Solana's share price has risen more than 26% in two weeks, indicating a bullish trend.
The market value of #Solana is currently around $104 billion, approaching the peak of $185 reached in May. It is currently valued at around $104 billion, close to its May valuation of $BTC the fertilization of the #BTC #ETF space in the U. S. has raised new questions about Sorana's future. Van Eck has filed an application with the U. S. Securities and Exchange Commission to create the Solana ETF. However, a decision could come as early as next year.
Investors are betting big on Solana's success in the Web3 ecosystem, with Franklin Templeton, a $1.64 trillion asset manager, calling Solana one of the best blockchain projects. This endorsement could also increase Solana's usage and value.
After its recent takeoff, crypto analyst Ali Martinez predicted that Solana's price could increase by 900%. Now the price of Solana has stabilized around $120. In addition, the weekly Relative Strength Index (RSI) has returned to the 50% level.
In the opinion of longtime trader Peter Brandt, investors should be more cautious and wait for Solana to break the May highs. Nevertheless, Solana is becoming more active. Whale investors have bought more than 238,000 SOL units on #Binance , worth more than $41 million.
Activity on the Solana network has been on the rise lately, and its ecosystem is experiencing a significant upswing. For the first time, Solana surpassed Ethereum in terms of trading volume on DEX in 30 days. This growth is attributed to the emergence of meme coins on the Solana network.
The current cryptocurrency rotation remains positive for the altcoin market; Solana prices are in a great position to move towards ATH. If the market continues to rise, it could enter the next bullish phase.
analysts expect that the Solana price could rise to $1,700. According to Ali Martinez, this bullish opinion is correct.
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