Janice R. Andrews
In the cryptocurrency market, Solana (CRYPTO: SOL) has performed exceptionally well through the first five months of 2024. Solana has surpassed both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which have increased by 62% and 65%, respectively, with a noteworthy 66% growth. But perhaps this outstanding performance is only the start. This summer, three significant catalysts have the potential to take Solana by storm.
1. An ETF for Spot Solana?
The debut of spot exchange-traded funds (ETFs) is one of the biggest possible factors for Solana’s price increase. The introduction of new spot ETFs in January gave Bitcoin a huge lift, and the expectation of new spot Ethereum ETFs is giving Ethereum a similar gain. Solana is the next cryptocurrency that is probably going to gain from this trend.
Investors would have an easy method to get exposure to Solana through regular financial markets with the launch of a spot Solana ETF. As has been the case with Bitcoin and Ethereum, this may greatly boost demand and raise the price of SOL.
2. Coin Mania Memes
The current meme coin fever is a crucial component that might contribute to Solana’s future growth. Memes have seen a recent surge in popularity, and some investors have made significant returns on very modest initial investments. Due to its popularity as the blockchain of choice for purchasing and selling new meme currencies, Solana has seen an increase in activity never seen on its network.
The growing activity on the Solana blockchain is drawing interest from the cryptocurrency community as well as new users. By the end of 2023, Solana was having trouble selling their new “crypto phone.” But because the phones came with free meme coins with every purchase, people valued the potential value of the coins more than the actual phone, and the phones soon gained popularity.
Mobile apps are included in this trend as well. The Phantom wallet software for Solana has been extremely popular, outpacing even Facebook in terms of download volume and coming in second only to ChatGPT. The main reason for the app’s success is that people use it to get access to Solana’s meme currency.
3. A Fresh PayPal Collaboration
Solana’s recent collaboration with PayPal Holdings (NASDAQ: PYPL) presents an additional driving force that may enhance its stock value. PayPal said at the end of May that PayPal USD, a new stablecoin, will be live on the Solana blockchain. PayPal cited “high speeds” and “extremely low costs” as the main factors in their decision.
This collaboration is important because it highlights the benefits Solana has over other blockchains, such as Ethereum. Like everyone else, cryptocurrency consumers are drawn to platforms with faster speeds and lower prices. PayPal is now depending on Solana to reach a wider audience after its stablecoin debut on Ethereum in August failed to garner any momentum.
Peer-to-peer transactions and other business and payment options may become possible for Solana as a result of this relationship. PayPal’s engagement may lead to more usefulness and adoption, which in turn may raise Solana’s value and attractiveness.
Ethereum or Solana?
June may prove to be a crucial month for Solana, particularly in light of the upcoming introduction of new spot Ethereum ETFs. Some people might be foolish in thinking that this will hurt competitor cryptocurrencies like Solana. ETFs should be granted to Solana as well; the company’s recent advancements toward widespread customer adoption point to a promising future.
Celebrities with large followings, like as Iggy Azalea and Caitlyn Jenner, started using Solana for the debut of their meme coins in May. Such recommendations could greatly increase Solana’s popularity and name recognition.
Furthermore, Solana has a history of rapid growth; just last year, its value increased by around 900%. This indicates that it has the potential to make large gains. If further attempts are made to weaken Ethereum’s hold on the market and increase its user base, Solana may experience a big increase this summer.
Because of its strong 2024 performance, a spot ETF, the continued meme coin trend, and its strategic connection with PayPal, Solana is positioned as one of the top cryptocurrencies to watch in June. Despite the fact that the cryptocurrency market is still erratic and unpredictable, Solana appears to be in position for a substantial price increase in the upcoming months given its distinct benefits and expanding user base. Given that Solana is still making waves in the cryptocurrency industry, investors searching for a potential prospect may find it to be an appealing option.
Within the cryptocurrency industry and even on websites like CNBC, there are a lot of rumors circulating that Solana will be the next coin to be included in a spot ETF. Solana is a great option since it is the fifth-largest cryptocurrency with a market value of $77 billion, and Wall Street likes large-cap, widely-held cryptocurrencies.
