Solana Price Surges 7% Amid Increased Network Activity and ETF Filings
Solana's price has risen 7%, surpassing $255, driven by the launch of the TRUMP and MELANIA meme coins. This increase in activity is reflected in a 35% weekly gain for SOL.
Network Activity and Adoption
- Daily transactions on Solana increased from 45,881 to 54,000 over two days.
- Total value locked (TVL) reached an all-time high of $12 billion, currently at $11.8 billion, a 212% rise in seven days.
Spot Solana ETF Filings
- REX Shares filed for a Solana ETF, joining Grayscale, VanEck, and others.
- 92% probability of approval by 2025 according to Polymarket.
- JPMorgan estimates potential capital inflows of $3 billion to $6 billion from the ETF.
- Possible SOL price targets range from $500 to $750 post-approval.
Price Outlook
- SOL has traded between $200 and $260 over the past two months.
- Market analysts predict a breakout above $260 could lead to further gains.
- Targets of $500 for SOL are seen as conservative as institutional investment increases.