Solana
Solana rebounds after market drop
Solana (SOL) rebounds to $140 after weekend price drop, outperforming Bitcoin and Ethereum. Analysts see potential gains from spot ETF approvals amid market volatility.
Solana rebounds after market drop
Over the July 4th weekend, the price of Solana (SOL) dropped significantly to around $122 as part of a larger market decline influenced by potential bitcoin sales from the Mt. Gox estate. The price, however, rebounded to around $140 afterward. Analysts noted that Solana, unlike Bitcoin and Ethereum, could benefit from future spot ETF approvals.
Given last week’s market conditions, SOL outperformed Bitcoin and Ethereum, with inflows of $16 million compared to $10 million for Ethereum, according to CoinShares. Experts like Marinade senior contributor Michael Repetny have observed that Bitcoin’s poor performance often encourages crypto traders to diversify into altcoins like Solana.
Kaiko’s Adam Morgan McCarthy predicted a trading lull for SOL over the summer, but acknowledged that new Solana spot ETF filings by firms like VanEck and 21Shares could influence its market trajectory, depending on potential changes in the regulatory landscape following the U.S. presidential election.
Crypto sentiment on social media fluctuated during these events, reflecting both bearish and bullish outlooks. However, the overall market mood quickly turned optimistic as Solana’s price stabilized around $140.
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