The crypto market is back on the rise, and Solana (SOL) is no exception. The digital currency surged 13% in just two days, between July 14 and 16, pushing the project above $160 for the first time in five weeks. The next major resistance level is around $180, a price last reached in May.
Where does the increase come from?
Solana’s recent surge has been attributed in part to the approval of Ethereum (ETH) Spot Exchange Traded Fund (ETF) applications in the U.S., with a launch expected next week. Ethereum is the first altcoin to have an ETF approved, raising hopes among investors for more funds in the future, including Solana.
Asset managers VanEck and 21Shares filed ETF applications for SOL on July 8. However, a final decision from the SEC is not expected until March 2025.
In addition, the increase is attributed to the popularity of memecoins on the network. Due to the low transaction fees and various systems that make it easy to create your own tokens, a real craze has emerged on the platform. This has led to huge successes for various projects, including Bonk (BONK) and Dogwifhat (WIF). Several small memecoins have also recorded huge increases in the past week, such as MICHI (71%), POPCAT (70%) and TRUMP (30%).
Additionally, Solana is currently the second largest blockchain by volumes on its decentralized exchanges (DEXs), after Ethereum. Several decentralized applications (dApps) are also seeing a huge increase in activity. Projects that are performing notably well on the Solana network include Jito (liquid staking), Kamino (lending and leverage), and Jupiter Perpetual (DEX aggregator), which have seen significant growth in their total value locked (TVL).
Well-known investor predicts huge SOL price increase
Renowned investor Raoul Pal expects spectacular growth for Solana during the “crypto summer”. In an interview with Altcoin Daily, Pal predicted that the coin could potentially increase in value by 1,300%.
Pal’s optimism is largely based on Solana’s new validator technology, Fire Dancer, which can process up to a million transactions per second. This innovation has the potential to transform the financial industry, with even exchanges like NASDAQ potentially operating directly on the Solana blockchain.
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Source: https://newsbit.nl/solana-koers-van-180-in-zicht-na-forse-stijging/
