SEC Solana ETF Decision Could Trigger SOL Price Explosion: Best Solana Coin to Buy?

Institutional demand for crypto has dominated this bull run, and Solana crypto could be next on Wall Street as markets brace for an imminent Solana ETF decision from the SEC. Ahead of the significant news, SOL price seems set to bounce into price exploration.

Despite pre-FOMC anxiety fuelling risk-off sentiment and a tumbling NASDAQ spooked by Chinese DeepSeek AI, Solana crypto is the silent giant news of the week – as crypto markets brace for a potentially imminent Solana ETF decision from the SEC.

JUST IN: Grayscale files for Solana $SOL ETF with NYSE. #Solana pic.twitter.com/YkLtRml3R5

— Tom Bibiyan 🇺🇸 (@realtombibiyan) January 24, 2025

This comes amid a flurry of withdrawals and applications for Solana ETFs and other crypto ETF products, including a SOL ETF filing from Grayscale 2-days ago, and 10 crypto ETF filings, including Solana and Ripple from Tuttle Capital this Evening.

Polymarkets data suggests market belief in a Solana ETF approval this month now sits at 89%, and beyond the institutional interest, retail sentiment remains astutely bullish for SOL price Price Volume in 24h Price 7d , with many continuing to eye $800 as the goal this run – especially as the potential star of a US Coin Reserve at the US Treasury.

$SOL still has so much upside potential! 🤯 pic.twitter.com/YYhmwJQ53q

— Coinvo (@ByCoinvo) January 27, 2025

Network usage continues to flourish on Solana, which was bolstered as the blockchain of choice for President Trump and First Lady Melania’s meme coin launched last week. Usage reflects the SOL price at all-time high levels and exceeds Ethereum transactions.

(Source)

SOL Price Analysis: Is Solana Crypto About to Pump Into Astronomic Price Exploration?

Fresh off the back of a new all-time high 8-days ago at $293, Solana is currently trading at a market price of $234 (representing a 24-hour change of -2.59%).

This comes amid a minor localized retracement following the all-time high, which now sees SOL price re-testing support from the 20DMA at $222 amid wider market anxiety ahead of FOMC. 

(SOLUSDT)

So far, moving average support seems well-defended, and overall, the local retrace seems to have been a resounding success given the alluring drop in the RSI indicator, which has shifted to a more desirable 53, adding weight to the idea of a bounce here.

A bounce here is indeed an exciting prospect for holders, especially given the hungry institutional demand for a US Solana product in the face of Trump’s resounding endorsement of the blockchain.

Such a move would shift SOL’s price into potentially parabolic price exploration mode. Given that Solana has hugged the bottom side of its ascendant trading channel so far this bull run, projections for a top-side target range between $500-800 (a potential 2-3x from here on the long-time frame).

Best Solana Beta Play: New Solana Layer 2 Explodes After TRUMP and MELANIA Congestion

While SOL price stands on the verge of a mega breakout into price exploration, smart money investors are scouring the market for the best Solana beta plays.

Leading the pack amongst whales is a strategic investment in the Solaxy (SOLX) presale, which has gone viral in SOL insider backroom channels after TRUMP and MELANIA fuelled woeful congestion on the Solana layer-1 network last week amid a meme coin frenzy.

For those who missed out on Solana ($SOL) in its early days, this is the chance to get in on its first-ever Layer-2 solution and potentially witness a similar 378x return – or even surpass it.

Once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer-1 capabilities. 

These factors contribute to projections of $SOLX delivering solid returns upon its exchange debut, with 99Bitcoins analysts forecasting a 10x gain.

For the latest updates on the project, connect with the SOLX community on X and Telegram.

VISIT SOLX HERE

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