Solana’s native token remains the best-performing cryptocurrency (at least among the top 10 club) on a weekly scale, while certain factors suggest a much more significant rally may be coming next.
An additional ray of hope comes from September, a month that has historically been highly favorable for the asset.
Major Rally on the Way?
Currently, SOL is worth around $103 (according to CoinGecko), translating into a 9% rise over the past week. X user Ash Crypto noted that the asset ended the previous week at roughly $102.80, the highest close in the last seven months.
“Bullish for Solana holders,” the analyst added.
Another major achievement for the token is the growing institutional appetite. SoSoValue’s data show that spot SOL ETFs have experienced nine consecutive green days, the longest streak since May this year.
The well-known entities offering such financial products include Bitwise, Fidelity, Grayscale, VanEck, Franklin Templeton, and others. Bitwise’s product BSOL is by far the most popular one in the pack, and it recently surpassed the $1 billion milestone in assets under management.
Crypto X has been buzzing with users making SOL predictions following the asset’s positive price performance. Carl Hawley recently claimed that if momentum holds, $120 could be the next important level to watch in the coming weeks. For their part, The Black Bull argued that SOL is a $1,000 token trading at $102, envisioning a “massive pump” on the way.
The approaching September suggests that the asset may indeed experience a further surge. The month has historically been highly beneficial for the asset, with its price finishing in the green on five of the past six occasions. The only red September was in 2020, when SOL crashed by almost 40%.
The Bottom Is Not In?
Other analysts, like Crypto with Harris ₿, made somewhat pessimistic predictions (at least in the near future). The X user claimed that closing the week above the $98-$100 range (as it happened) is “a very strong sign that the recent move is more than just a short-term pump.” He forecasted a jump to $120, which could be followed by a drop towards $80.
“One thing is clear: the bottom is not in,” the analyst added.
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Source: https://cryptopotato.com/2-major-achievements-for-solana-sol-is-the-price-ready-to-fly/
