Is Solana on Track to Reach $200 Before the End of May 2024?

Solana (SOL), a rapidly growing platform in the cryptocurrency space, has been making headlines recently as discussions about the possibility of a Solana exchange-traded fund (ETF) in the U.S. have gained traction. Brian Kelly, a well-known figure from CNBC’s ‘Fast Money,’ sparked speculation when he suggested that Solana could be the next cryptocurrency to secure a spot ETF.

Kelly’s prediction came at a crucial time, just before the U.S. Securities and Exchange Commission (SEC) was set to make decisions on proposed spot Ether (ETH) ETFs. His statement that Solana could be the next major candidate for an ETF highlights the increasing prominence of SOL in the market. Kelly emphasized, “The trade now is, who’s next. You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”

Despite Kelly’s optimistic outlook, the market performance of SOL has been somewhat subdued. As of the latest data, SOL was trading at $177.58, experiencing a 2% daily drop instead of the anticipated surge. This situation has raised doubts about whether Solana can reach the $200 mark by the end of May 2024.

According to analysis from Changelly, a prominent crypto exchange and prediction platform, achieving $200 by the end of May 2024 may prove challenging for Solana. Their projections suggest that SOL could reach a high of $184.25 in the last week of May, falling short of the $200 target. However, regardless of whether Solana hits $200, its expanding ecosystem and growing recognition indicate that it remains a significant player in the crypto market.

The discussion around a potential Solana ETF approval reflects the broader trend of increasing institutional interest in cryptocurrencies. The decision by the SEC on crypto ETFs could have a significant impact on the sector, potentially opening up new avenues for investment and adoption. As the market continues to evolve, all eyes will be on Solana and its potential for further growth and development in the coming months.