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Solana, born as the Ethereum killer, has long been battling emerging rivals. This is essentially a great success. For example, it is similar to how Shiba Coin, born as a Dogecoin killer, has acquired new rivals, indicating that the altcoin has now moved to the next stage in terms of adoption.
Solana (SOL)
Speed and low fees are the biggest advantages of the Solana network. Moreover, network activity is also extremely strong. The birth of 160,000 new cryptocurrencies on the network in just one week is the biggest proof of this. Although the majority are scam tokens, a significant number of network participants are needed for such a large number of tokens to emerge.
Following the recent SOL Coin ETF application, market maker company GSR wrote in its report that it expects further increases for Solana (SOL).
TVL and volume data are satisfactory and confirm that the Solana network has strongly recovered after the FTX collapse. Moreover, throughout this year, we have been talking about how lively institutional demand for SOL Coin products has been according to CoinShares data.
The bullish sentiment around the ETF application could be dampened by possible negative comments from the SEC. Therefore, investors need to be prepared for declines as well as rapid rises. WuBlockchain, who reviewed the ETF file, wrote:
“VanEck announced that it made the first application for a Solana spot ETF in the United States. VanEck said that Solana is a commodity that provides a better user experience than Ethereum. In 2021, Grayscale launched the Solana Trust for institutional and high-net-worth investors.”
Solana (SOL) Price Prediction
SOL Coin, which gained 7% against BTC, has recovered nicely from the bottom. The preservation of the 0.0019688 BTC support shows that excessive sales have not found much support. The possible target here will be the 0.0026569 level, and if surpassed, the rally could continue up to the 0.0039930 BTC level. Indeed, this region indicates the peak seen in the BTC pair during the 2021 bull run for SOL Coin.
In a possible rally, the first resistance must be overcome to trigger an 81% gain against BTC. In the USDT pair, SOL Coin is maintaining the $124.8 support and has moved to target the $158 resistance. If the $148 support can remain solid, $169 and $175 could be followed by $188 as the final stop. Beyond this, a new peak between $205 and $256 will be expected.
