Solana price recently had high market activity, trading around the $148 level at the time of writing.
Technically, Solana might be in for a change of direction, with crucial chart patterns and an increasing interest in the derivatives market driving it.
Solana Eyes Breakout: Will SOL Surge to $220?
The Solana price has fallen by 4.83% in the last 24 hours, but SOL is up over the week. According to analysts, SOL has entered into a symmetrical triangle that could lead to a breakout soon, while the trading volume was up 33% in the last day.
This would also mean that if the token were to break above resistance now, then it could head all the way up to $220, which would provide a 53.28% potential rise from present levels.
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Solana’s Real-World Use Cases Drive Optimism
Besides an increase in Solana price, the token witnesses real-world adoptions, a trend that continues to catalyze the 2024 bull run. This is evidenced by the recent announcements of major financial institutions in showcasing the capability of this network for mainstream use.
An excellent example is PayPal itself, at the start of the year announcing the launch of its dollar-backed stablecoin, PYUSD, on Solana. “The scalability of Solana’s infrastructure and its ability to extend the utility of tokens make it an ideal blockchain for payment processors,” said the head of PayPal’s blockchain unit.
On the asset management side, VanEck and 21Shares are working towards offering a token exchange-traded fund. Filings for the firms were pulled from the Cboe website shortly after being submitted, but the companies insist their plans for a SOL ETF remain in play.
Yet some industry watchers are trying to temper expectations around a near-term Solana ETF. Nate Geraci, co-founder of the ETF Institute, recently said a SOL ETF isn’t likely to pop up “anytime soon,” and SEC Commissioner Hester Pierce has also tempered hopes, saying the regulator would need “pretty compelling reasons” to greenlight any fresh filings.
The post Solana Price: Top Expert Predict SOL Likely to Hit $220 appeared first on CoinGape.
