Ethereum
SOL Analyst Now Targets $1,000 — TradingView News
Following Bitcoin and other altcoins like Ethereum, Solana is making progress, recovering from steep losses in June. Although buyers have yet to reclaim the $155 support level, the expansion in recent days has seen the cryptocurrency gain 25% after plunging in early July.
Is SOL getting ready for $1,000?
These encouraging gains over the past few days have prompted traders to anticipate significant gains in the coming days and weeks. As for X, one analyst said that the coin would easily surpass spot rates by 6x, reaching as high as $1,000 in the next bull cycle.
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As things stand, it is evident that SOL is already in an uptrend. At the height of the 2022 bear market, the collapse of FTX and Alameda Research saw SOL plunge as low as $8. The coin has been rallying in recent months, especially from the second half of 2023, reaching $210 in March 2023.
However, the slowdown of the last three months has not canceled the main uptrend. On the contrary, buyers are still in control, and even with the recent losses, SOL is still up about 8x to October 2023. www.tradingview.com/x/JzKpYp14
There are several factors that could propel Solana higher, even above the $220 seen during the last bull cycle of 2021. Much of this will be due to rising adoption and Solana’s rise as the third most valuable smart contract platform, after Ethereum and the BNB blockchain.
As a cryptocurrency platform, Solana stands out as a platform of choice for developers and traders, with most highlighting its high scalability and low transaction fees.
At the same time, because there is no need to use off-chain solutions, some argue that Solana may be more secure than layer-2 Ethereum platforms like Base.
Solana Dominates Ethereum, Hopes for Spot ETF
The rise of meme coins has pushed Solana’s on-chain activity higher, judging by booming DEX volumes.
Data from DeFiLlama shows that Solana dominates Ethereum in terms of daily and monthly DEX volume. On average, these DEXs process over $13 billion each week.
If meme coin prices recover, surpassing the $65 billion peak seen in recent months, according to data from CoinMarketCap, Solana will likely stretch Ethereum, consolidating its position. Like BOME, WIF, BONK, and other meme coins, Solana is among the most active and valuable.
Although the U.S. Securities and Exchange Commission (SEC) has previously stated that SOL is an unregistered security, there are changes that could call that view into question.
Recently, VanEck and 21Shares filed an application with the regulator to approve Solana cash exchange-traded funds (ETFs). The application is still in its early stages, but a final decision will be made before the end of the first quarter of 2025.