Analyst Forecasts Solana Rising To Third In Market With ETF Hype; Buy Now?
Solana comes 5th in CoinmarketCap’s ranking of cryptocurrencies based on market capitalization. The earlier spots are occupied by Bitcoin, Ethereum, USDT, and BNB, which have their characteristics and properties, making them users’ favorites. But that is about to change as the Solana is on the table next after the Ethereum ETF. Many analysts believe Solana ETF should enter the market because of its ecosystem and high transaction power.
Why Is Solana Preferred For ETF?
Soon after the Ethereum ETF approval, the market began to hunt for the next blockchain to do the same. Up to now, VanEck and ARK 21Shares have already applied for the Spot ETF under SEC, and many more might follow with the increased confidence among investors.
VanEck, the ETF provider, was the first to apply for the Spot Solana ETF market, where it submitted the ETF filing on June 27. ARK 21Shares, a Fintech startup, followed soon and filled out the S-1 application on June 28.
Solana offers faster transactions with low transaction fees, which is something that is attracting people to it. It is the most favored for the launch of the meme coins and deploying Smart Contracts and dApps. Moreover, it is unique with its Proof of History (PoH) methods of ordering transactions, which makes it more scalable than other networks.
The possibility of Solana ETF hitting success is visible in Matthew Sigel’s, VanEck’s Head of Digital Assets Research, statement explaining why they opted for this filing.
We think this combination of high throughput, low fees, robust security, and a strong community vibe makes Solana an attractive option for an exchange-traded fund, offering investors exposure to a versatile and innovative open-source ecosystem
Solana To Rise To Third In Market In The Banana Zone
The ongoing hype is already making SOL perform well in the market, where its price began to move upward moments after VanEck’s ETF filing announcement. On June 27, SOL was trading around $135.6, but within eight hours, the price jumped to $150.03, the highest value in two weeks as it was in a complete downtrend earlier. Now, the Solana price sits at $147.97 and has recovered 10% over the week.
With many analysts claiming Solana ETF to push the price as high as $1000, the upcoming banana zone might give it a quick start to that.
Raoul Pal, the former Goldman Sachs Executive and crypto analyst, posted about his prediction of Solana leading the market expansion on YouTube. As per his analysis, the Banana zone will push Solana’s price to new heights, as it is a period of long-term gains.
As per his statement,
When is the banana zone? I think it is coming, and I think Solana is going to lead it. As I have urged you, patience is required. These things do not come instantaneously, but when they come, they can be life-changing
With such beliefs in the Solana’s potential, the possibility is that it might become the next big thing. It still had a decent performance this year, which might be alleviated with the banana zone or the upcoming bull cycle.
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