Solana price predictions After VanEck submitted an application to the Solana Trust, can the price of the coin reach $10,000?
The price of Solana-SOL rose by 7% within an hour to $148 after major investment firm VanEck submitted an application to launch a Solana spot exchange-traded fund (spot SOL ETF).
VanEck's order follows the launch of its spot BTC ETF last January, as well as its recent order for a similar Ethereum ETF, which may launch within the next few weeks.
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News of its plans to launch a Solana exchange-traded fund (SOL ETF) has pushed the price of the altcoin higher, with its price currently rising by 8% in 24 hours, and 7% in a week.
Although Solana's price is still down 13% on its one-month change, the spread of VanEck news could push its price higher, and the launch of an exchange-traded fund (ETF) could eventually help it reach all-time highs. Later this year.
VanEck Company submits an application to launch the Solana Trust Fund. Is it possible for the price of the coin to reach $10,000?
Solana's chart speaks for itself, as the currency indicators are moving in a bullish zone.
The measured 30-day moving average (shown in orange) is already exceeding the 200-day moving average (shown in blue) yesterday, indicating an upcoming breakout that has already begun over the past few hours.
Likewise, SOL's RSI (purple) reading has risen from 45 early in the morning to above 80 today, indicating strong buying pressure.
On the other hand, the daily trading volume of the currency rose to $3 billion following the news of the move taken by VanEck, as traders and investors race to buy Solana before its price rises significantly.
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Matthew Sigel, head of digital asset research at VanEck, posted on Platform
This is considered very positive for Solana, which was already the second most popular altcoin (after Ethereum) among digital funds, according to the latest CoinShares reports. While it may take a few months (if not longer) for the SEC to reach a decision on VanEck's application, the move itself sets a precedent for all investment firms.
Other funds may move quickly to miss out on Solana's price while it is still relatively low (at least compared to Bitcoin and Ethereum). So, VanEck's order may be followed by more such orders; If the SEC approves VanEck's request (as well as any requests that come later), it could generate huge gains for Solana, with its price reaching $200 in the next few weeks, while the launch of Solana ETFs could push ) Its price is about $300 and more.
