Solana Price Plunges 9%, But Experts Say $260 SOL Is Still in the Picture
Date: 2024-08-19 Author: Henry Casey Categories: CRYPTO PAYMENTS
Despite this drop, some analysts predict that SOL could still reach $260 in the near future, driven by strong fundamentals, including a high-performance blockchain capable of processing thousands of transactions per second at a low cost.
Additionally, the increasing adoption of the Solana platform among various projects and developers is expanding its ecosystem, supporting its long-term potential.
The Chicago Board Options Exchange recently removed the VanEck and 21Shares spot Solana ETF filings from its website. These filings, which were filed in July 2024, were pending with the US SEC. However, with no notice of filing from the SEC, it is assumed that the applications have been withdrawn.
This development is worrying, especially given the SEC’s cautious stance on Solana as a financial security and the lack of enthusiasm from major US asset managers for Solana-based ETFs.
In contrast, Brazil is moving forward with plans to launch its first Solana-backed ETF, led by QR Asset and Vortx, pending approval from the Brazilian Stock Exchange.
While the US remains uncertain, potential approval in Brazil could strengthen Solana’s presence in the financial sector.
This highlights the varying levels of trust and acceptance of Solana between the US and other global markets.
A withdrawal of Solana ETF applications in the US could hurt Solana’s price due to a decline in investor confidence, but a possible Brazilian approval could provide some positive momentum.
Trump’s Pussy (TRUMPPUS), a new memecoin on the Solana blockchain, is turning heads with its potential to deliver high returns similar to Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in TRUMPPUS could see significant gains, with forecasts suggesting the coin could surge over 18,000% following upcoming listings on major crypto exchanges.
TRUMPPUS is currently only available on decentralized exchanges like Raydium.io and Jup.ag, where users can trade Solana (SOL) for TRUMPPUS. With over $3,000 in liquidity, TRUMPPUS is off to a strong start compared to many new memecoins.
