Ethereum

Solana

United

Bitcoin

Solana, like Bitcoin and Ethereum, remains bearish. Though prices are higher at spot rates, the downtrend remains. Looking at the candlestick arrangement, this preview will change once bulls push prices at least above $155 and, later, $190. 
<h2 id="will-sol-soar-to-2-800">Will SOL Soar To $2,800?</h2> 
While Solana soaks in the selling pressure of last week, adding 20% from June 2024 lows, some observers are upbeat, predicting more gains in the coming months. 
In a post on X, one analyst, citing SOL price evolution over the last few months, <a class="editor-rtfLink" href="https://x.com/martypartymusic/status/1811141876021363022" target="_blank" rel="noopener nofollow">noted</a> that the coin might outperform the broader market, ripping to at least $2,800 in the next bull cycle. 
<img loading="lazy" decoding="async" class="size-full wp-image-309888" src="https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478" alt="Will Solana follow Ethereum? | Source: @martypartymusic via X" width="1024" height="478" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=4096 4096w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpg?resize=1024%2C478?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Specifically, the analyst drew parallels between the current SOL price action and Ethereum in 2018. After soaring to roughly $1,400, registering a fresh high, the coin tumbled in 2018, dropping below $100 and reversing most gains of the previous bull cycle. 
In 2021, Solana, riding on the wave of lax monetary policy and free cash, expanded to as high as $240. However, the coin contracted after peaking, crashing to as low as $8 in November 2022. The dump was worsened following the collapse of FTX and Alameda Research. 
Interestingly, the analyst observed that ETH posted sharp losses after rallying, only to rally by over 20X within 660 days. <a href="https://www.tradingview.com/x/EHRM9H59/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/EHRM9H59/" alt="Solana price trending lower on the daily chart | Source: SOLUSDT on Binance, TradingView" width="1233" height="592"></a> 
Because the depth of the 2018 and 2022 retracements of ETH and SOL were almost the same, the analyst thinks there will be more room for SOL to rip higher. According to the analyst, SOL will likely peak at over $2,800 in future sessions. 
<h2 id="solana-home-of-meme-coins-spot-etf-hopes">Solana Home Of Meme Coins, Spot ETF Hopes</h2> 
There are possible drivers behind this optimism. One of them is the rising prominence of Solana over the past few months. 
Drawn by the low fees and high scalability of the mainnet, developers, especially of meme coin projects, are increasingly drawn to the network. So far, popular meme coins commanding billions in market cap, like <a href="https://bitcoinist.com/meme-millionaire-match-maker-bonk-pepe-alexthedoge-become-crypto-winners-circle/" target="_blank" rel="noopener ">BONK</a> and BOME, are live on Solana. 
 Additionally, the recent decision by VanEck and 21Shares to <a href="https://bitcoinist.com/cboe-initiates-regulatory-process-for-solana-etf/" target="_blank" rel="noopener ">apply</a> for spot Solana exchange-traded funds (ETFs) has been received positively. 
While these filings are still in the early stages and set for review by the always stringent United States Securities and Exchange Commission (SEC), there is hope due to events surrounding spot Ethereum ETFs. 
If a spot Solana ETF is approved in the United States, institutions will be free to gain exposure, lifting prices even higher.

Solana To Follow Ethereum? SOL Analyst Targets $2,800

Table of Contents

Bitcoinist

Other articles published on Jul 12, 2024

Crypto Prices Today July 12: BTC Fluxes Near 57K, Altcoins Display Mixed Signals

Oil King Pepe Smashes $19.6 Million, Prepares to Skyrocket Another 19,000% Before KuCoin Listing,...

Chainlink Data Feeds Go Live on Starknet, Boosting DeFi Development

CryptoQuant Reports Institutional Investors Buying 100,000 Bitcoins in a Week

Decimal blockchain migration news

Cyberbullying, Toyin Abraham & #FreeAyo: Examining the boundaries of the Nigerian cybercrime law

Join our free newsletter for daily crypto updates!