Solana (SOL) price is predicted to hit $200 in the coming weeks amid spot ETF discussions.
The token showed a surge of 112.34% in daily trading volume and 6% price increase.
US-based asset manager VanEck, in an interesting turn of events, filed an application for spot Solana ETF, fueling a price pump in the altcoin. After witnessing a rough monthly performance, Solana price has begun to show signs of price recovery in the last few days.
In the last 24 hours, Solana’s price has shown an upward movement with a daily increase of 6.20%. At the time of writing, the token was trading at $145.01. According to CMC data, SOL’s daily trading volume has also increased by 112.34%.
Moreover, the SEC’s approval of spot ETH ETF listings initiated market discussions of a spot Solana ETF. The token’s ecosystem has drawn market attention over the past months with several advancements including memecoin launches and upgrades. The foundation recently introduced ‘actions and blinks’ feature to simplify transactions.
Ripple’s CEO Brad Garlinghouse predicted that the commission would approve spot ETFs for SOL, XRP, and Cardano at the beginning of June. With VanEck’s significant move toward spot SOL ETFs the market awaits in anticipation for approval.
Solana Price In the Last Seven Days
Solana, over the past week, began showing upward movements in market price after initial declines. With a weekly increase of 9.07%, the token regained its price at the $140 level on Thursday. Additionally, Solana hit a weekly high of $150.77 momentarily on the same day, post VanEck’s Spot Solana ETF application.
At the beginning of the week, the token was trading at the $130 level and later hit a weekly low of $123.67 on June 25. However, the price momentum has caused a price recovery over the last 24 hours. As per TradingView data, the daily RSI currently stands at 48.93 indicating a neutral sentiment.
SOL/USDT Daily Price Chart (Source: TradingView )
Furthermore, the altcoin’s short-term 9-day MA stands below the current trading price underscoring the emerging upward movement. Meanwhile, Solana’s 9-day HMA data still indicates the price as residing on the bearish end.
Zooming out, Solana’s year-to-date (YTD) shows an increase of 43.20%. However, as aforementioned Solana’s monthly performance shows a 13.65% decline following the bullish rally in May.
According to analysts’ prediction, the token’s price is expected to hit the $200 level, after the recent spot Solana ETF development. Notably, Solana-based memecoins have also shown an upsurge fueled by market activities.
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