Solana (SOL) Price on Edge, Bullish Chart Pattern Signals $4,000 Target by 2025 – Analyst
(SOL) continues to defy bearish market trends, rising 1.74% to $217 despite a broader cryptocurrency market pullback. This resilience comes on the heels of a major announcement: Bitwise Asset Management has launched the Solana Staking ETP (BSOL) in Europe. The news has reignited enthusiasm among investors, particularly those who have been sidelined during SOL’s recent consolidation around $210.
Solana Eyes $300 Amid Renewed Optimism
After peaking at $263 on November 22, Solana’s price has been largely range-bound, slipping to a low of $203 last week. However, the digital asset is now showing signs of a recovery. Popular analyst Crypto Jelle highlighted a bullish falling wedge pattern forming near a crucial support level, fueling optimism for a potential rally to $300 or beyond.
“Many have written off SOL, but the charts tell a different story,” Crypto Jelle remarked. He believes that Solana could breach key resistance levels at $244 and $265, paving the way for an extended rally to $400, especially if supported by a cup-and-handle breakout.
Market data from Coinglass shows a 2.25% increase in open interest to $5.34 billion, suggesting growing confidence among investors. As Solana prepares for its next leg up, all eyes are on its ability to maintain momentum amid broader market uncertainties.
Bitwise Introduces BSOL With Staking Rewards
Bitwise’s launch of the Solana Staking ETP (BSOL) marks a significant milestone for European investors. Unlike its predecessor ESOL, which faced criticism for lacking staking rewards, BSOL offers an attractive 6.48% staking yield. This rate outpaces competitors like 21Shares’ Solana staking ETP, which provides 5.49%.
The product also features a competitive annual management fee of 0.85%, substantially lower than 21Shares’ 2.5%, making it a compelling choice for institutional and retail investors alike.
While the launch of BSOL boosts Solana’s appeal in Europe, Bitwise’s filing for a spot Solana ETF in the U.S. remains pending. Analysts suggest other cryptocurrencies, such as Hedera (HBAR) and Litecoin (LTC), may see approval first.
Also Read: Solana (SOL) Price on Edge, Bullish Chart Pattern Signals $4,000 Target by 2025 – Analyst
Outlook
With Bitwise’s strategic move to enhance staking rewards and a technically bullish outlook, Solana’s price trajectory appears optimistic. Should market conditions align, SOL could surpass its all-time high of $300, cementing its position as a leading blockchain asset.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
