Solana SOL The price of the asset has risen significantly over the last weekend and is now above the $150 level. Price of the asset surged past the resistance level at $150 on Monday. Gains above 25% were recorded over the previous three days. SOL’s trading volume has increased, indicating aggressive purchases by investors. It is good news and could signal a rally for SOL.
SOL was trading at over $153 as of press time. This is an increase of 4% within the past 24 hours. Solana’s position has changed over the past few weeks as Solana-related ETFs have sparked a lot of optimism. It is also worth noting that the Solana Network’s 2024 has been very successful, mainly due to meme coins.
Bitcoin, too, had a successful weekend. The asset, being the most important and valuable on the market, often lays out a path for other crypto assets. Being the most valuable and important asset on the market often sets the course for other cryptocurrency assets. SOL is one of the assets that follows Bitcoin’s bullish trend to make new gains.
Also Read: Bitwise Says SEC is Open to Solana ETF After Ethereum Launch
Can Solana SOL reach $170 in rally?
Speculations suggest that the token will rise to $170 now that Solana SOL has recovered. This $20 increase in value would be a slow process, but not outright impossible. The network’s Token could explode along with Bitcoin if the bulls are in control of Solana. The difference is that Bitcoin ETFs were hyped up a few month ago. The hype surrounding Solana’s ETFs is just beginning. SOL could reach $170 per token in the next few months.
The SEC could make a decision on Solana ETFs in August or September. Solana Bulls could start speculating on a coin’s value of $200 after $170. The prediction, although extreme, is not impossible as there is nothing impossible on the crypto-market. Bitcoin reached an all-time record in less than a month after ETF approval. If a Solana-related ETF were to be approved and considered, Solana’s previous high of $259.96 could also be tested.
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Source: watcher.guru