Solana Enters $70 Mark as Bullish Market Conditions Prevail
SOL investors are enjoying a festive season as Solana reaches the $70 mark today, supported by highly bullish market conditions. According to CoinGecko, the token has seen a 12% increase in the weekly timeframe, with the biggest jump of 30% in the monthly timeframe.
A Possible Addition to the ETF Race
Investment manager VanEck speculates that Solana could join the ETF race. This comes after news that the US Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund, bringing exposure to traditional investors.
Predictions for 2024
VanEck recently released a list of 15 predictions for the crypto world in 2024. The post predicts a bullish year for crypto, particularly in Web3 gaming and DeFi. One eye-catching prediction is that SOL will be part of the spot ETF race in 2024.
“Solana will become a top 3 blockchain by market cap, Total Value Locked (TVL), and active users,” said VanEck.
VanEck sees Solana as a major player in DeFi, even suggesting it could surpass Ethereum in the long run. This prediction is influenced by VanEck’s own exchange-traded note with SOL as the underlying asset.
Short-Term Pain for Long-Term Gain
While SOL’s price sits at a high point following Bitcoin’s rally, caution is advised as there may be a slight dip in the next few days. However, this dip should not be feared as it could position SOL for higher gains. If the token settles at $70, we could see it surpassing $80 to $90 in the near future.
Hot Take: Solana’s Bullish Run Continues
The year is ending on a positive note for SOL as it aims for the $100 mark. With bullish market conditions and the potential addition to the ETF race, Solana is positioned for further growth and increased institutional investment.
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