Solana with a market cap of $69 billion currently stands at 5th in CoinmarketCap’s ranking, and could soon rise to third place, driven by excitement around Solana ETFs and its robust blockchain technology.
However, a former Goldman Sachs executive, and crypto analyst, Raoul Pal believes Solana’s upcoming “Banana Zone” could push its price to surge near $1000.
Solana ETF is Possible Soon
On June 27 and 28, investment giants VanEck and 21Shares made waves by filing for a Spot Solana ETF with the U.S. Securities and Exchange Commission. This news sparked excitement in the market, propelling the SOL price up by approximately 11% to hit $150.
This surge is largely driven by growing optimism that the SEC may soon give the green light to a Spot Solana ETF, setting the stage for potential further gains.
Meanwhile, Eric Balchunas, a senior Bloomberg ETF analyst, believes there’s a chance for approval within the next 12 months, despite the SEC labeling SOL as a security in its lawsuits against Binance and Coinbase. Balchunas suggests that a change in SEC leadership after the U.S. presidential elections could be beneficial for Solana.
Banana Zone Pushing Sol Price
Many analysts believe that a Solana ETF could push the price as high as $1000, with the upcoming “Banana Zone” potentially accelerating this growth. Raoul Pal, a former Goldman Sachs executive and crypto analyst, suggested that the Banana Zone will lead to long-term gains for Solana. He believes Solana has the potential to become a major player in the market.
Despite already having a decent performance this year, Solana’s growth could be further boosted by the Banana Zone or the upcoming bull cycle.
Solana Price Analysis
From a long-term technical perspective, Solana is currently moving within a symmetrical triangle pattern. This, combined with the previous uptrend, suggests a strong bullish continuation leading up to the U.S. presidential elections.
If Solana successfully breaks above the upper trendline, it could trigger a price rally toward $300 by the end of the year. Currently, SOL is trading at $150, reflecting a 2.5% increase in a day, with a market cap of $69.6 billion.
