Solana (SOL) has advanced from $155.01 to $259.55 since November 04, 2024, and the current price stands at $258 (breaking 2021’s all time high). This bullish trend implies intense market purchasing pressure and suggests traders are currently bullish on SOL’s prospects.
Solana (SOL) continues to garner support as Bitcoin’s price surges past $98,000 but positive news is that negotiations for a Solana ETF with the SEC are reportedly making “progress,” adding to the optimism surrounding the cryptocurrency. According to a scoop from Fox Business reporter Eleanor Terrett, the SEC and several ETF issuers are in talks to approve a Solana ETF.
So what’s next for Solana (SOL), and where could its price be headed in the next six months? Today, Crypto Lists will discuss SOL price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
One of the most high-performing blockchains in the world
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- 1 One of the most high-performing blockchains in the world
- 2 Solana ETF could be approved soon
- 3 Technical analysis for Solana (SOL)
- 4 Important support & resistance levels for Solana (SOL)
- 5 What speaks for the rise in the Solana (SOL) price
- 6 What indicates the downfall of Solana (SOL)
- 7 What do analysts and experts say?
Solana is one the most performant blockchains in the world that is designed to keep fees low for applications with billions of users. The usual cost for each transaction hovers around $0.00025 and according to its official website, Solana boasts the ability to execute 50,000 transactions per second. Solana employs a distinctive consensus mechanism known as “Proof of History” (PoH), enabling it to effectively manage growing transaction volumes without compromising on performance.
Like Ethereum, Solana supports smart contracts, empowering developers to construct decentralized applications (DApps) and implement tailored programmable logic on the blockchain. Various applications within the Solana ecosystem have experienced expansion, encompassing decentralized exchanges, stablecoins, NFT (non-fungible token) platforms, and more.
SOL is the utility token powering the Solana network. It plays a key role in staking, paying transaction fees, participating in governance decisions, and incentivizing validators to maintain and secure the network. SOL has been enjoying a bull run last two weeks and the price of this cryptocurrency has advanced from $155.01 to $259.00 since November 04, 2024. Crypto analysts link this positive trend to positive performance of Bitcoin and Donald Trump’s decisive victory in the U.S. presidential election. However, it is important to say that latest news say that negotiations for a Solana ETF with the SEC are reportedly making “progress”.
Solana ETF could be approved soon
Fox Business reporter Eleanor Terrett has revealed this week that the SEC is in discussions with several ETF issuers about approving a Solana ETF. Currently, Brazil is the only country that has given this product a green light. As recently as September, Polymarket odds gave the SEC a dismal 3% chance of approving it. This reluctance, however, might soon be changing. Fox Business reporter Eleanor Terrett said:
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025.”
Eleanor Terrett made it clear that the driving force behind this progress in negotiations is Donald Trump’s re-election. On the campaign trail, Trump pledged to overhaul U.S. crypto policies, with a key promise to remove anti-crypto SEC Chair Gary Gensler. Sensing his likely departure, Gensler appears to have softened his stance, while his successor is expected to be much more supportive of the crypto industry.
All of this contributed to the fact that Solana again became a cryptocurrency in focus and data from the on-chain analytics firm Santiment shows that SOL’s social volume has surged significantly following this positive news. The “Social Volume” here refers to an indicator that keeps track of the degree of discussion that any given asset receives on the major social media platforms. This metric calculates its measurement by tallying the unique number of posts or messages that mention the cryptocurrency at least once.
Once the SEC officially acknowledges an application, it must confirm or deny it within a 240-day window. Previous filings have lingered in limbo at this stage. However, the list of candidates is now growing: Canary Capital filed for a Solana ETF in October, and BitWise followed suit earlier this week. The US Securities and Exchange Commission (SEC) has not publicly moved to begin this process, and Gensler is still nominally in charge. Terrett posits that the SEC will only make serious progress on the Solana ETF at the start of 2025. Compared to previous pessimism, however, this is a complete sea change.
Technical analysis for Solana (SOL)
Solana (SOL) has advanced more than 60% since November 04, 2024, advancing from $155.01 to a high of $259.55. The current price of SOL stands at $258 and for now, bulls continue to control the price. A general market sentiment has impacted Solana’s price but it is also important to mention that Solana has witnessed an increase in large transaction volume in the last several weeks.
Important support & resistance levels for Solana (SOL)
On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. SOL remains supported, and if the price advances above $280, the next target could be an important resistance level at $300. The strong support level is $220, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $200. If the price drops below $200, which also represents an important support level, the next target could be located around $180.
What speaks for the rise in the Solana (SOL) price
General market sentiment is an important factor that influences SOL’s price but positive news, partnerships, and developments related to Solana can attract investors and traders, pushing the price up. There is a possibility that a Solana ETF could be introduced in the near future, and because of this many crypto analysts say that more investors could purchase SOL in the months ahead, which could lead to further growth. In light of this, SOL could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments.
What indicates the downfall of Solana (SOL)
The downfall of SOL can be influenced by a wide range of other factors, including market sentiment, regulatory developments, technological issues, and macroeconomic trends. The important support level for SOL stands at $220, and if the price falls below this level, the next target could be $200. The price of SOL is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $90000 price level, that would certainly have a negative influence on the price of SOL.
What do analysts and experts say?
The cryptocurrency market showed positive developments last several days, Bitcoin advanced above $98,000 and this situation also had a positive influence on Solana (SOL). Crypto analysts are linking this positive trend to Donald Trump’s decisive victory in the U.S. presidential election and they speculate that a return of Trump’s policies could lead to another wave of cryptocurrency adoption. Positive information is that Fox Business reporter Eleanor Terrett has revealed this week that the SEC is in discussions with several ETF issuers about approving a Solana ETF. Eleanor Terrett made it clear that the driving force behind this progress in negotiations is Donald Trump’s re-election.
On the campaign trail, Trump pledged to overhaul U.S. crypto policies, with a key promise to remove anti-crypto SEC Chair Gary Gensler. All of this has helped bring Solana back into the spotlight, and data from the on-chain analytics firm Santiment reveals that SOL’s social volume has spiked significantly in response to this positive news. The potential introduction of a Solana ETF in the near future has sparked optimism, with many crypto analysts predicting that this could attract more investors to purchase SOL in the coming months, driving further growth.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
