Solana (SOL) is holding firm near the $200 mark, driven by positive regulatory news in the United States. The bullish momentum for the Solana price prediction is strengthening significantly. The approval of a key spot ETF from 21Shares is boosting market sentiment. The news was first highlighted by analyst ‘MartyParty‘ on social media, who noted the SEC’s approval of the 8-A form.
The U.S. Securities and Exchange Commission (SEC) approved the form for the 21Shares ETF. This makes Solana the third major cryptocurrency to gain institutional exposure in US TradFi markets. Such approval would potentially unlock billions in new capital inflows. Furthermore, the market anticipates potential interest rate cuts of up to 0.5% in the US this year. This macroeconomic stimulus could drive even greater demand for risk assets like SOL.
SOL’s strength is not just speculative. Its blockchain activity shows robust fundamental growth. Over the weekend, revenue generated by DApps (decentralized applications) on Solana surpassed that of Ethereum and Binance Smart Chain (BSC) combined. This data was reported by ‘The Solana Post’. This offsets delays in other ETFs, demonstrating strong retail demand and developer activity, partly fueled by memecoin activity.
Could SOL Reach $1,000 This Cycle?
Technical analysts are observing clear bullish patterns. SOL has confirmed strong support near the $175 demand zone. The price has formed a double-bottom reversal pattern in that area. The asset remains within a 7-month ascending channel. Indicators like the RSI (Relative Strength Index) are showing a higher low. The MACD also hints at a new uptrend as it approaches its signal line. The Solana price prediction faces its first major resistance at $300, its previous all-time high.
If SOL manages to flip the $300 level into a new support floor, the path to $500 seems likely. However, the bullish picture could be broader. The new institutional demand from spot ETFs could extend the rally significantly. With deepening TradFi exposure, some analysts project a long-term target of $1,000. This would represent a potential growth of over 420% from current levels.
