TL;DR
- SOL jumped to $216 before settling at $211, with analysts forecasting further gains of up to $1,000 if a Solana ETF is approved.
- The revival of the crypto market and rumors of pro-crypto US policies under Trump could be the factors fueling the asset’s rise.
SOL on the run
Solana (SOL) is part 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 returned to the current level of $210.
According to some in the industry, this could be just the start of a massive rally that could result in a new all-time high price. Popular X user Ali Martinez recently claimed that the “TD Sequential Indicator” was showing a buy signal on the asset’s daily chart. That said, the analyst forecasts a move towards $220.
Jelle and Satoshi Flipper were much more optimistic. The old think a daily close above $210 could allow a rise to $330.
Satoshi Flipper predicted that SOL Price Could Skyrocket to $1,000 This Year if a Solana exchange-traded fund (ETF) goes live.
As o the moment As of this writing, such a product remains unavailable in the United States. Nevertheless, some prominent names such as Grayscale, VanEck, 21Shares, Bitwise and Canary Capital have revealed their plans to launch this type of investment vehicle.
THE the agency that approves or denies these requests is the United States Securities and Exchange Commission (SEC). In less than a week, its president Gary Gensler resign And will will be replaced by pro-crypto Paul Atkins.
Some might suggest that the new leaders could adopt a more favorable attitude towards financial products linked to cryptocurrencies, potentially facilitating the approval process for Solana ETFs.
Is this why SOL pumps?
Solana’s impressive price resurgence could be assigned to the overall revival of the cryptocurrency sector. In the past 24 hours, the sector’s market capitalization surpassed $3.6 trillion, while Bitcoin (BTC) briefly topped $100,000.
Another reason could be the rumors that the next President of the United States, Donald Trump, is open to the idea of establishing a crypto reserve that prioritizes digital assets such as Solana (SOL), Ripple (XRP), and USD Coin (USDC). The entities behind these tokens are all based on American soil.
This could be one of the factors triggering a massive rise in XRP prices. As CryptoPotato reportedthe asset’s valuation exploded to $3.39, missing its all-time high by just 1%.
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