Solana Shows Its Mettle As SOL Barrels Past $70 – Details

Christian Encila

1 year ago

3 mins read

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SOL investors are enjoying this year’s festive season as Solana enters the $70 mark today, backed by extremely bullish market conditions. According to CoinGecko, the token is up 12% in the weekly timeframe, with the biggest jump in the monthly at 30%.

Investment manager VanEck also speculates that Solana will join the ETF race, following recent news that the US Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund, further bringing exposure to traditional investors.

A Not-So Far Off Possibility

VanEck recently released a list of 15 predictions for the crypto world for 2024. In summary, the post favors a bullish 2024 for crypto, especially in the realms of Web3 gaming and DeFi. According to the prediction, both Web3 and DeFi will start 2024 on a strong note; with Web3 gaming getting a breakout and DeFi finally reconciling with the Know-Your-Customer issues it’s known for.

However, the most eye-catching of these is the speculation that SOL will be part of the spot ETF race in 2024.

“Solana will become a top 3 blockchain by market cap, Total Value Locked (TVL), and active users,” said VanEck in the blog post.

VanEck sees Solana as a top player within the DeFi space, eyeing even the possibility of SOL flipping Ethereum in the long run. This prediction is influenced by the fact that VanEck is running an exchange-traded note (similar to an ETF) with SOL being the underlying asset. This Solana ETN was released in 2021 in the heyday of the crypto boom.

SOLUSD currently trading at $71.449 territory. Chart: TradingView.com

If Solana does become part of the ETF race in 2024, it will bring in more institutional investors that willing to take some exposure from crypto investments.

Short-Term Pain For Long-Term Gain

The token sits at a high price point after following Bitcoin in its rally. This naturally brought SOL to a position that is slightly untenable in the short term. So far, investors and traders should be careful as the current price level might result in a slight dip in the next couple of days.

Chart: TradingView

However, a dip in price shortly shouldn’t be feared. This will only bring SOL in a better position for higher gains. If the token settles on the $70 price level, we might see gains far beyond $80 to $90 in the coming days.

For now, the year will end on a positive note as SOL is on the road towards $100.

Featured image from Pixabay

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.