Solana made a strong comeback, surging over 10% to breach the $200 mark following a $55 million SOL transfer to Kraken by Pump.fun.
Pump.fun's Impact on Solana's Price
Pump.fun has been a significant player in the Solana ecosystem throughout 2024, with over $303 million in SOL deposited and $41 million in tokens sold. Despite the selling pressure from such transactions, Solana’s price showed resilience, bouncing back quickly after each major transaction.
Analysts' Predictions and ETF Prospects
The recent market movements have reignited discussions about Solana’s potential, predicting a price of $400 by 2025. The likelihood of a US spot Solana ETF approval stands at 76% on Polymarket. If approved, such an ETF could attract significant institutional interest, further boosting the price.
Broader Context and Implications
The Solana ecosystem continues to capture global attention, evidenced by Brazil’s approval of its first ETF in August 2024. Such milestones set precedents, fueling optimism for similar approvals across other jurisdictions. With robust institutional backing and growing retail interest, Solana appears poised for further growth.
Solana’s ability to reclaim the $200 level underscores its resilience and the growing confidence of investors in its long-term prospects.
