Solana’s price is on the way up, printing a new all-time high. With institutional interest, is the SOL price ready for $1,000 in the coming months?
After the hammering in 2022, Solana swept doubters from 2023 and completely dominated 2024.
First, there was good news from the FTX and Alameda asset recovery, then came the imprisoning of Sam Bankman-Fried in March 2024, before the meme coin mania pumped SOL above $200.
The Rise And Rise Of Solana: $1,000 SOL Price in Cross-Hairs
It has been a journey for those who didn’t capitulate, even when prices sunk to as low as $8 after FTX declared bankruptcy in late 2022.
With Solana breaching 2021 highs and printing all-time highs in late 2024, the coin will likely push higher and close the year strongly.
History, looking at price action, for example, of last year, may provide hints of what lies ahead.
(SOLUSDT)
However, traders cannot discount the possibility of Solana soaring as high as $1,000, flipping BNB as the second most valuable smart contracts platform.
Despite the recent market-wide correction, as evidenced by the notable declines in Bitcoin and Ethereum earlier this week, SOL is firm.
From the daily chart, SOL is within a bullish breakout formation, finding strong support at around $200.
In the short term, the 20-day moving average is providing local support. The rejection of lower prices on November 27 could suggest that buyers are back and defending $220.
While technical candlestick arrangement may offer a glimpse of what may pan out, there are other leading indicators.
DISCOVER: Solana Price Prediction: How High Will SOL Price Climb 2024-2030
Key Driving Factors Behind the Rise of Solana
Earlier on, when the United States Securities and Exchange Commission (SEC) sued Binance and Coinbase for listing unregistered securities, one of them being SOL, prices quickly fell.
However, this year, the agency redacted their claims, lifting prices.
The reversal was pivotal, providing a much-needed boost in market sentiment. Most importantly, it opened doors for better regulatory clarity on SOL and a chance for institutions to engage.
The prospect of the big boys driving growth and price, just like in Bitcoin, is huge.
Apart from the possibility of spot Solana ETFs going live next year, there are other developments.
NEW: Covered Solana ETFs' likely approval in the next year or two under Trump's new SEC. *BUT* they could very easily fail to be acknowledged under this current SEC admin. They were functionally rejected that way in July/Aug when CBOE first filed on behalf of VanEck & 21Shares pic.twitter.com/PGqgDSojVh
— James Seyffart (@JSeyff) November 27, 2024
Recently, Bitwise, an asset manager and issuer of spot Bitcoin ETFs, filed for its Crypto Index ETF with the United States SEC. Among the coins featured was SOL.
At the same time, 21Shares, another asset manager, expanded its Solana-based offerings in Europe. In an announcement, the firm launched multiple ETPs, some of them for Render and the Pyth Network.
21Shares NEAR Protocol Staking ETP: https://t.co/p7EVPvVzmW
21Shares Ondo ETP: https://t.co/CQQBNWq4DU
21Shares Pyth Network ETP: https://t.co/6JbO3uH4Bt
21Shares Render ETP: https://t.co/so2CNRvC7Z— 21Shares (@21Shares) November 26, 2024
The involvement of institutions and the clamor for firms to issue complex products cement Solana’s position in the sector and is seen as a positive step toward mainstream adoption.
How High Will SOL Price Climb? Can Solana Hit $1,000?
Beyond institutions, rising on-chain activity, mostly from meme coin trading and launching, coupled with a spike in stablecoin TVL, suggest that capital is pouring into Solana.
(Source)
At spot rates, there is a high probability of SOL extending gains.
While $1,000 is an ambitious target, the flurry of supportive fundamentals, backed by an improving regulatory outlook, provides the necessary fuel for the next leg up.
If the crypto market trends higher and Solana sustains its momentum, SOL will easily break into four figures in the coming months.
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