A token that has enjoyed positive sentiments over the last week, Solana has seen analysts target a $500 price point amid SOL’s ongoing June rally. Over the last 30 days, the crypto has surged more than 32%, according to CoinMarketCap. Although it has declined below $174 in the last day, there are still high hopes for its performance this year.
With Ethereum getting its ETF launch Tuesday, the market is looking to Solana as the next in line. It is likely to follow Bitcoin and ETH as the three tokens to get exchange-traded products in the United States. That bullish perspective could lead the asset to massive gains this year.
Also Read: Solana ETF Hopes Drive Price as SOL Approaches $200
Solana Looing to Target $500 Amid ETF Hype and Positive Sentiment
In early November of 2021, Solana rallied to an all-time high mark of $260. That is still the benchmark for the asset, and has informed some of the insight into how SOL could perform this year. Amid Solana’s positive July, one analyst has predicted SOL should target $500 this year.
Taking to X (formerly Twitter), analyst Jelle discussed Solana’s “re-accumulation structure.” Moreover, he said he had “been watching this setup develop for months, and it’s finally coming to fruition.” The asset could be set to mirror 2021, and surpass the $500 mark in “just a few months.”
The optimism is certainly noted, but not unwarranted. Not only has the asset shown continued increases, but it has also been a part of some interesting news that could continue to spur a massive rally in the coming months.
Also Read: Solana Daily Wallet Count Spikes: How High Can SOL Trade This Week?
The launch of an Ethereum ETF should benefit the entire crypto market. Yet, Solana should specifically be in line for a bullish push upward. The token has been perceived as the next asset in line for an ETF. Earlier this year, GSR Markets released a report noting the token leads all others in decentralization and overall demand.
That speculation should drive traders’ interest, but so too should other important developments. $926 billion asset manager Hamilton Lane became the first to launch a fund on the Solana blockchain. That further solidifies its place among intuitional investors.
It shows that the network is relied upon, and viewed positively. Moreover, it should only inform further interest and participation from similar firms. Ultimately, it could set the table for more interest in the aforementioned ETF.