As bulls and bears continue to battle for domination in the cryptocurrency market, Solana (SOL) has broken a key level at $209, and now analysts are targeting $233 amid optimism surrounding potential approval of spot Solana exchange-traded funds (ETFs).
Indeed, Solana has turned green on all its charts as it surpassed $209 and is currently changing hands at $209.86, which is an increase of 3.27% in the last 24 hours, a 3.93% advance across the previous seven days, and an accumulated gain of 28.78% on the monthly chart, per data on September 3.
Why is Solana going up?
As it happens, one possible trigger for the bullish momentum is the hype around the potential approval of spot Solana ETFs in the United States, with issuers like Franklin Templeton, VanEck, and Canary Capital revising their filings to include staking features, and prediction markets estimating a 99% chance of approval in 2025.
Aside from the substantial institutional demand that this would unlock, Solana has witnessed another positive development in the form of its blockchain validators approving the Alpenglow upgrade with 98% support. Specifically, the goal of this major update is to reduce the transaction finality from 12.8 seconds to only 150 milliseconds.
As a reminder, Solana whales in August scooped up nearly $4 billion worth of SOL, suggesting the possibility of a strong recovery, which popular crypto trading expert Ali Martinez placed in the area of around $300, per his most optimistic predictions.
Before that, the number of wallets holding over 10,000 SOL had hit an all-time high (ATH) of over 5,000, suggesting a soaring interest in the currently sixth-largest asset in the crypto industry by market capitalization, from the token’s largest holders.
What do you think?
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