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Solana Continues to Surge with 5 Million New Addresses: Is SOL on Track for New Peaks?

1 day ago
Bitcoin Ethereum News
  • The Solana blockchain remains on an upward path, recently hitting a major milestone with 5 million new addresses created daily.
  • The SEC’s recent acknowledgment of a Solana ETF application, combined with rising institutional interest, suggests that SOL’s price could reach new highs.

The Solana blockchain continues to experience rapid growth, recently hitting a major milestone with 5 million new addresses created daily, according to data shared by X Ali Martinez. This surge in user activity reflects the growing interest and adoption of Solana’s ecosystem.

This surge in activity is accompanied by a 1.4% price increase in the last 24 hours and a 2.94% increase in the past week, further emphasizing the market’s confidence in the future of SOL.

Solana’s all-time high (ATH) stands at $293.31, recorded on January 19, just 22 days ago. Since then, the price has seen a 30.35% dip, bringing the current value to $203. Despite this, SOL is still outperforming the global cryptocurrency market, which is down by 5% over the same period. In the past seven days, Solana has experienced a 4.90% price increase, indicating that the blockchain is gaining ground.

The token has recently broken through its upper trendline, signaling a clear upward movement, with the Relative Strength Index (RSI) at 64.59, indicating it’s nearing overbought territory. Market sentiment around Solana is becoming increasingly bullish, with long positions for SOL rising, reflecting growing trader confidence in its continued price growth. Additionally, the increase in Open Interest, particularly after recent price movements, shows that new capital is flowing into the market, reinforcing the belief that Solana is poised for further growth.

As we reported, Investment firm VanEck has made bold predictions about Solana’s future, forecasting that SOL could reach $520 by the end of 2025. This optimistic price projection comes as demand for smart contract platforms (SCP) continues to grow, and the M2 money supply is expected to rise.

VanEck predicts that the M2 money supply will increase from $21.5 trillion to $22.3 trillion in 2025, a key factor that could have significant implications for the crypto market. 

Growing Institutional Interest in Solana ETFs

Adding to the optimism, the U.S. Securities and Exchange Commission (SEC) recently acknowledged a filing by Grayscale for a Solana ETF, with a final decision expected by October 11. This move marks a crucial step toward potential regulatory approval for Solana-based exchange-traded funds, which could significantly boost institutional adoption.

Major investment firms, including Bitwise, Canary, 21Shares, VanEck, and Grayscale, have all submitted applications for Solana spot ETFs with the SEC, signaling increasing institutional confidence in the asset. Additionally, Solana is already included in the Bitwise 10 Crypto Index and the Grayscale Digital Large Cap ETFs, further cementing its importance in the broader cryptocurrency landscape.

With VanEck’s price prediction of $520 and rising interest from both retail and institutional investors, Solana is positioned for significant growth. Analyst Ali Martinez, however, offers an even more optimistic outlook, suggesting that SOL might soar to an astonishing $4,700 following a remarkable 1,800% surge, all stemming from its successful breakout from a cup-and-handle formation.

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Source: https://www.crypto-news-flash.com/solana-continues-to-surge-with-5-million-new-addresses-is-sol-on-track-for-new-peaks/?utm_source=rss&utm_medium=rss&utm_campaign=solana-continues-to-surge-with-5-million-new-addresses-is-sol-on-track-for-new-peaks