Solana breaks $170, can ETF hype fuel SOL’s $200 run?

Solana (SOL) is back on its revival track as the fifth-biggest cryptocurrency breached the $170 mark after a brief break. SOL’s ongoing bullish run overshadowed Bitcoin (BTC) and Ether’s (ETH) massive surge over the past week. Data suggests this rally might help Solana to regain the $200 price level.

On-chain data provider Santiment in a post highlighted that SOL prices have broken out by 33% since July 4, 2024. It suggests that the climb is backed by crowd doubt towards Solana, linked with the recent Exchange-Traded Fund (ETF) industry development.

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As reported, CBOE Global Markets in a filed request with the US Securities and Exchange Commission (SEC) sought permission to list Solana Linked ETFs. If the commission admits the receipt of the filing then it will open a 240 day window for regulators to deliver a decision. This major move sparked the Solana upward rally with other major altcoins printing green indexes. SOL price has recorded a jump of over 21% in the last 7 days beating all the major cryptos.

SOL bulls take control

Data provided by the Coinglass shows that more than $9 million worth of positions set on Solana price performance (including both long and short bets) got liquidated in the last 24 hours. It is important to note that $7.57 million (81% of cumulative positions placed) turned out to be short bets. This suggests that bears were hoping for a price dump but positive sentiments prevailed, helping Solana to print greens.

The 5th biggest crypto’s price spiked by almost 24% over the last 30 days while Bitcoin and Ether managed to gain marginally. SOL is up by 5%, trading at an average price of $169.33, at press time. However, it is still down by 34% from its all time high (ATH) of $260, recorded on November 7, 2021. It is expected that until FOMO replaces the FUD, the coin could hit $200 soon.

Solana holds a history of making great comebacks. SOL was trading in single digits while entering 2023 due to major step backs witnessed by its ecosystem. From trading around $9 to hitting $121, it went on to climb up by over 900% in that year leaving the major cryptos in awe.

ETH ETFs launch set to push market

The trend of launching crypto linked ETFs for traditional investors has kept the market running. The US SEC’s big approval over opening the trade of spot Bitcoin ETF helped the biggest crypto to attain its new all time high of over $73,500 on March 14, 2024. Since then BTC seems to have lost its momentum. Bitcoin is trading at an average price of $66,573, at press time.

Also read: Ark Invest says Bitcoin is oversold

The ongoing buzz around spot Ether ETF approval is now driving the market and the anticipation of more such investment products is pumping major altcoins. CBOE had announced that five spot ETH ETF will begin trading on July 23.  21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, and VanEck Ethereum ETF will begin trading.

Ethereum price has jumped by 10% in the last 7 days showing enthusiasm among investors. ETH is trading at an average price of $3,486, at press time.