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The leading cryptocurrency is struggling to surpass $65,000 and is trading at $64,800 at the time of writing. While altcoin investors remain hopeful, signals for further increases are emerging from the Solana (SOL) front. Will SOL Coin investors reach their target? What are the current predictions?
Solana (SOL)
SOL Coin continues the day with a 2.3% increase at $160. We have long mentioned that the key level is $162. The biggest development specific to SOL Coin was the spot SOL ETF applications coming in while BTC was seeking new lows. As we remember from the BTC ETF application, these big news events should affect the price, albeit with a delay. We saw a similar process for ETH as well.
The recent excitement around SOL is partly related to the ETH ETFs that will start trading on exchanges on July 23. The ETFs are expected to start trading next Tuesday. This date, based on sources like Bloomberg analyst Eric Balchunas and WSJ, is related to the feedback given by the SEC to the issuers. The issuers did not deny the date.
SOL Coin ETF will see its final decision in March 2025, and in crypto, expectations are generally bought. If the ETH ETF is approved, SOL Coin could achieve this due to its similar structure.
BONK and DogwifHat (WIF) meme coins’ dominance on the network is important for SOL Coin’s price performance. In the last 7 days, MICHI (71% increase), POPCAT (70% increase), MYRO (36% increase), and TRUMP (30% increase) saw impressive gains. This encourages more investors to join Solana. In terms of DEX volume, Solana is the second-largest network, putting it ahead of its competitors.
SOL Coin Price Could Rise
Solana‘s activity growth has increased so much that it is now competing with BNB Chain in terms of total locked value. The TVL increase was triggered by the growing interest in Jito and Kamino. Jupiter Perpetual saw a 28% growth in TVL over the last 30 days. BNB’s top protocols, one of its closest competitors, saw growth of 7% and below during the same period.
SOL futures premium reflects the difference between the derivative prices of monthly contracts and the spot level on regular exchanges. The futures premium was over 12% at the time of writing. This is a strong signal reflecting the price increase expectation for SOL Coin. In summary, the conditions seem ripe for a new attempt at $188. And of course, crypto is always full of surprises in both directions.
