Solana (SOL) bounces back to $140 after a weekend price drop, outperforming Bitcoin and Ethereum. Analysts foresee potential gains with spot ETF approvals amidst market volatility.
Solana Rebounds After Market Slump
Over the July 4th weekend, Solana (SOL) experienced a significant price drop to approximately $122 amid a larger market decline influenced by potential bitcoin sales from the Mt. Gox estate. The price, however, rebounded to around $140 afterward. Analysts have noted that Solana, unlike Bitcoin and Ethereum, could benefit from future spot ETF approvals.
Amidst last week’s market conditions, SOL reported better performance than Bitcoin and Ethereum, with inflows of $16 million compared to Ethereum’s $10 million, according to CoinShares. Experts like Marinade core contributor Michael Repetny observed that poor Bitcoin performance often encourages crypto traders to diversify into altcoins like Solana.
Kaiko’s Adam Morgan McCarthy has forecasted a trading lull for SOL during the summer but acknowledged that new filings for Solana spot ETFs by firms like VanEck and 21Shares could influence its market trajectory, contingent on potential shifts in the regulatory landscape post-US presidential elections.
Crypto sentiment on social media fluctuated during these events, reflecting both bearish and bullish outlooks. However, the overall market mood turned optimistic quickly as Solana’s price stabilized around the $140 mark.
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— Compiled by Jack Kubinec and Jeffrey Albus
