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
Solana (SOL) is among the best-performing cryptocurrencies today (January 16). Its price briefly jumped above $215, representing a 15% increase on a 24-hour scale. Shortly after, it slightly retraced to the current $210.
According to some industry participants, this could be just the beginning of a massive rally that may result in a new all-time high price. The popular X user Ali Martinez recently claimed that the “TD Sequential indicator” presents a buy signal on the asset’s daily chart. That said, the analyst anticipates a move toward $220.
Jelle and Satoshi Flipper were much more bullish. The former thinks a daily close above $210 might proper a bull run towards as high as $330.
Satoshi Flipper predicted that SOL’s price could skyrocket to a whopping $1,000 sometime this year if a Solana exchange-traded fund (ETF) goes live.
As o the moment of this writing, such a product remains unavailable in the United States. Nonetheless, some prominent names such as Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital have revealed their intentions to launch that type of investment vehicle.
The agency which approves or denies such applications is the US Securities and Exchange Commission (SEC). In less than a week, its Chairman Gary Gensler will step down and will be succeeded by the pro-crypto Paul Atkins.
Some might suggest that the new leadership could adopt a more favorable stance toward cryptocurrency-related financial products, potentially facilitating the approval process for Solana ETFs.
Is This Why SOL is Pumping?
Solana’s impressive price resurgence could be attributed to the overall revival of the cryptocurrency sector. Over the past 24 hours, the industry’s market capitalization exceeded $3.6 trillion, while Bitcoin (BTC) briefly crossed $100,000.
Another reason might be the rumors that the upcoming president of the USA, Donald Trump, is open to the idea of establishing a crypto reserve that prioritizes digital assets like Solana (SOL), Ripple (XRP), and USD Coin (USDC). The entities behind those tokens are all based on American soil.
This could be one of the factors triggering a massive price rally for XRP. As CryptoPotato reported, the asset’s valuation exploded to $3.39, missing its all-time high by just 1%.
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