 ▲ Solana (SOL) ©Coin Leaders |
Solana's SOL coin, a strong competitor to Ethereum (ETH), soared nearly 10% on the news that asset management company Van Eck applied to the U.S. Securities and Exchange Commission (SEC) to launch a SOL spot ETF.
Solana has shown excellent price growth recently, briefly reaching above $180 and reaching $250, and is currently trading around $150.
Watchguru, a media outlet specializing in cryptocurrency, analyzed that although the price of SOL is showing signs of a gradual rise, it may be difficult to overcome the important price barrier of $180 again.
Solana recently launched Solana Blink, making it easy to make SOL payments through a shareable link. The product is gaining significant market traction by enabling transactions directly on social media, and is expected to help SOL regain market share, Wochuguru said.
Meanwhile, GSR Markets, one of the largest market makers in the cryptocurrency industry, said in a report, “With Solana’s outstanding technology and the changing political situation in the United States, SOL has joined the ranks of spot ETFs, following Bitcoin (BTC) and Ethereum (ETH). Could. “It is not unlikely that the SOL spot ETF will be approved by the SEC,” he predicted.
He predicted, “Solana could rise 1.4 times in the bearish scenario, 3.4 times in the standard scenario, and 8.9 times in the bullish scenario.”
Solana (SOL), the 5th largest cryptocurrency by market capitalization, is trading at $148.17 as of 11:07 am on the 28th (Korean time), up 9.13% from 24 hours ago based on CoinMarketCap.
This is a 42.74% decline from the all-time high of $260.06 achieved on November 7, 2021.
