Solana Rallies 16%, Will Bulls Send SOL to $175?

Dave Baker

Solana’s SOL token is currently experience a bullish surge, rising 16% in the last few weeks. The token has already jumped to over $150 in valuation, with $175 looking like the next stop.

Solana’s native token has struggled with breaching the $150 resistance point. However, analysts long suspected that upon overcoming that resistance, SOL could soar. Currently, the asset is trading at $152 at press time. Flipping $150 was the catalyst for a Solana boost, which will likely be seen over the coming weeks bar any extreme bearish event.

Solana is garnering hype in the crypto industry as it continues a bullish 2024. Recently, the first Solana-based ETF application was announced. Bitcoin has already seen ETF success since January, and a Spot Ether ETF is expected to come any day now. Leading financial giants Ark21 Shares and VanEck have filed for potential Solana ETFs, with many more expected to share filings soon.

Also Read: Solana: $1000 Monthly in SOL Since 2020 Worth $1.4 Million Today

Is Solana SOL Heading to $175?

Source – Zipmex

With new ETF filings in the midst, market confidence in Solana is certainly on the rise. Previous price predictions for SOL had it reaching as high as $170 at the start of August. However, this new bullish jump may see SOL hit higher than that even sooner.

The current all-time-high for Solana SOL is $260. While the asset is still far away from that value per token, Solana ETFs could be the fuel the asset needs to reclaim that high. The token has a current market cap of nearly $70B, and has seen volume in the last 24 hours of $1.74B. A boom in trading activity and news like Spot SOL ETFs only means good things for the asset this summer.

Solana, outside of Bitcoin and Ether, has been the best performing crypto asset of 2024. Now that $150 has been breached, the token has more room to grow, and could be in for a fruitful summer that sees it propel towards $175 and even $200.