Solana ETFs on the horizon: SOL price is preparing to test a new ATH above $300

SOL news: On Friday, November 22nd, as Bitcoin approaches the $100,000 mark, Solana tested a new all-time high. The altcoin, testing a new ATH after 2 years, is leading the altcoin rally with the optimistic atmosphere created by stop ETF applications. Altcoins in the top 100 according to CMC rankings are showing an increase amidst mixed market signals, buoyed by the optimism created by the resignation of the SEC chairman.

Efforts for Solana Stop ETFs

Solana tested a new ATH by surpassing the $260 record level in early trading hours. With a current market value of over $123 billion, it has shown a significant increase. The number of active wallets has increased from 1 million to 8.8 million since 2021. The number of new accounts has exceeded 20 million users in approximately the same period of time.

The rapid rise in SOL price is believed to be due to the resignation of former SEC chairman Gary Gensler and the increasing demand for Solana ETFs. Gensler's resignation created an optimistic atmosphere among altcoins, and Solana was supported by the rise of Bitcoin as well. It is believed that under the Trump administration, legal crypto regulations will progress in a more relaxed manner.

SOL social governance and volume Source: Santiment After the acceptance of Ethereum ETFs in recent months, asset managers applied for Solana ETFs, but the SEC rejected the application (19b-4). With the change of SEC chairman, expectations for the approval of Solana ETFs have risen again and attracted investor interest in SOL. At the same time, the Finance Minister knows that negotiations are ongoing for the ETF process.

Although the new SOL ETF application process is progressing in a complex manner, it is known that the start of Solana Stop ETFs is very likely and negotiations are accelerating. The acceptance of ETFs could trigger a rise, as seen in the past with Ethereum and Bitcoin prices. The exact start date of the anticipated Solana Stop ETFs is uncertain, but it is believed to be in the early months of 2025.

Is the new target for SOL price $300?

At the time of writing this article, Solana price is trading at the ATH limit at $259. It is predicted that SOL price will gain momentum towards $300 if the acceptance of Solana ETFs and the rise in Bitcoin continue.

VanEck's digital asset manager's estimate is more optimistic, predicting that Solana's price will reach $330 in this crypto cycle. In addition to the price expectation, the asset manager's prediction that the market value of the SOL coin will rise to 50% of the market value of ETH is noteworthy.

When looking at the technical chart of SOL, the Bollinger Bands indicate a wide range of high price levels. The Average Directional Index (ADX) continues its upward momentum since November 14, indicating a strengthening trend. Current price candles are above the 9-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) is in the overbought zone at 77 level.

Crypto analyst Raoul Pal, who has generally positive indicators for Solana, also revealed his bullish expectations by saying that Solana has more room to go after reaching its all-time high level.

Solana meme coins are trading mixed

After the recent price increase of the altcoin, Solana meme coins also surged along with the overall market momentum. WIF reached $3.30 with a 6% increase, while Popcat showed slower growth, rising by 3% in the meme coin.

Especially the BONK price, which tested a new ATH level last week, continues to move sideways. PNUT and GOAT, on the other hand, saw a decrease of 7% and 10% respectively among meme coins. The Solana ecosystem gained a total value of 3%.

The information in the text is purely for informational purposes. It does not constitute any investment advice. Yazar and kriptoparahaber.com are not responsible for any profit or loss resulting from your investments. Investment ultimately relies on various factors such as knowledge, experience, research, and personal decisions.

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