Solana (SOL)
As of late June 2024, Solana (SOL) finds itself in a precarious position. The fact that it has been such a popular blockchain for millions of new projects has exposed the Solana network both to criticism and potential legal issues – if recent rumors of a ‘huge case are true.
Additionally, the SOL ecosystem came under fire on June 27 after a 90% drop in stablecoin daily volume made many suspect wash trading used to inflate the numbers, and that much of Solana’s popularity amounts to little more than smoke and mirrors.
Despite this, SOL has also proven to rapidly surge on positive news as it did after VanEck’s plans to establish a trust for the token were unveiled. Given that Solana is considered the likeliest cryptocurrency to have an exchange-traded fund (ETF) approved – after Ethereum, that is – it might just rocket to unprecedented highs before 2024 is out.
