- Solana's native token, SOL, had a remarkable 2023, rising over 1,000% and surpassing $100.
- Analysts on Twitter, like Ali and JAKE, predict potential gains for SOL in the coming months.
- Trader Alex Krüger suggests the possibility of a Solana ETF in the US next year, which could attract more capital into the ecosystem.
Is SOL ready for a new rally?
SOL performed exceptionally well last year, climbing over 1,000% and surpassing the $100 mark. Many experts believe that the recovery will continue in the coming months.
One of them is Ali, the user of X (Twitter), who suggested Solana “shows signs of a bull flag forming.” The analyst believes a “decisive close” above the $110 resistance level could be a catalyst for a rally towards $163.
Popular content creator and investor using the X handle, JAKE, has praised Solana's “robust” ecosystem, saying it is better than Ethereum in terms of speed and costs. He claims that these benefits, along with the essential partnerships that Solana has signed over the past few months, would push SOL to an all-time high within a year:
“I expect to see a price above $750 per Solana token in 2025. Obviously there are many factors contributing to this, but as more people move away from the Ethereum blockchain and towards towards other blockchains like Solana, I expect the price per Solana token to exceed $750. see Solana become Ethereum's main competitor during the next bull run.
As CryptoPotato recently reported, Solana briefly outperformed its rival on several fronts, including Google searches. However, Ethereum reestablished its lead in early 2024.
Alex Krüger – trader and analyst – did not present a precise forecast of the SOL price, but envisaged that a Solana ETF would appear in the United States next year. He suggested that this would occur following the victory of the Republicans (particularly Donald Trump) in the 2024 US presidential elections, followed by the possible resignation of Gary Gensler as chairman of the Securities and Exchange Commission (SEC).
A Solana ETF will remove some of the barriers associated with investing in crypto, such as self-custody, allowing more people (and therefore capital) to flow into the ecosystem.
Remember that the American SEC recently approved a wave of spot Bitcoin ETF applications from financial giants including BlackRock, Fidelity, Franklin Templeton, WisdomTree, and more.
Still on the SOL topic, you can check out our latest video dedicated to the best Solana wallets you can use this year:
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