Solana with a market cap of $69 billion currently stands at 5th in CoinmarketCap’s ranking, and could soon rise to third place, driven by excitement around Solana ETFs and its robust blockchain technology.
However, a former Goldman Sachs executive, and crypto analyst, Raoul Pal believes Solana’s upcoming “Banana Zone” could push its price to surge near $1000.
On June 27 and 28, investment giants VanEck and 21Shares made waves by filing for a Spot Solana ETF with the U.S. Securities and Exchange Commission. This news sparked excitement in the market, propelling the SOL price up by approximately 11% to hit $150.
This surge is largely driven by growing optimism that the SEC may soon give the green light to a Spot Solana ETF, setting the stage for potential further gains.
Meanwhile, Eric Balchunas, a senior Bloomberg ETF analyst, believes there’s a chance for approval within the next 12 months, despite the SEC labeling SOL as a security in its lawsuits against Binance and Coinbase. Balchunas suggests that a change in SEC leadership after the U.S. presidential elections could be beneficial for Solana.
Many analysts believe that a Solana ETF could push the price as high as $1000, with the upcoming “Banana Zone” potentially accelerating this growth. Raoul Pal, a former Goldman Sachs executive and crypto analyst, suggested that the Banana Zone will lead to long-term gains for Solana. He believes Solana has the potential to become a major player in the market.
Despite already having a decent performance this year, Solana’s growth could be further boosted by the Banana Zone or the upcoming bull cycle.
From a long-term technical perspective, Solana is currently moving within a symmetrical triangle pattern. This, combined with the previous uptrend, suggests a strong bullish continuation leading up to the U.S. presidential elections.
If Solana successfully breaks above the upper trendline, it could trigger a price rally toward $300 by the end of the year. Currently, SOL is trading at $150, reflecting a 2.5% increase in a day, with a market cap of $69.6 billion.
Since the inauguration of the new president of the US, the markets have remained highly…
With the introduction of easy memecoin generation, Solana took off last January post pumpfun launch…
The U.S. House Financial Services Committee has pushed forward the STABLE Act, a major step…
Bitcoin (BTC) price led the wider altcoin market, led by Ethereum (ETH) and XRP, in…
The crypto market today has taken a notable hit, following the trade tensions from Trump’s…
Bitcoin dipped 1.41% to $83,437 after Trump’s tariff bombshell rattled markets. With a 24-hour range…