5 Key Reasons Why Solana Price May Rally To $300 Soon

Solana price has been in a bullish rally over the last week, fueled by a recent surge in the crypto market, with Bitcoin price reaching new all-time highs above $93,000. Despite a slight pullback today, analysts suggest that Solana’s price momentum could continue upward, potentially reaching $300.

At press time, SOL price was trading at $213.73, a 0.65% decline from the intra-day high of $220. 

1. Analysis Suggests a “God Candle” Solana Price Rally

According to technical analysis by the crypto trader Inmortal (@inmortalcrypto), Solana is primed for a “god candle” event. According to the analyst, SOL recently pierced through the $211 level, a crucial resistance level that usually indicates a bullish trend that may lead to price increase. 

The term ‘god candle’ stands for a large bullish candle which can push prices up substantially in a short while. At the same time, another crypto analyst known as the Moon pointed out that Solana has recently broken the symmetrical triangle pattern, which is considered bullish, with the breakout level at $211.

This pattern is followed by a strong upward trend, and if the momentum is sustained, Solana’s price may rise to the $300 level.

The breakout may also convert previous resistance at $220 into a new support level, providing a solid base for further upward movement. If the trading volume rises in tandem with the breakout, the bullish thesis may be further strengthened, thus providing more grounds for SOL price appreciation.

2. SOL Strong Market Performance Against Ethereum

Over the past year, Solana has given investors a return of 188.42%, which is much better than Ethereum that returned 39.03% in the same period. Subsequently, Antony Pompliano has also pointed out the growth of Solana as a possible competitor to Ethereum for the development of decentralized applications.

This is a positive sign as MV Capital recently surveyed venture and liquid capital allocators where more than 30% believe that Solana is going to be a top performer in the current market cycle.

The survey shows a rising institutional adoption of Solana based on the network’s fast and scalable transactions. Thanks to this, Solana has gained the recognition of being an ‘Ethereum killer’ and many projects across various sectors such as DeFi, NFTs and even decentralized physical infrastructure networks (DePIN).

3. Potential Regulatory Shifts Under New US Administration

The recent election of Donald Trump has brought renewed optimism within the crypto community. President-elect Trump has expressed a positive stance toward cryptocurrencies, attending Bitcoin-related events and pledging to support digital innovation. 

This shift in political climate could lead to a more crypto-friendly regulatory environment, benefiting Solana and other digital assets.

Market participants are hopeful that a change in leadership at the Securities and Exchange Commission (SEC) may lead to clearer regulatory guidelines for the crypto industry. Solana, previously impacted by SEC actions against exchanges, could see renewed interest as regulatory uncertainty diminishes.

4. Anticipation of a Spot Solana ETF

Another factor fueling Solana’s price optimism is the possibility of a spot Solana exchange-traded fund (ETF) listing in the United States. In July, Cboe filed a request with the SEC to list Solana ETFs from VanEck and 21Shares, though the application is still pending approval. 

If a crypto-friendly SEC chair replaces Gary Gensler, the chances of approval for Solana ETFs may increase.

The launch of a spot Solana ETF would provide investors with easier access to the asset through traditional financial markets, likely boosting demand for SOL. Such a development could increase institutional inflows and contribute to further price appreciation.

5. Robinhood Relists Solana Amid Rising Retail Interest

Concurrently, Robinhood has expanded its cryptocurrency offerings for U.S. customers, relisting Solana (SOL) along with Cardano (ADA), XRP, and Pepe (PEPE). This move brings the total number of cryptocurrencies on Robinhood’s platform to 19, following a period last year when the platform halted support for Solana and other tokens after they were mentioned in an SEC lawsuit.

Robinhood’s decision to reintroduce Solana reflects growing retail demand for diverse digital assets and marks a renewed confidence in SOL’s future. Johann Kerbrat, VP and GM of Robinhood Crypto, commented,

“We’ve consistently heard from our customers that they want access to more digital assets, and we’re excited to continue expanding our crypto offering.” 

With Solana now accessible on a mainstream retail platform like Robinhood, more users may engage with SOL, potentially driving up demand and price.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.