Will Solana Price Rally to $300 After ETF Approval?

The possibility of a Spot Solana ETF approval fuels speculation about SOL reaching $300. Despite a minor pullback, the Solana price remains steady above $240 after a 15% drop from its recent $294 ATH. Investors closely watch its consolidation, anticipating a potential breakout if ETF approval momentum strengthens.

Can Solana Price Break the $300 Barrier After ETF Approval?

Solana price is gaining attention as investors speculate on a potential exchange-traded fund (ETF) approval. With two crypto-based ETFs securing approval last year, the market is eagerly watching for the next token to receive regulatory green light. With Trump coming back to power, there’s a chance for a third ETF approval that could drive its price up to around $300.

Trump has just released a TRUMP meme coin that runs on Solana and it instantly gained popularity. Trump starting his TRUMP meme coin on Solana boosted support for a Solana ETF, raising the cryptocurrency’s value even faster.  

Over the past week, the SOL has outpaced BTC, ETH, and XRP in performance, drawing significant attention from US traders. Meanwhile, American financial giant CME Group is reportedly exploring the launch of Solana and XRP futures ETFs. 

Expectations are high that the US SEC may approve these funds this year. If realized, such a development could act as a major catalyst, potentially pushing Solana back to its ATH.

Solana Price Prediction

Solana price surged 20% this week, driven by rising memecoin trading enthusiasm. The launch of the Official Trump (TRUMP) token on Jan. 18 fueled demand. Despite failing to reclaim the $260 support, SOL remains bullish. 

Speculation around a potential ETF and memecoin hype could push SOL toward $300. Meanwhile, Bitcoin (BTC) trades at $104 after a minor correction.

As of Thursday, the SOL price hovered at $248, marking a slight decrease of 3% during the U.S. trading session. The cryptocurrency faced resistance near the $260 level, struggling to maintain momentum after a recent bullish surge.

The Relative Strength Index (RSI) sits at 62.26 on the 24-hour chart. This shows that bullish momentum remains but is cooling off from overbought conditions. 

If buying pressure increases, the Solana price forecast could retest the $260 level. A breakout past this level could push prices toward $280 and 294 levels, surpassing the recent ATH. 

Additionally, with the SOL ETF speculation, the top altcoin could attempt another breakout towards the $300 resistance level. However, if bears make a strong comeback, the SOL price will break below the $230 support level.

Solana’s price trajectory remains promising as ETF approval speculation and institutional interest grow. The $300 milestone seems achievable with continued bullish momentum and market support.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.