Solana has been predicted to lead the crypto market’s next bull rally as SOL has seen its recovery carry the token back toward the $150 level. Indeed, Real Vision CEO Raoul Pal has noted that Solana could play a vital role for the industry, following what was a disappointing performance in June.
Over the last 24 hours, Solana has surged more than 3% according to CoinMarketCap. Moreover, the last week has seen the token rally 17%. In a recent video post, Pal discussed a “banana zone” and what could be a long period of growth that is led by SOL.
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Solana Could Lead Next Bull Rally as it Surges 17% in 7 Days
On June 24th, Solana fell to a low of $122 as it struggled alongside most of the cryptocurrency market. That changed, as the weekend saw the asset touch lows of $139, a notable improvement. Subsequently, one expert has predicted the token to be one of the best performing assets of the next bull cycle.
Raoul Pal recently highlighted two factors that could allow Solana to lead a bull cycle as SOL seeks a return to $150. The first is NFT compression. The development is expected to bolster the outlook for the Solana blockchain and enhances the scalability of the tokens.
Alternatively, Firedancer is a validation software that is expected to improve Solana. Specifically, the third-party program will increase the network’s transaction speed and efficiency. These two aspects have led Pal to allocate 90% of crypto investments to the blockchain.
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The token is also set to greatly benefit from ETF hype. Last week, GSR Markets released a report highlighting the ETF potential of Solana. Specifically, it noted that SOL was now a part of crypto’s big three. Therefore, it would get the same exchange-traded product treatment that both Ethereum and Bitcoin enjoyed throughout this year.
“Solana has cemented itself as part of crypto’s Big Three,” the firm said. “And with the others having or on the cusp of spot ETF, not only is it likely just a matter of time before Solana gets one too, but also the impact on SOL just might be the largest yet.”