Solana Price: Here’s When SOL Could Reach $250 – Expert Analysis 📣
Solana price exhibits potential for a major run to $250 in 2024 backed by a solidifying technical structure and key fundamentals factors such as the spot ETF approval buzz. 📌
institutional investors. The token has a history of major price movements backed by key developments in the ecosystem. Solana price frequently experiences major breakouts but also falls victim to high volatility.
This article will delve into the technical outlook of Solana in the second quarter of 2024—micro and macro factors that are likely to trigger a major bull run to $250 and beyond.
Meanwhile, Solana price dodders at $148 after growing 5% on the day on top of a 15% increase in seven days. SOL ranks #5 among other cryptocurrencies backed by a $68 million market cap. In the last 24 hours, this very competitive smart contract token commanded over $2 billion in trading volume.
Can Solana Price Uphold The Bullish Outlook to $250?
Solana is top among major altcoins with the spot ETF in sight. This extremely bullish outlook emerged last week after investment firm VanEck applied for a license to operate a Solana spot exchange-traded fund.
VanEck reckoned in the accompanying statement that it believes Solana is a commodity just like Bitcoin and Ethereum. The protocol is known to host decentralized applications, supporting the web3 sector.Solana’s blockchain stands out for secure high transaction throughput, low fees, scalability, and adaptability. Although very similar to Ethereum, Solana boasts 50,000 transactions per second at an average of $0.00025.If the Securities and Exchange Commission (SEC) approves Solana ETFs, the token will gain more legitimacy among investors both crypto and traditional, especially from institutions.
In the previous bull run in 2021, Solana exploded to $260—reaching a new all-time high. The run-up fuelled by the approval of Bitcoin ETFs in Q1 propelled SOL to $206. This came after a drastic and damaging fall to $8 caused by the crypto winter and the collapse of Sam Bankman.
