Solana (SOL) Price Drops 2.04% While VanEck Predicts $520 by Year-End

Solana's value has decreased by 2.04% in the last 24 hours, currently at $198. Over the past week, it dropped 16.1%, while showing a slight monthly gain of 0.85%. The hourly chart indicates a $1.76 increase, suggesting potential recovery.

VanEck’s $520 Price Prediction

VanEck predicts Solana could reach $520 by year-end.
The forecast is based on an expected rise in the M2 money supply and increased demand for smart contract platforms (SCP).
M2 money supply is projected to grow over 3% this year, from $21.5 trillion to $22.3 trillion.
The SCP market may expand by 43% to $1.1 trillion, with Solana's market share potentially increasing from 15% to 22%.

Grayscale’s Solana ETF Filing

The US SEC acknowledged Grayscale's filing for a Solana ETF, signaling potential institutional interest.
This acknowledgment does not guarantee approval but may enhance long-term prospects for Solana.