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Solana price prediction as Goldman Sachs buys SOL ETFs


Crispus Nyaga
для Invezz
Solana price prediction as Goldman Sachs buys SOL ETFs

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Nasdaq-listed Fitell kicks off Solana treasury strategy with 46k SOL buy.

Solana price continued its strong downward trend, even after Goldman Sachs announced a stake in SOL ETFs. SOL token retreated to $80, down sharply from the all-time high of $294. It has retreated for five consecutive weeks, erasing billions of dollars in value  

Goldman Sachs has invested in Solana

Goldman Sachs, a top Wall Street company, announced that it had invested in Solana and other cryptocurrencies. Its report showed that it holds Solana ETFs worth over $108 million, making it one of the biggest holders in Wall Street. 

Also, it holds Bitcoin ETFs worth over $1.2 billion, $1 billion in Ethereum, and $153 million in XRP. This is important as Goldman Sachs is one of the biggest players in Wall Street.

Data shows that spot Solana ETFs have over $700 million in assets, meaning that it holds about 15% of all Solana ETF net assets.

There are several reasons why Goldman Sachs has invested in Solana. First, Solana is one of the biggest players in the crypto industry and is the largest competitor to Ethereum. It has become a major player in the decentralized finance (DeFi), Real-World Asset (RWA) tokenization industry.

Second, Solana’s network has continued growing in the past few months. Its transaction count rose by 55% in the last 30 days to over 2.65 billion, much higher than other top chains like Ethereum, BNB Chain, Tron, and Avalanche.

Solana’s active addresses have continued soaring in the past few months, reaching a high of 118 million in the last 30 days. The active address is much higher than the other top chains, combined. For example, Ethereum had over 15.3 million active addresses, while BNB Chain had 42 million and Tron had 16.5 million.

SOL active addresses
SOL active addresses | Source: Nansen

This growth trajectory has pushed its network fees higher, with its collection rising to over $26 million in the last 30 days, much higher than Ethereum’s $20 million and BNB Chain’s $18 million.

Solana’s growth has happened because of its role in the decentralized exchange (DEX) industry, where companies like Pump.fun, Meteora, and  Jupiter are some of the biggest players. 

Solana has also become a major player in the RWA industry, where it holds over $1.24 billion in assets. Its 30-day transfer volume in RWA jumped to over $2.03 billion. 

Additionally, the stablecoin market capitalization rose to over $16.17 billion, while the transaction volume in the last 30 days soared to over $1.01 trillion. 

Solana price prediction: Technical analysis 

Solana price
SOL price chart | Source: TradingView 

The weekly timeframe chart shows that the SOL price has come under pressure in the past few months, moving from a high of $294 in January last year to the current $80.

The coin has moved below the important support level at $95, the neckline of the head-and-shoulders chart pattern. It has already moved below the neckline, a trend that may continue in the near term.

Solana price has also moved below the 50-week and 100-week Exponential Moving Averages (EMA), while the Average Directional Index (ADX) has jumped to 28, its highest swing since July 29.

Therefore, the coin will likely continue falling in the near term as sellers target the next key support level at $70, the 78.6% Fibonacci Retracement level.

The post Solana price prediction as Goldman Sachs buys SOL ETFs appeared first on Invezz

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$ 66.16K

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$ 594.33

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$ 66.16K

-4.65%

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Solana price prediction as Goldman Sachs buys SOL ETFs


Crispus Nyaga
для Invezz
Solana price prediction as Goldman Sachs buys SOL ETFs

Поделиться:

Nasdaq-listed Fitell kicks off Solana treasury strategy with 46k SOL buy.

Solana price continued its strong downward trend, even after Goldman Sachs announced a stake in SOL ETFs. SOL token retreated to $80, down sharply from the all-time high of $294. It has retreated for five consecutive weeks, erasing billions of dollars in value  

Goldman Sachs has invested in Solana

Goldman Sachs, a top Wall Street company, announced that it had invested in Solana and other cryptocurrencies. Its report showed that it holds Solana ETFs worth over $108 million, making it one of the biggest holders in Wall Street. 

Also, it holds Bitcoin ETFs worth over $1.2 billion, $1 billion in Ethereum, and $153 million in XRP. This is important as Goldman Sachs is one of the biggest players in Wall Street.

Data shows that spot Solana ETFs have over $700 million in assets, meaning that it holds about 15% of all Solana ETF net assets.

There are several reasons why Goldman Sachs has invested in Solana. First, Solana is one of the biggest players in the crypto industry and is the largest competitor to Ethereum. It has become a major player in the decentralized finance (DeFi), Real-World Asset (RWA) tokenization industry.

Second, Solana’s network has continued growing in the past few months. Its transaction count rose by 55% in the last 30 days to over 2.65 billion, much higher than other top chains like Ethereum, BNB Chain, Tron, and Avalanche.

Solana’s active addresses have continued soaring in the past few months, reaching a high of 118 million in the last 30 days. The active address is much higher than the other top chains, combined. For example, Ethereum had over 15.3 million active addresses, while BNB Chain had 42 million and Tron had 16.5 million.

SOL active addresses
SOL active addresses | Source: Nansen

This growth trajectory has pushed its network fees higher, with its collection rising to over $26 million in the last 30 days, much higher than Ethereum’s $20 million and BNB Chain’s $18 million.

Solana’s growth has happened because of its role in the decentralized exchange (DEX) industry, where companies like Pump.fun, Meteora, and  Jupiter are some of the biggest players. 

Solana has also become a major player in the RWA industry, where it holds over $1.24 billion in assets. Its 30-day transfer volume in RWA jumped to over $2.03 billion. 

Additionally, the stablecoin market capitalization rose to over $16.17 billion, while the transaction volume in the last 30 days soared to over $1.01 trillion. 

Solana price prediction: Technical analysis 

Solana price
SOL price chart | Source: TradingView 

The weekly timeframe chart shows that the SOL price has come under pressure in the past few months, moving from a high of $294 in January last year to the current $80.

The coin has moved below the important support level at $95, the neckline of the head-and-shoulders chart pattern. It has already moved below the neckline, a trend that may continue in the near term.

Solana price has also moved below the 50-week and 100-week Exponential Moving Averages (EMA), while the Average Directional Index (ADX) has jumped to 28, its highest swing since July 29.

Therefore, the coin will likely continue falling in the near term as sellers target the next key support level at $70, the 78.6% Fibonacci Retracement level.

The post Solana price prediction as Goldman Sachs buys SOL ETFs appeared first on Invezz

Читать материал на Invezz

В этой новости

Монеты

$ 66.16K

-4.65%

$ 1.92K

-5.26%

$ 1.35

-4.79%

$ 0.275

-0.86%

$ 594.33

-4.08%

Поделиться:

В этой новости

Монеты

$ 66.16K

-4.65%

$ 1.92K

-5.26%

$ 1.35

-4.79%

$ 0.275

-0.86%

$ 594.33

-4.08%

Поделиться:

Читать больше

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Could stablecoin flows kickstart Ethereum's comeback?
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