Solana on the Recovery Path
After Ethereum's strong price rise triggered by ETF expectations, Solana (SOL) also showed resilience and optimism. Following a phase of price correction and a brief pause in April, Solana experienced an impressive price increase of over 50%. This development suggests that Solana might soon attempt to revisit its previous highs.
The Ethereum ETFs will send $SOL to $1,000
— borovik (@3orovik) May 22, 2024
Optimistic Forecasts for Solana
Given these developments, some analysts are particularly optimistic about Solana's future. Borovik, a well-known crypto enthusiast, even predicts that regulatory approval for Ethereum ETFs could drive Solana's (SOL) price to an impressive $1,000. This forecast relies on the so-called spillover effect observed with previous ETF approvals.
With the introduction of Bitcoin ETFs earlier this year, altcoins like Ethereum saw increased interest and investment. Borovik believes that Solana could experience a similar scenario now that Ethereum ETFs have received the green light from regulators. Solana's future looks promising, and the coming weeks could be crucial in determining whether these optimistic forecasts will become a reality.
