Over the past month, Solana (SOL) has recorded a 20.6% price increase, and analysts are exploring various factors affecting its price potential.
Success of ETF and Its Impact on Solana
The launch of the REX-Osprey Solana + Staking ETF has become a pivotal moment for Solana's growth. This ETF quickly gained popularity, amassing $134 million in assets under management, providing investors with exposure to the SOL token and opportunities for staking rewards.
Comparison of Solana and XRP
Analysts from Bitwise and Bloomberg believe Solana is better positioned to attract sustained institutional interest compared to XRP. Matt Hougan from Bitwise noted that professional investors are leaning more towards Solana and Ethereum over XRP.
Growth Prospects and Price Predictions
The pullback from the $206 resistance level appears to be a healthy reset, and analysts suggest Solana may revisit the $170 mark to build liquidity. A breakout above $208 could pave the way toward $245, with a potential target of $500 by year-end.
In summary, given the growing interest in Solana and support from institutional investors, along with favorable price forecasts, the possibility of reaching $500 by the end of the year seems quite realistic.
