The entire cryptocurrency market has been extremely volatile. Several assets were seen struggling to recover while moving further downwards. Solana (SOL) has been in a rut for a while now. The altcoin hit a new all-time high of $294 back in January. With just a few dollars short of $300, the community was betting on SOL to achieve this milestone during this month. But the asset seems far from that. A new development in the Solana ETF sector could serve as a push that the altcoin requires.

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How Is Solana Faring Right Now?

Solana sol
Source – Bitcoinist

During the time of writing, the altcoin was trading at $195.62 following a nearly 5% fall over the past 24 hours. Solana was priced at a high of $205.92 today before dropping to a low of $193.54.

Source: CoinMarketCap

The asset’s latest drop comes as a major surprise to the community. This is because the Securities and Exchange Commission (SEC) was seen acknowledging multiple Solana ETF applications. Along with similar applications from VanEck, 21Shares, and Bitwise, Canary Capital’s Solana Trust joined an expanding list of proposed ETFs that are requesting public feedback in an effort to introduce SOL investing to Wall Street. The recent action comes after the SEC acknowledged Grayscale’s Solana ETF application last week.

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Can the Altcoin Hit $300 This Year?

The SEC can be just as unpredictable as the cryptocurrency market. It remains uncertain when the agency will approve or disapprove the application. According to data from CoinCodex, SOL will witness a bullish year ahead. It is projected that altcoin will trade in a range of $183.23 to $447.71 in 2025. This peak is expected to be achieved in the month of September. During this time, several investors will be able to pocket notable gains. This further resulted in an average yearly price of $282.20. Compared to the present rates, this may yield a potential return on investment of 128.72%.

Source: CoinCodex

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  • crypto
  • cryptocurrency
  • SOL
  • Solana
  • Solana ETF