Solana's (SOL) moving hours: What could happen in the short term?

SOL, Solana's native cryptocurrency, gained momentum with the memecoin craze and ETF rumors.

While SOL reached its all-time high (ATH) near $260 in November 2021, it has only managed to surpass $200 slightly this year.

Currently trading around $170, which is 34% lower than the ATH, but there is a potential to return to $260 according to some predictions. In the short term, if SOL reaches the annual highs, around the $200 range, it could start a bull run. According to various analyses, the increase in network usage could significantly increase demand for SOL in the next few months.

The memecoin trend and ETF rumors have brought Solana (SOL) to the forefront.

The possibility of the Fed cutting interest rates in September and approaching the US elections is offering positive metrics for Solana in the short term. In short, August, September, and October could be volatile months for the popular altcoin. According to analysts, Solana could climb to the $200 range in the short term. Additionally, Franklin Templeton's Digital Assets division, which is optimistic about Solana, has recently started to attract attention.

In addition, the ongoing memecoin frenzy has propelled Solana to new heights. The ecosystem, which has reached massive volumes with celebrities joining the memecoin trend, has made a mark on this year. Solana, which attracts traders with its speed and low transaction fees, will once again prove itself in the upcoming bull season. The main goal for investors and analysts for Solana is $500.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.