Solana, like Bitcoin and Ethereum, stays bearish. Although costs are greater at spot charges, the downtrend stays. Trying on the candlestick association, this preview will change as soon as bulls push costs at the very least above $155 and, later, $190.

Will SOL Soar To $2,800?

Whereas Solana soaks within the promoting stress of final week, including 20% from June 2024 lows, some observers are upbeat, predicting extra good points within the coming months.

In a publish on X, one analyst, citing SOL price evolution over the previous few months, famous that the coin may outperform the broader market, ripping to at the very least $2,800 within the subsequent bull cycle.

Particularly, the analyst drew parallels between the present SOL price motion and Ethereum in 2018. After hovering to roughly $1,400, registering a contemporary excessive, the coin tumbled in 2018, dropping beneath $100 and reversing most good points of the earlier bull cycle.

In 2021, Solana, driving on the wave of lax financial coverage and free money, expanded to as excessive as $240. Nonetheless, the coin contracted after peaking, crashing to as little as $8 in November 2022. The dump was worsened following the collapse of FTX and Alameda Analysis.

Curiously, the analyst noticed that ETH posted sharp losses after rallying, solely to rally by over 20X inside 660 days.

As a result of the depth of the 2018 and 2022 retracements of ETH and SOL have been nearly the identical, the analyst thinks there shall be extra room for SOL to tear greater. In line with the analyst, SOL will seemingly peak at over $2,800 in future classes.

Solana Dwelling Of Meme Cash, Spot ETF Hopes

There are potential drivers behind this optimism. One among them is the rising prominence of Solana over the previous few months.

Drawn by the low charges and excessive scalability of the mainnet, builders, particularly of meme coin initiatives, are more and more drawn to the community. To this point, standard meme cash commanding billions in market cap, like BONK and BOME, are reside on Solana.

Moreover, the latest choice by VanEck and 21Shares to use for spot Solana exchange-traded funds (ETFs) has been obtained positively.

Whereas these filings are nonetheless within the early phases and set for assessment by the all the time stringent United States Securities and Change Fee (SEC), there’s hope on account of occasions surrounding spot Ethereum ETFs.

If a spot Solana ETF is permitted in the US, establishments shall be free to achieve publicity, lifting costs even greater.

Function picture from Canva, chart from TradingView