Solana (SOL) is showing signs of a recovery after experiencing a recent dip in its price. The asset fell to $186.51 earlier this month but has since reclaimed the $195 price level. SOL’s price has seen an increase of 0.9% in the daily charts, 1.6% in the weekly charts, 3.4% in the monthly charts, and an impressive 73.5% since February 2024. However, despite this rally, the asset is still down by 17.5% in the 14-day chart.
The larger cryptocurrency market, on the other hand, continues to show lackluster performance. The global crypto market cap has dipped by 1.7% in the last 24 hours to $3.33 trillion. Despite this overall trend, SOL has managed to rally, which could be attributed to increased chances of an ETF approval for the asset this year.
According to a report by Bloomberg ETF analysts Eric Balchunas and James Seyffart, Solana (SOL) has a 70% chance of ETF approval in 2025. This positive outlook for a SOL ETF approval has contributed to the recent rally in the asset’s price. However, SOL still faces significant barriers, including macroeconomic factors and low investor sentiment.
Prominent cryptocurrency analyst Ali Martinez believes that Solana (SOL) is holding firmly above $190 and could potentially break out to $225 or even $260. Hitting $260 from current price levels would represent a rally of about 32%. CoinCodex also predicts that SOL could rise to $215.69 by March 16, with a potential rally of 10.19%. However, the platform does not anticipate SOL’s price to hold above $200, suggesting a possible dip to the $190 level shortly after hitting $215.69.
Despite these predictions, there is also a possibility that SOL could exceed expectations if macroeconomic conditions improve and investor sentiment rises. This could lead to a rise in crypto investments and potentially drive SOL’s price even higher than anticipated.
In conclusion, Solana (SOL) is currently on a path towards recovery and potential growth, with analysts and experts predicting various price targets for the asset in the near future. Investors and traders will be closely monitoring SOL’s performance in the coming days and weeks to see if it can sustain its upward momentum and reach new highs.