Solana (SOL) has surged more than 13% in the past week. This can be interpreted as a result of the revitalization of the Solana blockchain ecosystem along with expectations for the approval of a Solana-based spot exchange-traded fund (ETF).
As of 3:58 p.m. on the 23rd, SOL recorded $175.25, down 2.21% from the previous day, according to CoinMarketCap. It soared to $184 on the 22nd and then fell slightly. It rose 13.64% in the last 7 days.
With the U.S. Securities and Exchange Commission (SEC) giving final approval to the Ethereum spot ETF on the 22nd (local time), the market is placing its hopes on SOL as the next hitter. Bloomberg ETF analyst Eric Balchunas predicted, “There will be a flow of funds after the launch of the Ethereum spot ETF,” adding, “Additional ETH-based products will be released, and SOL will follow.” Last month, major asset management companies such as Van Eck and 21 Shares submitted an application to the SEC to launch the Solana spot ETF.
The fact that the Solana blockchain on-chain data indicator is positive is also considered a factor in the price increase. “The Solana ecosystem is growing at a rapid pace, and these strong fundamentals are pushing the price of SOL up,” said Pat Doyle, Amberdata blockchain researcher.
As of this day, the total value locked (TVL) on the Solana blockchain as of DeFiRama recorded $5.253 billion (approximately KRW 7.2853 trillion). It is the highest level since April 2022. On the 21st, Solana-based decentralized exchange (DEX) trading volume ranked first in market share (36.2%). Ethereum (22.85%), BNB Smart Chain (11.33%), and Arbitrum (9.96%) followed. CoinDesk reported, “Last week, Solana on-chain trading volume exceeded $2 billion (KRW 2.7734 trillion) per day.”
Thanks to the good news, rosy predictions about SOL prices are also pouring in. Ali Martinez, a virtual asset analyst, said, “A bullish pattern has been formed on the chart,” and predicted, “SOL could soar to the $1,000 level.” It is expected that the price could rise by more than 900% from the current price.
- Reporter Do Yeri
- yeri.do@decenter.kr
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