Throughout the last several weeks, all eyes have been on what cryptocurrencies could join Bitcoin and Ethereum as the only exchange-traded products in the US. Now, the talks of a Solana ETF have heated up, with the product getting 70% approval odds, so could it push SOL to $300?
The cryptocurrency reversed a 12% drop to end the week above the $174 mark. However, it had been caught in an extended decline. Now, could the arrival of a SOL ETF push the asset up more than 90% in the coming months? Moreover, is that very ETF all but guaranteed?
Also Read: Solana ETF Coming in 2025? VanEck Says Its More Likely Than Not
Solana ETF More Likely Than Not: So What Does That Mean for SOL?
Entering the year, there were few cryptocurrencies that had the kind of potential Solana did. The asset was poised to be one of the biggest gainers, with hopes of becoming just the third crypto-based ETF in the United States. However, less than two months into the year, the token has stumbled.
Context is important, and contextually speaking, Solana is still up more than 67% over the last year, according to CoinMarketCap. Moreover, it is still looking to make good on that potential. Indeed, a Solana ETF has gotten a 70% approval odd from Bloomberg analysts as it could propel SOL.
Also Read: Solana Falls 32% as Experts Say One Thing Has SOL Eyeing $400
Specifically, Bloomberg ETF analyst Eric Balchunas notes that the asset is more likely than not. If it comes to fruition, it is expected to propel the cryptocurrency to new heights. Specifically, the crypto price prediction platform CoinCodex predicts SOL Will surpass the $300 mark for the first time in June.
That isn’t all, as they expect it to continue setting new records this year. According to the platform, the asset will reach a 2025 high of $408 in August. If that forecast were to come to fruition, it would represent a 134% increase from its current position. There is no doubt that Solana ETF approval would be necessary to push the asset to those heights.