Solana Price Eyes $300 Run As Coinbase Unveils SOL Futures In US

The projections for Solana price are coming into the limelight again as Coinbase Derivatives gears up to launch its SOL Futures contract product later this month. According to the filing, the product will launch based on self-certification on February 18. As the biggest exchange in the United States, Solana’s price may benefit from the potential embrace of the offering.

The Coinbase Solana Futures Contract

According to the filing with the US Commodity Futures Trading Commission (CFTC), Coinbase said the Solana futures contracts will be cash-settled. It was noted that the product scope for the new offering would complement related future contracts tracking Bitcoin, Ethereum, Litecoin, and Dogecoin, among others.

As part of its filing, Coinbase said only traders who agree to make two-sided markets, according to its quoting, will be eligible for the offering. The trading platform also mentioned that the margined contracts will benefit members of its ecosystem through improved liquidity.

The potential launch of this Solana futures product comes when many firms launch related products in the US. Earlier, Franklin Templeton launched tokenized funds on Solana, placing SOL in the spotlight.

Solana Price and the $300 Target

Over the past few months, Solana price breached multiple milestones. It registered its current All-Time High (ATH) of $294.33 on January 19. The coin rallied this high, drawing on the hype that trailed the launch of TRUMP and MELANIA memecoins.

Beyond the Coinbase Derivatives offering, Solana’s price has other positive catalysts that might trigger its run. However, current market sentiment shows ongoing bearish consolidation across the board. SOL price was changing hands for $193.49, down by 1.75% in 24 hours.

Solana remains the only coin in the top 10 still in a bearish drawdown, as BTC is leading a market recovery. Known for its growing ecosystem and ability to pick solo bull rallies, VanEck projected $520 price target for SOL by the end of the year.

Onchain technical indicators show a building momentum for growth for the coin. The Relative Strength Index (RSI) of 40.3 and the Simple Moving Average (SMA) show a breakout is lurking around.

If the projections and indicators materialize, Solana may jump above the $300 ATH resistance soon.

SOL Price and ETF Effect

The recent breakout in celebrity tokens and potential Solana ETF products also boost the appeal of the digital currency. 

Asset managers are pushing for the ETF product to grant more access to institutional players, an adoption that might also fuel long-term price trends. Notably, Bloomberg Analysts projects SOL ETF have a 70% odds of approval.

While analysts are optimistic about the coin, its lagging network challenges might impede its growth in the short term.