During the Consensus 2024 event, Ripple CEO Brad Garlinghouse expressed confidence in the inevitability of Solana ETF approvals, following the SEC's recent green light for Bitcoin and Ethereum ETFs. He emphasized the importance of clear regulations for digital asset growth in the US and highlighted Solana's potential in this regard.
Garlinghouse's positive outlook, coupled with predictions of a $5 trillion crypto market, has sparked speculation about Solana's price trajectory, with investors pondering the possibility of SOL hitting $1,000 this year.
Garlinghouse noted that ETFs on Solana, XRP, and Cardano are likely to emerge over time but acknowledged the regulatory hurdles involved. He criticized the lack of regulatory clarity in Washington and reiterated the necessity for precise regulations to foster digital asset growth in the US.
With recent ETF approvals contributing to a potentially $5 trillion crypto market, Garlinghouse believes in the coexistence of various cryptographic projects, each catering to different facets of decentralized finance and digital assets.
ETFs on cryptocurrencies offer investors exposure to digital assets without direct ownership, appealing particularly to institutional investors. Consequently, the rise of ETFs could feasibly propel Solana's price towards the $1,000 mark by year-end.
Solana's technical analysis: potential breakout and breakdown situations
On the four-hour chart, Solana is currently trading at about $166.09, with the pivot point at about $167.89. $172.50, $176.00, and $180.50 are the levels of imminent resistance; $163.50, $160.50, and $156.80 are the levels of support.
Solana is consolidating within a range during the course of the four hours, creating a symmetrical triangular pattern between $168 and $163. This model illustrates investors' hesitancy.
To be more precise, a breakout over $168 might drive Solana up to $173 and $180, while a breakdown below $163 might cause a decline to $156 and perhaps $150.
With the RSI at 47, the trend is neutral. At $167.61, the 50-day EMA is serving as resistance.
Financial equity is being revolutionized by the visionary Anatoly Yakovenko
Co-founder of Solana (SOL), Anatoly Yakovenko, recently voiced with passion his hope that the company can change the stock landscape in finance.
Yakovenko underlined that Solana's strategy does not concentrate on competing with current currencies or on levels of regulation in response to Vitalik Buterin's remarks regarding the discussion surrounding the block sizes of Bitcoin.
Instead, it concentrates on using technology to increase the equity and accessibility of financial systems.
The discussion between Buterin and Yakovenko clarifies a larger argument over the direction that blockchain technology is taking. The contentious debate about the sizes of Bitcoin's blocks was mentioned by Ethereum co-founder Buterin (BTC).
The initial discussion revolved around increasing the block size limit to enhance transaction throughput and decrease fees.
However, concerns were raised regarding the potential consequences, namely, the centralization of the network, which contradicts Bitcoin's core principle of decentralization.
The argument underscores the necessity for Bitcoin to maintain its status as a decentralized currency, immune to the influence of any central authority.
In contrast, Yakovenko posits that prioritizing low latency and high throughput can democratize access to financial services. He contends that equity in finance hinges on accessing information promptly and acting accordingly.
Yakovenko believes that Solana's technology, by leveraging cost-effective hardware, pushes the boundaries of decentralized systems, potentially mitigating many inequalities entrenched in traditional finance.
June 2024, Cryptoniteuae