Solana price (SOL) rose over 5% on Friday, being one of the top gainers for the day. The rise comes at a time when the discussion about which cryptocurrency will be the next to have a spot ETF debut has picked up the heat. Many investors are currently siding with Solana while others expect XRP to be next in line.
At the press time, the coin is trading at $181.40, up over 5.70% as compared to the same time last day.
Solana ETF next in line?
With Ether ETFs going live in the US, the crypto market is now extremely eager to see the next era of crypto acceptance in the mainstream. Of course, as more and more digital assets receive ETF approval, the more regulated the crypto space will be. The Financial Times highlights that Solana, which is based on the same-named blockchain, is the widely accepted consensus for the next ETF in line. It can manage the large numbers of payments that traditional finance frequently handles and is hailed as a quicker and less expensive alternative to Ethereum.
FT also highlights that two years ago, Solana was more well-known for its frequent outages and for being supported by Sam Bankman-Fried. However, it has now made a comeback. It is now drawing interest from two distinct groups of people. Since it can manage the enormous volumes of trading these coins attract, it is the preferred location to introduce meme tokens based on dogs, other animals, or parodies of political people. Some of its most traded tokens in the past few weeks have been ones that track Kamala Harris and Joe Biden’s fortunes.
Will SOL persist to rise in the future?
In the coming month, the price of Solana is expected to increase by 14.33% to reach $ 204.15, based on the current price estimate. Other technical indicators indicate that the current mood is bullish, and the Fear & Greed Index is currently reading 68 (Greed).
Over the previous 30 days, Solana has 20/30 (67%) green days and 9.56% price volatility. Data also indicates that there is a bullish general mood on Solana price prediction, with 26 technical analysis indicators indicating bullish signs and 4 indicating negative signals.
In the upcoming month, Solana’s 200-day SMA will rise, reaching $ 153.61 by August 25, 2024. During the coming month, Solana’s short-term 50-day SMA is predicted to reach $174.88. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). At present, the SOL market is in a neutral position, as shown by the RSI reading of 63.52.
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