Rally

Solana

Spot

<h4><strong>Today, we’ll continue looking at factors that drive Solana towards its spot ETF. </strong></h4> 
<p>To conclude, we’ll answer the question: Will an ETF pump Solana? Here is the <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/reviewing-solana-for-2024-alt-rally-ahead-part-1/" target="_blank" rel="noopener">first part</a>.</p> 
<h5><strong>Two More Factors for Solana’s Spot ETF</strong></h5> 
<p>The first factor here would be decentralization. Aspects of decentralization include the Nakamoto Coefficient, Staking Requirements, and CCData Governance Rating. Solana performed well in these, which gives it a score of 0.4.</p> 
<p>Below is a comparison of Solana amongst other projects. We can see that Solana did well by placing #2, only behind Ethereum.</p>  
<p><img decoding="async" class="wp-image-145412 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24-300x112.jpg" alt="" width="694" height="259" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24-300x112.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24-1024x382.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24-768x287.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24-1126x420.jpg 1126w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24-696x260.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24-1068x398.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-24.jpg 1458w" sizes="(max-width: 694px) 100vw, 694px"></p> 
<p>The next factor here is demand. Aspects of demand include Market Indicators, Assets Under Management (AUM), and different Activity Metrics. Solana has a demand score of 0.7. Again, it fares well amongst its peers, ranking #2 behind Ethereum.</p> 
<p><img decoding="async" class="wp-image-145413 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25-300x114.jpg" alt="" width="679" height="258" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25-300x114.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25-1024x388.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25-768x291.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25-1108x420.jpg 1108w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25-696x264.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25-1068x405.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-25.jpg 1456w" sizes="(max-width: 679px) 100vw, 679px"></p> 
<p>Looking at decentralization and demand, it seems likely and logical that Solana will be the third crypto to have its spot ETF. But will having an ETF lead to an increase in $SOL’s price? Let’s find out in the next section.</p> 
<p><em>This article was originally published on Altcoin Buzz Alpha. You can subscribe in the banner below to see more articles like this.</em></p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone size-large wp-image-123701" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1024x127.jpg" sizes="(max-width: 696px) 100vw, 696px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1.jpg 1197w" alt="" width="696" height="86"></a></p> 
<h5>Impact on $SOL From a Spot ETF</h5> 
<p>To answer this question, let’s check BTC’s own ETF listing and its resulting impact on $BTC. Back then, $BTC experienced a 2.3x increase from $27,000 to $63,000 after its spot ETF was listed. Naturally, $SOL could follow along this path as well.</p> 
<p>However, it would be unfair to assume that a $SOL ETF would bring in as many inflows as $BTC. With that, there can be 3 scenarios based on a bear, base, and bull case:</p> 
<ul> 
 <li>Bear: $SOL ETF’s volume is 2% of $BTC’s. This would lead to a 1.4x for $SOL.</li> 
 <li>Base: $SOL ETF’s volume is 5% of $BTC’s. This would lead to a 3.4x for $SOL.</li> 
 <li>Bull: $SOL ETF’s volume is 14% of $BTC’s. This would lead to a 8.9x for $SOL.</li> 
</ul> 
<p>Note: The above calculations take into account $SOL’s smaller market cap.</p> 
<h5><strong>Current Price Action</strong></h5> 
<p>SOL/USDT chart is quite bullish. The 119 support is often revisited and held. This means with a positive sentiment, SOL can retest the $204 resistance. $120 is a good entry for the short term.</p> 
<p><img decoding="async" class="wp-image-145418 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-300x139.png" alt="" width="634" height="294" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-300x139.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-1024x474.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-768x356.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-1536x712.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-907x420.png 907w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-696x322.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1-1068x495.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-26-1.png 1770w" sizes="(max-width: 634px) 100vw, 634px"></p> 
<p>The SOL/ETH chart is even more bullish. The range is quite strong, and the price action is good for a pump to 0.056 level.</p> 
<p><img decoding="async" class="wp-image-145419 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-300x139.png" alt="" width="651" height="302" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-300x139.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-1024x474.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-768x356.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-1536x712.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-907x420.png 907w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-696x322.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27-1068x495.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/Untitled-27.png 1770w" sizes="(max-width: 651px) 100vw, 651px"></p> 
<h5><strong>Should We Buy SOL?</strong></h5> 
<p>If you hold Ethereum (EVM L1 or EVM L2) and SUI (another non-EVM L1), you do not need to rush to SOL. But, if you do not hold any L1s, then SOL should be a great pick. The downside is minimal, and the upside is good.</p> 
<p>$120 can be a good entry and any price below $100 is for DCAing and getting decent bags. Voila! That does it! To conclude, we are pretty bullish on a $SOL ETF. But then again, nothing is certain, especially in the crypto world. So, manage your risk accordingly!</p>  
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone size-full wp-image-123700" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/reviewing-solana-for-2024-alt-rally-ahead-part-2/">Reviewing Solana For 2024 Alt Rally Ahead – Part 2</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Reviewing Solana For 2024 Alt Rally Ahead – Part 2

Altcoin Buzz

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