TL;DR
- SOL jumped to $216 before settling at $211, with analysts predicting further gains, potentially reaching $1,000 if a Solana ETF is approved.
- The crypto market revival and rumors of pro-crypto US policies under Trump might be the factors fueling the asset’s rise.
SOL on the Run
On January 16th, Solana (SOL) is showing impressive performance among today’s cryptocurrencies. For a brief moment, its price soared above $215, marking a 15% rise within a 24-hour period. However, it has since slightly retreated to its current value of approximately $210.
Based on input from certain market players, this could be the start of a significant upward trend potentially reaching a new record high price. Notably, X user Ali Martinez has suggested that the “TD Sequential indicator” indicates a buy opportunity on the asset’s daily chart. In light of this, the analyst predicts a potential rise towards $220.
Jelle and Satoshi Flipper expressed a significantly optimistic viewpoint. In particular, the latter believes that if the market closes at over $210 per day, it could potentially trigger a surge in prices reaching up to $330.
Satoshi Flipper anticipates that the value of SOL might soar up to an impressive $1,000 by the end of this year if a Solana Exchange-Traded Fund becomes active.
Currently, that particular product is not accessible in the U.S., but notable entities like Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital have expressed their plans to introduce such an investment tool.
As an analyst, I’d like to clarify that the entity responsible for approving or denying such applications is the U.S. Securities and Exchange Commission (SEC). In less than a week, its current Chairman, Gary Gensler, will be stepping down from his position. His successor will be Paul Atkins, who is known to be pro-crypto.
Some may propose that the fresh management takes a friendlier approach towards financial instruments related to cryptocurrencies, which could expedite the approval procedure for Solana ETFs.
Is This Why SOL is Pumping?
As a crypto investor, I’ve noticed Solana’s remarkable price surge recently, and I believe this uptrend could be linked to the broader recovery within the cryptocurrency sector. Within the past 24 hours, the total market capitalization of the industry surpassed an astounding $3.6 trillion, while Bitcoin (BTC) momentarily touched $100,000.
One possible explanation could be the speculation surrounding the new U.S. president, Donald Trump, potentially considering the creation of a digital currency reserve that gives preference to cryptocurrencies such as Solana (SOL), Ripple (XRP), and USD Coin (USDC). Notably, the companies behind these tokens are all based within the United States.
It’s possible that one reason for XRP’s price surge could be due to several factors. As CryptoPotato mentioned, the value of XRP soared to $3.39, nearly reaching its record high of $3.40.
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2025-01-16 20:48