TLDR
- Solana’s native token SOL has gained 13% in 2 days, breaking above $160.
- Solana’s ecosystem has seen increased activity in memecoins and decentralized exchanges.
- An analyst predicts Solana could reach $840, a 450% increase from current prices.
- Solana ETFs are expected to receive a decision from the SEC around March 2025.
- WienerAI, a new meme coin with AI features, has raised $7.5 million in its presale.
Solana, the blockchain platform known for its high speed and low fees, has been making waves in the cryptocurrency market. Its native token, SOL, recently saw a 13% increase over two days, breaking above the $160 resistance level for the first time in five weeks.
This surge has caught the attention of traders and analysts alike, with some predicting even greater gains in the future.
One pseudonymous analyst, known as ‘NoLimit_777’, has presented a bullish scenario for Solana’s price. Using technical analysis, the analyst points to the formation of a cup and handle pattern, similar to what was observed before Solana’s previous all-time high above $250 in 2021.
Based on Fibonacci extension, the analyst suggests that SOL could reach $550 or even $840, representing a potential 450% increase from current prices.
The recent excitement around Solana can be attributed to several factors. One is the growing activity in its ecosystem, particularly in the memecoin sector.
Solana’s low fees have made it an attractive platform for launching and trading memecoins, with some achieving impressive market capitalizations. This has led to increased demand for SOL tokens and enhanced liquidity in the Solana ecosystem.
Another factor is Solana’s performance in the decentralized exchange (DEX) space. It currently ranks as the second-largest blockchain in terms of DEX volumes, closing in on market leader Ethereum.
This is particularly noteworthy given Ethereum’s higher transaction fees, which could give Solana a competitive edge.
The total value locked (TVL) in Solana’s ecosystem has also seen significant growth, surpassing that of BNB Chain. This increase in deposits is generally viewed as a positive sign, as it enhances network security and contributes to a cycle of attracting more users and developers.
Looking ahead, the potential approval of Solana ETFs could be a major catalyst for growth. While Ethereum ETFs are currently in the spotlight, with a potential launch date of July 23, Solana ETFs are also on the horizon.
The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on Solana ETFs around mid-March 2025, following applications filed by VanEck and 21Shares.
