Bitrabo Editorial
Despite some positive spot rate movements, Solana, similar to Bitcoin and Ethereum, is currently in a bearish trend. To shift this scenario, bullish momentum needs to drive prices above $155 and subsequently surpass $190 based on the candlestick pattern analysis.
Predicting a Surge to $2,800 for SOL
Despite facing selling pressure and having gained 20% from its June 2024 lows, there’s optimism among some analysts suggesting further growth for Solana in the upcoming months.
One analyst, referencing SOL’s recent price trends, made a bold prediction that the coin could potentially outpace the broader market by surging to at least $2,800 in the next bullish cycle.
The analyst compared Solana’s current price action to Ethereum’s performance in 2018, where Ethereum reached around $1,400, experienced a significant drop below $100, and later rebounded, registering vast gains within 660 days.
Based on the perceived similarity in the retracements of ETH and SOL in 2018 and 2022, the analyst sees a strong possibility for Solana to reach over $2,800 in the future.
Solana: Emerging Hub for Meme Coins and Potential Spot ETFs
Several factors contribute to this positive outlook for Solana, including its growing prominence in recent months. Developers, especially those involved in meme coin projects, are attracted to Solana’s mainnet due to its low fees and high scalability.
Solana has already become the host network for popular meme coins such as BONK and BOME, which have substantial market capitalizations.
Furthermore, the announcement of VanEck and 21Shares applying for spot Solana exchange-traded funds (ETFs) has sparked optimism within the market. While these ETF applications are still pending review by the SEC, the possibility of a spot Solana ETF approval could attract institutional investors and further boost SOL prices.