Ethereum

bullish

Solana

As the crypto market continues in its bullish run pulled by Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) hitting the $93000 mark last week, analysts are questioning whether Solana (<a href="https://yellow.com/asset/sol">SOL</a>) will sustain its historic rally, which made it gain more than 50% in the last 30 days. Many are speculating that this <a href="https://www.cryptotimes.io/2024/11/19/could-solana-sol-hit-300-this-week-solana-price-analysis/">could happen </a>due to a potential Solana ETF launch next year. 
The altcoin seems to be next in line after the success of Bitcoin and Ethereum ETFs which were launched this year. Since the SEC could potentially approve a Solana ETF in 2025, retail and institutional investors are flocking to buy the token. This has sparked the sharp rise in SOL price while the crypto market continues in its bullish drive. 
Earlier today, SOL was seen trading at $240, a 10% weekly gain and a 300% yearly spike which shows that the altcoin is likely to grow further in the coming days. 
The increase in trading activity and on-chain activity on the Solana blockchain has triggered a price rally making SOL trade at $242. The ongoing bullish run has caused a surge in market sentiments and seen SOL reach third place in social media mentions. This has made it the primary choice of altcoin investors as we head to an altcoin session. The token has also emerged as the most popular digital asset due to this surge. 
Many analysts think that the BTC price rally has boosted the crypto market’s confidence in high-performing digital assets like Solana which has seen a large spike in investors’ interest. SOL has been long considered as an indicator of diversification. In the previous bull runs, Ethereum was the primary alternative investment but now Solana has replaced it because of its performance. 
In the last few years, the SOL ecosystem has expanded exponentially as it partnered with companies like Shopify, Visa and others. This is coupled with the growth of its decentralized applications portfolio. All these developments made Solana the leading blockchain in DeFi trading volume and transaction counts. 
So, the question of Solana hitting the $300 target this week largely relies on how it maintains the bullish trend. Most traders are considering this a possibility as the SOL has gained 10% and 50% in the last 7 days and 30 days respectively. The altcoin is likely to surge as it is buoyed by the Bitcoin price movement. 
However, SOL has to overcome the $250 and $260 resistance level for that. This indicates a more than 56% spike in its price. In case the token fails to do that then it might find support at $220 and $230 level. This range will act as a safety net for Solana, protecting it from market volatility. 
At present, the growth outlook for the altcoin looks optimistic as the ETF speculation, the strength of the SOL blockchain and the current market conditions can help the token to rally towards the $300 mark. This digital asset is standing at the crucial juncture of market optimism and ETF approval - all of which can take it to new heights. 
As of November 19 evening, SOL was up 0.60% in the last 24 hours to trade at $242.14 while trading volume has declined 20.60% to touch $6.71 billion and the market cap decreased to $114.63 billion.

Solana To Hit $300 Fueled By 2025 ETF Launch Speculation and Market Optimism

Yellow News

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