Here's Why Solana Price Could Rise 8% According to Analyst - Coinspeaker

Key Notes

• Solana is expected to see an 8% surge, an analyst revealed.
• Solana’s ETF sector is growing amid rising investor optimism.
• The L1’s DeFi TVL and stablecoin value gain momentum.

Solana

SOL $149.3

24h volatility: 1.2%

Market cap: $79.99 B

Vol. 24h: $4.32 B

is on the brink of breaking the $160 mark, thanks to multiple bullish indicators.

Ali Martinez, a well-known technical analyst, said in an X post that Solana’s 1H price chart has formed a symmetrical triangle.

He believes that if SOL moves above $153, the asset will likely gain 8%, reaching $164.

“If you’re not watching Solana, you’re asleep,” Martinez wrote.

Solana is up 2.2% in the past 24 hours and is trading at $152.7 at the time of writing. The asset’s market cap is hovering close to $82 billion, with a daily trading volume of just over $4 billion.

The Rising SOL Ecosystem

In addition to the price, Solana’s decentralized finance ecosystem and exchange-traded funds have also been rising.

According to data from DefiLlama, Solana’s DeFi total value locked increased by 1.2% in 24 hours, reaching $8.7 billion.

Jito, a liquid staking protocol, is leading the layer-1 network’s DeFi ecosystem with a TVL of $2.7 billion.

Moreover, the first-of-its-kind US-based spot SOL ETF by REX Financial and Osprey Funds, known as SOL and Staking ETF (SSK), has been accumulating constant inflows.

According to data from Farside Investors, the SSK fund recorded a net inflow of $41.2 million since its launch on July 2.

On July 7, the US Securities and Exchange Commission asked the Solana ETF applicants to resubmit their filings by the end of July. The agency’s request hints at the potential early approval of SOL-based investment products.

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