Solana price showed an extraordinary performance last year, providing its investors with a return of over 1,000% and successfully exceeding the $125 level. Following this milestone, many experts believe that the rise of Solana, which is trading at $97.88 at the time of writing, will continue in the coming months.
Analysts’ Predictions for SOL
One of the analysts who believes in the rise of Solana’s price is the popular user Ali. The renowned analyst, in his chart analysis, suggested a flag formation and stated that if the $110 resistance is broken, Solana’s price could experience a mini rally towards $163.
Popular content creator and investor JAKE praised Solana’s blockchain ecosystem and argued that it is better than Ethereum in terms of speed and cost. In addition to these advantages, he stated that the fundamental partnerships Solana has signed in the last few months will push the SOL price towards an unprecedented peak within a year:
“I expect to see a price over $750 for Solana in 2025. Clearly, there are many contributing factors, but as more people move away from the Ethereum blockchain ecosystem and towards others like Solana, I expect it to become Ethereum’s biggest competitor in the next bull run.”
Noteworthy Developments Regarding Solana
In addition to all this, Solana managed to briefly surpass Ethereum in many areas, including Google searches. However, Ethereum regained its leadership in this field at the beginning of 2024.
Analyst Alex Krüger refrained from making a definite SOL price prediction but anticipated that a Solana ETF product would be launched in the US next year. He suggested that this step would occur as a result of the Republicans winning the presidential elections in 2024 and the possible resignation of Gary Gensler as the Chairman of the Securities and Exchange Commission.
A Solana ETF product could remove some barriers to investing in the sector, such as the issues with the custody of crypto assets, thus enabling more people to join the ecosystem. The SEC’s recent approval of spot Bitcoin ETF applications from financial giants including BlackRock, Fidelity, Franklin Templeton, WisdomTree, and other issuing institutions has made this possibility emerge for many altcoins.
Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
