Solana is back in the spotlight again. SOL’s price has been up 3.3% over the past 24 hours, and BNB has unseated itself as the fourth most valuable crypto by market cap. Industry leaders are optimistic, predicting strong growth potential for Solana. Prominent analyst Chris Burniske, for instance, thinks Solana is en route to new all-time highs of $1,000.
SOL To $1,000 Is “Conservative”
Not shying away from bold predictions is former Ark Invest crypto lead Chris Burniske. The expert claimed that SOL, currently valued at $190.79, is well-positioned for a bullish charge towards a startling $1,000 price target. Burniske notes that the four-figure price objective for SOL is actually quite “conservative.”
His bold projection aligns with Solana’s steady upsurge, raising the probability that the token could surpass the $200 mark in the near term. While he did not explain the reason for his bullishness, his forecast indicates he believes Solana has massive potential for the future.
Among the top ten cryptocurrencies by market capitalization, Solana has seen the highest growth over the last seven days (6.5%), outpacing larger cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), according to CoinGecko data.
Solana’s Fundamental Stars Align
The Solana ecosystem is showing robust growth, evidenced by increased network activity and total value locked (TVL). Data tracked by DefiLlama shows that TVL on Solana has crossed the $5.657 billion mark. Meanwhile, the network has netted roughly $1.993 billion in on-chain trading volumes over the last 24 hours. Increased network activity results in heightened demand for SOL tokens, which will subsequently push its price higher.
Furthermore, SOL appears poised to be the next cryptocurrency with a U.S.-listed spot exchange-traded fund (ETF), which would be extremely bullish for the fourth-largest crypto. In June, asset managers VanEck and 21Shares filed with the U.S. Securities and Exchange Commission to sell shares in SOL ETFs. Franklin Templeton also recently expressed interest in launching spot SOL products following the success of its newly debuted Ether-based ETFs.
As per industry analysts, the first spot Solana ETF applications should receive final decisions from the SEC by mid-March 2025.
