The end of July 2024 will be remembered by members of the crypto community thanks to positive news that could trigger the growth of the Solana cryptocurrency rate
We tell you what is happening with SOL and to what levels, according to investors, the cryptocurrency can grow due to the positive news background.
What's happening with Solana
Solana is one of the most capitalized cryptocurrencies. On July 30, 2024, the project’s crypto community was faced with positive news - the US Securities and Exchange Commission (SEC) removed SOL from the list of illegally issued securities. With this step, the regulator abandoned claims against Solana and recognized the legitimacy of the crypto project, bringing closer the likely launch of spot ETFs based on the coin.
SOL reacted to the news with a slight increase. At the time of writing, Solana is trading at $182. Weekly growth stopped at 5.09%. SOL is trading almost 30% below its all-time high recorded on November 7, 2021 at $260.
Against the backdrop of positive news on Solana, members of the crypto community shared their forecasts.
Solana Forecast
According to representatives of the crypto industry, the SEC’s refusal of claims against the project will lead to the listing of Solana on popular trading platforms that were previously forced to refuse to work with the coin due to regulatory pressure. New listings could boost demand for the cryptocurrency and support its growth.
Many members of the crypto community believe that positive news could take Solana all the way to $1000. Crypto trader Captain Faibik shared with his subscribers the expected trajectory of SOL’s movement to the designated height. He believes investors will see Solana at $1,000 by October 2024.
Some members of the crypto community adhere to much more modest forecasts, which imply updating the absolute maximum value of cryptocurrency in the fall. For example, trader PlanD believes that the Solana chart shows a symmetrical triangle that could take the coin to levels above $300 before the end of the year.
Solana Forecast by PlanD
The nearest resistance to SOL's growth, according to investors, is at $193.
Let us remind you that previously a popular analyst in the crypto community shared a list of Solana insiders on which you can earn millions.