Experts predict that Solana will soon surpass significant milestones. SOL has apparently concluded or is in the process of concluding the consolidation phase. This potential breakout is likely to assist SOL to exchange hands between $500 and $1,000. At press time, the token’s value stands at $148.61, following a decline of 6.60% over the last 24 hours.
Two factors support the optimistic speculation: an increase in development activities and strong fundamentals. The latter primarily refer to the fundamental elements of every crypto platform, namely blockchain and decentralization, while also promoting the expansion of the ecosystem. Development activities, on the other hand, specifically hint at the rising number of projects that are gaining momentum for Solana.
For instance, PayPal’s PYUSD has made its debut on the Solana blockchain. It is believed to have gotten off to a favorable start. Earlier, the stablecoin went live on Ethereum, but its debut on the Solana blockchain is considered a pivotal moment. The market cap of stablecoin has surpassed $1 billion and is expected to continue rising in the future.
User activity for PYUSD is up, as evidenced by an increase in monthly active wallet addresses, which were at 25,000 in July compared to 9,400 in May this year.
Furthermore, Jerome Powell’s announcement to cut rates and Nvidia’s earnings are likely to push the price up. What may hold SOL back, or away from growth, is the diminishing scope of its Spot ETF. As of August 16, 2024, Cboe Global Market has reportedly removed 19b-4 forms. Many believe that the US SEC may eventually reject Solana ETFs, leading to the CBOE’s decision.
There has been no official word on whether Spot Solana ETF will be approved or rejected. If anything, the regulators are likely to take a more precautionary approach in comparison to Spot Ether ETF.
As for the future price of SOL, near-term projections show that the token could go as high as $167.99 in the next 30 days. That will be a jump of 14.08% from the current value. It is likely to rise by 0.51% from the current value in the next 5 days to $148. At the time of writing this piece, its volatility was 9.39%, with a 14-day RSI of 54.66 and a FGI of 48 points, indicating neutral sentiments.
The next close target for SOL is $153, followed by $157. While reaching the half-a-thousand US dollar mark may seem unattainable at the current point, it doesn’t rule out the possibility of reaching this target. Cryptos experience fluctuations every day, and it could be a matter of a single day that SOL sees an upward trajectory with all its possible strength. The year-end goal is closer to $170, or $200 as an alternate option.
Source: https://www.cryptonewsz.com/solana-aims-to-breach-major-milestones-after-consolidation/