🤩 Why is Solana (SOL) Price Up?
Solana’s price has surged by 40% over the last 10 days, hitting $133 on April 17 from its April 7 low of $95, showing a bullish trend. Here’s why:
🟡 Spot Solana ETF Launch: Canada's first spot Solana ETF launched on April 16, boosting demand and liquidity. These ETFs give traditional investors exposure to SOL with staking options.
🟡 Institutional Adoption: Real estate fintech firm Janover doubled its Solana holdings, showing confidence in long-term value. Other institutional players are following suit.
🟡 Increased Network Activity: Solana saw over $120M in liquidity influx from other blockchains like Ethereum and Arbitrum, pushing network activity and capital inflows.
🟡 Technical Breakout: SOL broke out of a falling wedge pattern, targeting $200. The RSI has increased, signaling strong bullish momentum.
🟡 TVL Growth: Solana's Total Value Locked (TVL) increased 12% over the past week, reaching $7.08 billion, outperforming competitors like Tron and Base.
The combination of these factors points to a promising future for Solana. Traders are eyeing a potential rally toward $200!
Do you think Solana’s rally will continue?
👍🏻 — Yes, $200 is in sight!
🔥 — It’s a short-term pump.
❤️ — I’m cautious, waiting for a pullback.