin in January 2024 propelled Bitcoin to a record $73,798 in March, though its demand and price have since cooled. Meanwhile, Solana’s largest gain in nearly a month occurred following VanEck’s filing for a Solana ETF. The VanEck Solana Trust, set to be the first Solana ETF in the U.S., boosted SOL’s value by up to 11%. 1- What is Solana’s Market Position? Data reveals that Solana has increased by over 770% in the past year, despite a recent dip to $141. This growth has solidified Solana’s status among the top three cryptocurrencies, alongside Bitcoin and Ethereum. The approval of crypto-based ETFs in the U.S. is expected to expand, with Solana emerging as a favored investment product due to its substantial yearly gains. 2- Is the Interest in Solana ETFs Growing? Both VanEck and 21Shares have filed for Solana investment products, highlighting SOL’s potential as a valuable investment and the shifting regulatory landscape. Bloomberg noted that Bitcoin’s performance is being overshadowed by Ether and Solana as ETF discussions gain momentum. Approval of Solana ETFs could provide a significant boost to the industry and the token itself. 3- Why the Solana Staking? Following VanEck’s ETF filing, Solana’s price retraced to $140 on June 29, after peaking at $151. On-chain data indicates that Solana stakers have increased their deposits to 376.9 million SOL, reflecting a bullish sentiment among core investors. Despite market volatility,…
Filed under: News - @ June 29, 2024 5:22 pm