Based on the latest price forecasts of Solana, and according to what the CEO of Ripple claims about ETFs on SOL, in his opinion “inevitable”, will the crypto SOL manage to reach $1,000 this year?
Let’s see all the details below.
Summary
ETFs on Solana “inevitable” according to the CEO of Ripple: price considerations
As anticipated, the CEO of Ripple, Brad Garlinghouse, recently stated that the approval of ETFs on Solana is inevitable, following the green light from the SEC to ETFs on Bitcoin and Ethereum.
Speaking at the Consensus 2024 event, Garlinghouse highlighted the potential of Solana ETFs and emphasized the importance of clear regulation for the growth of digital assets in the United States.
This optimism, combined with the forecast of a 5 trillion dollar crypto market, has fueled speculations on the price of Solana. Investors are now wondering if SOL can reach $1,000 this year.
Garlinghouse stated that the emergence of ETFs on Solana (SOL) is only a matter of time, along with ETFs on XRP and Cardano.
He also discussed the challenges related to regulatory approval for these ETFs and criticized the lack of clarity in Washington. Thus reiterating the need for precise regulations for the growth of digital assets in the United States.
According to Garlinghouse, the cryptocurrency market could reach a valuation of 5 trillion dollars thanks to the recent approvals of ETFs.
He indeed believes that various cryptographic projects can coexist, each focused on different aspects of decentralized finance and digital assets.
We remind that the ETFs on cryptocurrencies allow investors to gain exposure to digital assets without holding them directly, making them attractive for institutional investors.
Therefore, it is plausible that the rise of ETFs could push the price of Solana to reach $1,000 by the end of this year.
Technical analysis of Solana: possible breakout and breakdown scenarios
Currently, Solana is listed at around $166.09 on the four-hour chart, with the pivot point at around $167.89. The immediate resistance levels are $172.50, $176.00, and $180.50, while the support levels are $163.50, $160.50, and $156.80.
In the four-hour timeframe, Solana is consolidating within a range, forming a symmetrical triangle pattern between $168 and $163. This model indicates indecision among investors.
In fact, a breakout above $168 could push Solana towards $173 and $180, while a breakdown below $163 could lead to a drop towards $156 and possibly $150.
The RSI is at 47, indicating a neutral trend. The 50-day EMA is at $167.61, acting as resistance.
In conclusion, it is essential to monitor the pivot point of $167.89. A move above this level suggests potential bull momentum, while a break below $163 could signal further bear declines.
Overall, the long-term forecast for the price of Solana remains bull as the market anticipates the introduction of ETFs on SOL.
Revolutionizing financial equity: the visionary Anatoly Yakovenko
Anatoly Yakovenko, co-founder of Solana (SOL), recently expressed with vigor the belief in the company’s ability to transform the landscape of equity in finance.
In response to the comments of Vitalik Buterin on the debate concerning the block sizes of Bitcoin, Yakovenko emphasized that Solana’s approach does not focus on competing with existing currencies or on levels of regulation.
Rather, it focuses on expanding the accessibility and equity of financial systems through technology.
The conversation between Yakovenko and Buterin sheds light on a broader debate regarding the path of blockchain technology. Buterin, co-founder of Ethereum, touched upon the controversial dispute over the block sizes of Bitcoin (BTC).
In particular, emphasizing that the original debate concerned the increase of the block size limit to allow more transactions and reduce fees.
However, he noted that such changes could lead to the centralization of the network, countering the fundamental principle of decentralization of Bitcoin.
He argues that Bitcoin must maintain its advantage as a decentralized currency, free from the interference of any central authority.
On the other hand, Yakovenko believes that low latency and high throughput can democratize access to financial services. He states:
“Equity in finance comes from who can access information first and act accordingly.”
According to him, Solana’s technology leverages the most affordable hardware to extend the limits of what decentralized systems can achieve, potentially eliminating many of the inequalities present in traditional finance.
