💥👀 Will #Solana Break the $200 Barrier?
🚀 Solana in the Spotlight: Solana (SOL) is gaining attention alongside Bitcoin and Ethereum ETFs. Excitement is building over a potential Solana ETF, growing interest in memecoins, and the new MEW listing on WhiteBIT.
📈 Solana ETF Possibilities: While Ethereum ETFs seek SEC approval, Solana is next in line, with applications from VanEck and 21Shares. Bloomberg analyst Eric Balchunas suggests a possible launch by mid-March 2025, with November as an unlikely date. However, political factors could impact this timeline.
📜 SEC Updates: Solana was removed from the SEC’s classification as a security in the Binance case, but this doesn’t mean the SEC has entirely cleared it. Jake Chervinsky from Variant Fund warns this might be a litigation tactic, not a policy change.
🐾 Memecoin Boost: Solana's upward momentum is fueled by increased activity in its memecoins. The market cap of Solana-based memecoins has surged, reaching $9.2 billion on July 24. The largest memecoin, Dogwifhat (WIF), hit $2.85, while Cat in a Dogs World (MEW) skyrocketed 130% after listing on WhiteBIT.
📊 On-Chain Activity: Solana’s on-chain activity has increased, with trading volume and total value locked (TVL) rising to $5.436 billion.
📉 Chart Analysis: The daily SOL/USDT chart shows bullish sentiment, with participants buying dips. SOL rebounded from $175 to $182 but faces resistance at $194. If bulls push past this, a rally to $210 is possible. A sharp downturn could trap SOL between $116 and $210.
🔮 Market Position: Despite mixed sentiment, Solana remains crucial, poised for potential long- or short-term gains amid memecoin activity and ETF expectations.
