Solana SOL has experienced significant gains over the past weekend, seeing it rebound over the $150 mark. The asset’s price surged above the $150 resistance on Monday, showing gains above 25% over the last three days. SOL has seen a boom in trading activity, which suggests aggressive buying amongst investors. This, in turn, is bullish news for the token and signals a potential rally incoming.
At press time, SOL is back up to over $153, up 4% in the last 24 hours. Over the past three weeks, Solana has been in an interesting position, as Solana ETFs being proposed sparked optimism around the token. The Solana Network has also had a very positive 2024, especially due to its meme coins.
Furthermore, Bitcoin also had a profitable weekend, rebounding back over $63,000 to $63,204.76 at press time. The asset, being the most important and valuable on the market, often spells out the path for other crypto assets. This includes SOL, which is following Bitcoin’s current bullish path to new profits.
Also Read: Bitwise Says SEC is Open to Solana ETF After Ethereum Launch
Will Solana SOL Target $170 During Rally?
Now that Solana SOL is on the mend, there is speculation of the token rallying to $170. A jump of $20 in value such as that would certainly take some time, but isn’t outright impossible. If the bulls hold the reigns for Solana, the network’s token could blow up alongside Bitcoin. However, the difference between those two assets is that Bitcoin ETFs had their hype a few months ago. On the other hand, the hype around Solana ETFs has only just begun. Therefore, the SOL token could be headed for a $170 valuation in the coming month.
Beyond July, August, and September could also be bullish if the SEC makes any decisions on the Solana ETFs. After $170, Solana Bulls may begin speculating a $200 value for the coin. Although extreme, the prediction isn’t impossible, as nothing is impossible in the crypto market. We watched Bitcoin explode to an all-time high following ETF approval in just over a month. Therefore, if a Solana ETF is considered and approved, Solana’s ATH of $259.96 can be tested in the future.