Currently trading at $64,800, the dominant cryptocurrency is facing challenges to break the $65,000 threshold. However, optimism is rising among altcoin investors, particularly regarding Solana (SOL), which is signaling potential price gains. This prompts the question: Will SOL Coin investors achieve their goals, and what do the current predictions suggest?
Solana (SOL) Insights
SOL Coin marked a 2.3% increase today, reaching $160, hovering near the critical $162 mark. A notable development is the influx of spot SOL ETF applications, reminiscent of past BTC ETF applications, which historically influence prices after a delay. A similar pattern was observed with ETH.
How Will ETF Decisions Affect Solana?
Anticipation around SOL is partly fueled by the ETH ETFs set to debut on exchanges on July 23. This date aligns with feedback from the SEC, according to sources like Bloomberg’s Eric Balchunas and the Wall Street Journal. Positive outcomes for ETH ETFs could pave the way for similar developments for SOL Coin.
Network Performance Indicators
Key Observations:
- meme coins like BONK and DogwifHat (WIF) significantly impact SOL Coin’s price.
- Over the past week, MICHI surged by 71%, POPCAT by 70%, MYRO by 36%, and TRUMP by 30%, attracting more investors to the Solana network.
- Solana ranks as the second-largest network by DEX volume, surpassing many competitors.
Market Expectations
Solana’s activity has surged, now rivaling BNB Chain in total locked value (TVL), driven by interest in Jito and Kamino. Jupiter Perpetual’s TVL grew by 28% over the past month, significantly outpacing BNB’s top protocols. SOL futures premium, reflecting monthly contract derivative prices versus spot levels, exceeded 12%, indicating strong expectations for price increases. The stage appears set for a possible attempt at $188, though the unpredictable nature of the crypto market remains a factor.
