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Three Arrows Capital’s Zhu Su made a significant statement about Solana (SOL) and predicted that its price could reach $1,000. This optimistic price prediction for SOL reflects the historical price movement of Ethereum, supported by the performance of the Grayscale Solana Trust, which is thought to have a significant impact on Solana’s value due to high investor confidence.
Grayscale and Solana Trust
Grayscale’s investment products have historically been considered a measure of the potential of cryptocurrencies. The Grayscale Solana Trust reminds investors of the past.
Similarly, years ago, a similar situation occurred with Ethereum, where investors were able to invest in cryptocurrencies based on traditional investment vehicles, alleviating their concerns.
Looking back, the Grayscale Ethereum Trust had a remarkable trading volume when the market price of Ethereum was around $200, and it was observed that ETH reached $1,000. Today, a similar event is happening with the Grayscale Solana Trust, and some market participants suggest that events could unfold similarly to ETH.
SOL ETF and Expectations
The environment that will be created based on the decisions of regulators also holds significant importance in the market. Recently, 21Shares, one of the world’s major companies, applied to the US Securities and Exchange Commission (SEC) to launch a Solana-based ETF.
This ETF is thought to hold a significant place in bringing cryptocurrencies to a common ground with the traditional financial system. The move came at a time when the SEC was struggling with cryptocurrencies and digital assets. If the SEC does not classify Solana as a security, rapid steps could be taken on the ETF side.
An approval of a SOL ETF could lead to increased investor interest and a rise in SOL’s price, similar to Bitcoin and Ethereum (which has not yet started trading but is expected to). This could push SOL’s price above its all-time high.
Considering that Solana is known as the Ethereum killer, with its speed and ever-expanding ecosystem, the $1,000 prediction might not be just a dream.
However, it should not be forgotten that during and after the FTX events at the end of 2022 and the beginning of 2023, Solana’s price fell to levels below $10, almost reaching the point of collapse.
