Solana Price Expected to Surge to $1,700, Says Prominent Analyst

Solana (SOL) has experienced a notable 26% price increase over the past two weeks, currently valued at approximately $104 billion. This rise brings it closer to its May peak of over $185.

Potential Solana ETF Approval

The approval of spot Ethereum ETFs in the US has sparked speculation about Solana’s future. VanEck has filed for a Solana ETF, but a decision from the US SEC may not be expected until next year.

Prominent investors, including Franklin Templeton, which manages $1.64 trillion in assets, view Solana as a significant blockchain project. This endorsement could boost Solana’s utility and market value.

Analyst Predicts 900% Surge for Solana

Crypto analyst Ali Martinez predicts a potential 900% increase for Solana. Currently, Solana's price hovers around $120, with the weekly Relative Strength Index (RSI) at 50%. Martinez’s forecast suggests that Solana could rise substantially if these trends continue.

Peter Brandt, a seasoned trader, advises caution, recommending investors wait for Solana to surpass its May high before making significant moves. Despite this, Solana’s on-chain activity has surged, with whale investors acquiring over 238,000 SOL from Binance, valued at more than $41 million.

Increased Adoption Could Propel SOL Bull Run

Solana's network activity has been rising, with recent data showing it has outpaced Ethereum in 30-day trailing DEX volume. This growth is partly attributed to popular meme coins on the Solana network. The current positive cash rotation in the crypto market could support Solana's price movements towards its all-time high.

Caution Amid Optimism

Ali Martinez’s optimistic projection of Solana reaching $1700 is supported by the current RSI rebound and a strong support level at $120. However, Peter Brandt cautions that a stronger bullish signal requires Solana to reclaim and close above the May high.

Institutional backing from entities like Franklin Templeton adds credibility to Solana’s potential. As adoption continues to grow, Solana’s journey towards a $1700 price point becomes increasingly feasible.