Solana (SOL) has garnered significant interest in the international crypto market as a result of the substantial increase in Bitcoin’s value and the news of the Ethereum Exchange-Traded Fund (ETF).
Franklin Templeton, a well-known investment management company, is contemplating the submission of a Solana Exchange-Traded Fund (ETF), in line with the actions taken by VanEck and 21Shares.
The price of Solana has surged by more than 8.48% in the last 24 hours, remaining over the $175 threshold. Ali Martinez, an analyst who studies blockchain data, forecasts a possible surge of 900% in the value of SOL, with the price potentially reaching $1,000.
Currently, Solana’s trade price stands at $178, accompanied by a market capitalization of $83 billion. The price of the asset has exhibited an upward trend, resembling that of BTC and ETH. It has traded above the resistance levels of $170 and $175 and above the 50% Fibonacci retracement level.
The price is higher than the 21-day and 9-day moving averages, which suggests strong momentum. The Relative Strength Index (RSI) stands at 59, indicating that Solana remains in the neutral range and has not yet reached overbought levels.
Recently, Ali Martinez, a crypto expert, predicted a substantial surge in the value of Solana (SOL), relying on past price trends and technical patterns. He thinks that SOL has the potential to surpass $1,000 in value.
