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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- May 22, 2024 09:13 UTC
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Solana Price Prediction: Analyst Eyes $1000 Target Amid Ethereum ETF Hype
After a correction, Solana surged to $187 and analysts predict it will hit $200 soon, potentially reaching $1000 later.
Charts show a potential setup for another rally and Solana has strong support levels.
Analysts believe approval of Ethereum ETFs could increase interest in Solana, leading to a price surge.
Recent buzz about an Ethereum ETF has not only lifted Ethereum’s price but also cast a spotlight on Solana as a potential ETF frontrunner. After a month of corrections, Solana surged today, hitting $187 before a slight dip.
Is Solana gearing up for a remarkable breakthrough?
Solana – Aiming for New Heights!
Renowned cryptocurrency analyst Altcoin Sherpa recently shared insights into Solana’s (SOL) journey towards the $200 milestone, along with speculative thoughts on its future course.
According to Sherpa’s analysis, SOL’s chart presents promising signs. A recent minor dip suggests a potential setup for another short-term rally, with the RSI rebounding, indicating renewed momentum.
Despite the market’s ups and downs, SOL’s charts maintain a bullish stance. Current support sits at $175, with a crucial resistance point at $190. Breaching the $188 mark could pave the way for further upward movement, potentially pushing SOL towards $195 and beyond to $200.
Bold Forecasts
In the midst of this excitement, crypto enthusiast Borovik steps forward with a bold prediction: Solana (SOL) could soar to $1,000, driven by the introduction of Ethereum exchange-traded funds (ETFs).
Borovik’s prediction hinges on the significant impact ETFs, especially those linked to Ethereum, could have on the broader crypto market, with Solana positioned to capitalize on this potential surge.
Insights from Daniel Yan: Ethereum vs. Solana
Daniel Yan, co-founder of Matrixport, adds to the discussion, highlighting Solana’s suitability as an ETF candidate. Drawing parallels with historical trends, Yan suggests that a Bitcoin ETF’s approval historically boosted interest in Ethereum, hinting at a similar effect for Solana if Ethereum’s ETF dreams materialize.
Yan goes further, advocating for Solana over Ethereum as a more promising trading prospect, citing lower competition in Solana’s market and higher profit potential compared to Ethereum.
Also Check Out : Decision on Ethereum Spot ETF Approval On the Horizon: Here are the Top Altcoins to Watch This Week
Is Solana a better investment than Ethereum right now? Why or why not?
Yes 
No 
