Solana Showing Signs of Recovery After Recent Losses
Following Bitcoin and other altcoins like Ethereum, Solana is edging higher, clawing its way back after sharp losses in June. Even though the buyers are yet to reclaim the $155 support level, the expansion over the last few days has seen the coin add 25% after plunging in early July.
Analysts Bullish on SOL’s Future
- Traders are projecting major gains in the coming days and weeks.
- One analyst suggested that SOL could rally to as high as $1,000 in the next bull cycle.
It is evident that SOL is already in an uptrend. At the depth of the bear run in 2022, the collapse of FTX and Alameda Research saw SOL plunge to as low as $8. The coin rallied over the last few months, especially from H2 2023, reaching $210 in March 2023. Despite the cool-off of the past three months, the primary uptrend remains intact. Buyers are still in control, and SOL is up roughly 8X from October 2023.
Solana’s Potential to Surpass Ethereum
If meme coin prices recover, exceeding the $65 billion peak registered in recent months, Solana could potentially surpass Ethereum. Meme coins on the Solana network like BOME, WIF, and BONK are among the most active and valuable in the market, according to data from CoinMarketCap.
Despite previous claims by the United States Securities and Exchange Commission (SEC) that SOL is an unregistered security, recent developments could challenge this narrative. VanEck and 21Shares have applied with the regulator to approve spot Solana exchange-traded funds (ETFs). The application is still pending, with a final decision expected before the end of Q1 2025.
Positive Developments for SOL Investors
- SOL has shown signs of recovery after recent losses in June.
- Analysts are optimistic about SOL’s future potential, with projections of significant gains.
- The coin is already in an uptrend and has experienced substantial growth over the past year.
- Solana’s meme coins have the potential to outperform other popular cryptocurrencies like Ethereum.
- Recent applications for Solana ETFs could pave the way for further institutional adoption.
Hot Take: Solana’s Road to Recovery
As Solana continues to climb back from its recent losses, investors are hopeful for the coin’s future potential. With positive developments on the horizon, including potential ETF approvals and a recovering meme coin market, SOL could see further growth in the coming months. Keep an eye on Solana as it strives to reclaim its position in the crypto market.
Sources:
– Analyst’s Tweet
– CoinMarketCap Data
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