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Highlights
- Bloomberg analyst predicts the spot SOL ETF approval under the new administration, increasing expectations for the Solana price rally.
- Considering the Ethereum ETF sucess and Solana's instituional demand, Solana can hit $450.
- However, the extremely optimistic condition could fuel it to $1000.
Amid the rising popularity of exchange-traded funds and impressive Bitcoin and ETF inflows, investors still await the SEC’s take on the spot SOL ETF. Interestingly, some recent findings hint at the positive leads that might be seen in early 2025, which could push the Solana price to new ATH, but how high? Let’s analyze that.
How Much Can Solana Price Rise After Spot SOL ETF Approval?
With Solana being one of the top cryptos to buy in the market, investors anticipate a Solana price rally to $300. Although the token has historically seen a rally to as high as $263.83, the target is supposed to hit $300 in the short term and $420 in the long term with spot SOL ETF approval. However, in a highly optimistic scenario, the SOL price could hit $1000 in the most favorable conditions.
Bloomberg analyst Eric Balchunas has fueled the spot Solana ETF anticipation with an X post. He predicted that new crypto exchange-traded funds, including XRP and Solana’s approval, could happen in 2025. However, he also clarified that the delay is due to both the assets being tagged as Securities by the SEC, but a new SEC administration could speed up the process in early 2025.
This single comment is enough to keep the Solana holders’ hopes to continue their expectations on the Spot SOL ETF, especially when the ETH, which lacks on many levels compared to SOL, delivers such good results. Since its launch in July, the Ethereum ETF inflows have bagged $2.41 billion.
Although both Ethereum and Solana have performed impressively on many levels, Solana is better in transactions per second, transaction fees, and adoption. As a result, it makes quite a sense for the Solana ETF to hit the market.
Spot Solana ETF Hopes Remain High
The enthusiasm around the spot Solana ETF approval is high as Gary Gensler’s resignation. Gary has been limiting the crypto industry’s growth, but the new administration can change that with better regulations. Additionally, five major firms have already filed for the SOL ETFs, including Bitwise, VanEck, 21Shares, Canary Capital, and even Greyscale, which is planning to convert its Grayscale Solana Trust (GSOL) into SOL ETF.
For now, the US investors will have to wait for Solana ETF development until next year, but Bitwise has continued its developments. The firm announced a new Solana Staking ETP launch in Germany, allowing users to earn more than any other Solana products. Eventually, the same could happen in the US once the legal obligations around Sol’s status of Securities turned into a commodity in the SEC’s eyes. More importantly, this is to boost the Solana price, which has much potential left to showcase but ended up halting due to the recent crypto market crash.
SOL Technical Analysis
Solana token is currently under the influence of the crypto market’s downturn. As a result, the SOL price has dropped 15% in the last 24 hours, currently at $178.11. Additionally, its market capitalization is at $178.11, but the trading volume has increased 29% to $9.19B as large-scale investors focus on utility-based tokens.
Although this sudden collapse disappointed many people, analysts have advised investors to focus on long-term performance. According to XO, the Solana price has support and resistance at $214.08 and $260.93. A bullish move can happen if the token crosses the key resistance.
What To Anticipate Next?
Other than increased liquidity and stability, the investors are eyeing the spot Solana ETF approval to boost the Solana price. With many analysts’ calculative Sol price prediction, the ETF approval could boost the price between $300-$1000. However, the SEC’s stand on Securities is putting the process on hold and is likely to extend till 2025 mid. However, Bloomberg analyst Eric Balchunas sees a major update on the matter with the change in the new administration.
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