Analysts believe this development could trigger substantial gains for several cryptocurrencies after Solana ETFs Aproval. Here are five cryptos that are poised for significant growth if the Solana ETF gets the green light.
1. Jupiter (JUP)
Jupiter is currently trading at $0.85, having surged by 5.23% recently. However, it has seen a 17% decline over the past week and a 25% drop in the last 30 days. Analysts predict that the approval of a spot Solana ETF could propel Jupiter to $17. Altcoin Scholar, a well-known analyst, supports this forecast, suggesting JUP could reach at least $10 in the upcoming bull run.
2. Render (RNDR)
Render was trading at $7.7 at press time, following a 9% increase in the last 24 hours. Despite this, the asset has declined by 12% over the past week and 4% in the last 30 days. Analysts believe that the approval of a Solana ETF could position Render at $154 during the next bull run. Exotrader, a crypto analyst, also forecasts a near-term target of $24 for Render, provided it maintains support above $6.9.
3. Chainlink (LINK)
Chainlink was trading at $23.8 at press time, having surged by 5.6% in the last 24 hours. Despite a 15% weekly decline, analysts expect LINK to rise as high as $460 with the approval of a Solana ETF. For this to happen, LINK needs to break out of a crucial resistance range between $18.4 and $26.3. According to analyst Ali Martinez, a significant volume of 57.2 million LINK was recently purchased by 100,220 addresses at this level, indicating strong support.
4. Bonk (BONK)
Bonk, a meme coin, was trading at $0.00003177 at press time, having declined by 11% over the past week and 33% in the last 30 days. Analysts predict that BONK could hit $0.0006354 next year. This surge is expected not only due to the potential Solana ETF approval but also because of the planned burn of 1 trillion BONK tokens. Additionally, Bonk is working with Osprey Funds to launch an Exchange-Traded Product (ETP) in the US, which could further drive its value.
5. XRP
XRP is currently trading at $2.2, following a 3% increase in the last 24 hours. Analysts suggest that the approval of a Solana ETF could heighten expectations for an XRP ETF, potentially driving XRP to $44. Additionally, experts anticipate an initial surge on January 20, 2025, following the inauguration of Donald Trump and the expected appointment of Paul Atkins as SEC chair. This could result in the withdrawal of the lawsuit against Ripple, pushing XRP to $18 in the current market cycle, according to analyst Dark Defender.
Apart from the five mentioned above, other assets that could benefit from the Solana ETF approval include Dogwifhat (WIF), Raydium (RAY), Peanut the Squirrel (PNUT), and Popcat (POPCAT).
The potential approval of a spot Solana (SOL) ETF has the cryptocurrency community eagerly anticipating significant market movements. Jupiter, Render, Chainlink, Bonk, and XRP are five projects that could experience remarkable gains, leveraging their integral roles within the Solana ecosystem. Investors and enthusiasts are closely watching these tokens, ready to capitalize on the opportunities presented by this anticipated milestone in the crypto market.
