Institutions continue to strongly support Solana ahead of a crucial decision deadline, a move that improves Solana’s bullish outlook.
The atmosphere of enthusiasm is growing as several major asset management firms await final approval of their Solana spot ETF launch applications, with October 10 being the deadline for this.
If these applications are approved, massive investments from traditional financial institutions could flow into Solana, which could cause its price to skyrocket.
Traditional money markets are indicating increased appetite, with REX-Osprey’s mortgage exchange-traded fund (ETF) (SSK) finishing the week up 20% with $406.6 million in assets under management.
The collection wave coincides with the accelerated pace of prosperity of the Solana technical system, with the Solana blockchain topping the list of highest blockchain systems collecting transaction fee revenue for the fourth consecutive quarter, reaching $222 million in the third quarter of the current year.
The increase in adoption is particularly evident in stablecoins; According to DeFi platform Llama, the total supply of stablecoins reached its highest level at $15 billion, almost 3 times its lowest level since the beginning of the year, reflecting the increase in liquidity and demand within the technical system.
However, despite this enormous growth, the price of Solana coin in spot markets is still below its lowest levels on record, suggesting that the coin is still undervalued.
Solana Coin Price Forecast: Can Increased Demand Fill the Void?
Deepening in traditional US financial markets could help Solana price break the six-month wedge trend, which is currently nearing completion, with the main breakout target set at $300 and momentum indicators clearly turning higher.
Here, the Relative Strength Index (RSI) reading has stabilized at the 57 level and is heading higher, suggesting that the currency is exposed to strong buying pressure that supports the upward trajectory. At the same time, the difference between the two lines of the MACD indicator widens after the trendline crosses its counterpart, confirming the continuation of the uptrend and the formation of a golden cross that heralds a strong and lasting upward trajectory.
As a result, the price’s success in surpassing the $300 barrier and turning it into support can push the price to explore unprecedented horizons, aiming for a 115% increase. After that At $500; With expectations of falling interest rates in the US – which could increase investors’ appetite for risk – the launch of exchange-traded funds (SOL ETFs) could see their prices rise by as much as 320%. Up to $1,000 before the end of the year.
Longer term, a break above the $300 barrier will complete a multi-year cup-and-handle pattern, setting the stage for a potential 3,800% upside. Up to $8,000 Over the years to come.
Are you tired of waiting for the next big breakthrough? Here’s how to make money while you wait
Top digital currencies such as Solana can take months or even years to achieve strong price breakthroughs, but Pepenode has emerged to change this concept. This is the first meme coin to offer a “Mining for Earning” (M2E) mechanism, in order to transform lost opportunities into stable income and allow you to receive… rewards effortlessly.
Therefore, mining digital currencies no longer requires expensive equipment or advanced technical expertise, because Pepenode simplifies this process and turns it into an easy-to-try entertainment experience for everyone, as it allows investors to purchase audit nodes, assemble virtual mining equipment and earn rewards from different meme currencies before the official launch.
It is worth noting that the coin provides a deflationary mechanism that keeps the price high, as 70% of PepeNode coins used to purchase audit nodes and mining equipment are burned, creating a lasting shortage and supporting the price of the coin.
It is worth noting here that the pace of the ramp-up is rapidly accelerating, as the coin offering has so far managed to raise over $1.7 million, and early investors who prefer the traditional mortgage mechanism can enjoy an annual return of 760%.
Finally, you can join the PepeNode coin offering now via the official website to start mining, knowing that the next price increase will take place within a few hours. To follow the latest developments, you can follow the BabyNode account on the X platform (formerly Twitter).
To purchase the Pepenode coin, click here
Post Solana Currency Price Expectations (Solana-SOL) As it continues to receive strong institutional investment, is it currently the most undervalued of the top ten currencies? appeared first on Cryptonews Arabic.