An Expert Predicts That $260 SOL Is Still Within Reach Despite a 9% Decline in Solana Price — How to Do It
Solana (SOL) has reached an intraday low of $136.39 and is now hanging at $139.39, continuing its downward trend. This is a decrease of 13.61 percent from $157.88.
In spite of this decline, SOL's excellent fundamentals—including a high-performance blockchain that can handle thousands of transactions per second at cheap costs—have led some experts to forecast that the cryptocurrency might reach $260 in the near future.
The growth of Solana's ecosystem, which is bolstered by the growing number of projects and developers using its platform, bodes well for its future prospects.
The majority of investors still see the recent decline as a short-term setback on the road to greater values, therefore their confidence is unshaken.
Brazilian Approval Gives Solana ETF a Glimpse of Hope After U.S. Rejection
The spot Solana ETFs offered by VanEck and 21Shares were recently deleted on the website of the Chicago Board Options Exchange. The U.S. SEC was reviewing these documents that were filed in July 2024. It is believed, however, that the petitions were withdrawn as the SEC has not issued a Notice of Filing.
Significant U.S. asset managers are not enthusiastic about Solana-based ETFs, and the SEC's cautious attitude on Solana as a financial product adds fuel to the fire.
But QR Asset and Vortx are leading the charge to establish Brazil's first Solana-backed exchange-traded fund (ETF), subject to permission by the Brazilian Stock Exchange.
A boost to Solana's position in the banking industry may be achieved if Brazil were to approve, even though the US is still unsure.
This exemplifies how the United States market and other worldwide markets see and trust Solana differently.
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