Solana price remained largely stable today, holding at $141.09, while the entire cryptocurrency market maintained a 1% gain over the past 24 hours.

While the fifth largest currency on the market, SOL, is still up 580% in a year, it is currently down 1.5% in a week and 11.5% in a month.

It also has a lot of gains to look forward to, with Matthew Sigel, head of digital asset research at VanEck, predicting yesterday that it is one of the tokens most likely to launch a dedicated ETF following the recent approval of the Ethereum ETF.

When combined with Solana’s growth as a platform, the SOL ETF could indeed drive altcoin prices significantly higher.

ETF Readiness Boosts Solana’s Prospects Against XRP

As far as Solana’s chart is concerned, the coin is in mixed territory, but the oversold conditions it has recently experienced should make it more likely that it will continue to rise in the near term.

For example, the relative strength index (purple) plummeted to 30 in early July and, aside from two days of gains, has struggled ever since.

Likewise, the 30-day average (orange) has just recently crossed above the 200-day average (blue), which means the currency should have a little more to go before a real big pullback occurs.

What’s especially good for SOL is that its support (green) and resistance (red) levels are converging into each other, which means a big move is coming.

This is what many traders and analysts are thinking right now, with some even predicting that Solana’s price will hit four figures within the current cycle.

It may be an ambitious goal, but the possibility of a Solana ETF could be a game-changer for the token later this year.

As mentioned above, VanEck’s Matthew Sigel was interviewed yesterday, specifically regarding his view that a Solana ETF is more likely than an XRP ETF.

His reasoning is that there is more demand for a SOL ETF than an XRP ETF, while he also praised Solana for having a higher degree of decentralization than Rippl/XRP.

VanEck has actually filed for a Solana ETF in recent weeks, so such a fund may appear soon.

Assuming they do, Solana’s price could reach $250 again by the end of the year.

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