News
Solana Eyes $150: What Does the Future Hold for This Asset?
Solana (SOL) has gained ground as cryptocurrencies start the week with mild gains. A look at the market shows cryptocurrency prices attempting a breakout after earlier losses. At press time, the total market cap has grown to $2.31 trillion, up 2.33% in the past 24 hours, triggering a broader bullish outlook.
Assets like Solana have outperformed the market in the latest attempt to rebound, as price fluctuations continued. Today, SOL price maintains a lead in weekly gains among top 10 assets that are recovering on the back of previous inflows after two ETF applications. While bulls are targeting the $150 mark, bears believe that bad sentiment and volatility could make the mark unsustainable.
Solana ladder?
Solana’s price has moved above that of other assets among the top 10 cryptocurrencies by market cap, with the exception of Cardano (ADA). SOL is trading at $148.15, up 3.78% over the past 24 hours trailing only ADA with a 5% rebound. The asset’s growth takes its market cap above $68.5 billion while daily trading volumes jumped a whopping 45.8% to $1.89 billion.
Solana’s weekly growth indicates a renewed upside as it has seen gains of over 16%, while the monthly figures are still in the red zone. Based on recent on-chain data, market analysts have predicted an upward trajectory for the asset.
SOL is currently behind the previously touched resistance levels after suffering a breakdown with the broader market. As a result, a limited upside has been seen in
Solana meme coins and decentralized finance numbers, bearish traders argue.
Bulls Try to Spot ETF
The recent launch of Solana spot ETF remains a major driver of the asset’s price. ETFs have boosted the cryptocurrency market this year following massive institutional investment in the sector. Spot Bitcoin ETFs The approval in January changed the dynamic after the asset surged to an all-time high above $73,000. Ethereum products are also expected this summer, which have also sparked bullish activity. Solana holders point to institutional inflows as a path to sustained growth.
Read also: Dogecoin Price Will Attempt to Reach $2 With Memecoin Supercycle, Says Analyst
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.