Solana remains in the spotlight of analysts and investors with questions about the possibility of reaching the $200 mark. This article discusses the current state of the network, market activity, and ETF expectations.
State of Solana and Its Prospects
Solana is still hovering around the important support zone of $140, raising questions about the possibility of breaching the psychological barrier of $200. Experts note that a positive shift in investor sentiment is crucial for this to happen. Without it, selling pressure may persist. Meanwhile, the network activity of Solana has stalled since its peak in January. The total value locked (TVL) in the network is around $10 billion, whereas decentralized application revenues have fallen below $40 million per week, significantly lower than the over $100 million level earlier in the year.
Expectations from Solana ETF
The crypto community is buzzing about a potential Solana ETF, which is generating significant interest. The likelihood of approval for such an ETF has risen to 91% on Polymarket. As institutional interest in digital assets deepens, Solana has emerged as a candidate for the next wave of crypto-backed ETFs. The success of Bitcoin and Ethereum ETFs sets a tone for interest in projects with strong fundamentals, including Solana. Recent data has shown an increase in open interest in Solana futures to $7.4 billion, connected to expectations surrounding the ETF.
Conclusion on Solana's Future
The anticipation of a Solana ETF is seen not just as price speculation, but as a step toward legitimizing decentralized assets. Approval of an ETF could create additional opportunities for institutions and investors, further solidifying Solana's status as a key player in traditional financial markets. This factor could support Solana's aim to breach the $200 mark.
As the wait for the Solana ETF unfolds, the altcoin is not just seeking to regain its market position but is also becoming a central player in the integration of cryptocurrencies into the global financial system.
