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Still Not Bullish On Solana? 4 New Reasons Why You Should Be
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Still Not Bullish On Solana? 4 New Reasons Why You Should Be

Jake Simmons
Jake Simmons
1 year ago
4 mins read
Solana SOL price

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Solana (SOL) has been on the tip of many crypto enthusiasts’ tongues lately and with good reason. The vibrant ecosystem, strong partnerships, and a skyrocketing SOL price have given investors plenty to mull over. Here are four (new) reasons why you should lend Solana your attention.

#1 Solana And The US Regulatory Landscape

Solana’s prospects in the US seem to be intertwined with unfolding regulatory decisions. Vibhu Norby, founder of Drip Labs, today shared notable and positive insights from a recent Crypto Policy Bootcamp, tweeting, “Takeaways from Crypto Policy Bootcamp in D.C. … Most agreed Gensler is an outlier, lots of folks in Congress support crypto and clear rules, and everything is going to be fine. Just slow.”

This suggests a broader acceptance and understanding of crypto within the legislative chambers. One of the key points Norby highlighted was the collaborative efforts between the Solana Foundation and Polygon Labs. He shared, “Solana Foundation and Polygon Labs are working together (!) to secure better policy.”

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Norby also touched upon the ongoing lawsuit between the SEC and Coinbase, asserting, “SEC vs. Coinbase is the most important case right now in the US. A few opinions from smart lawyers think Coinbase probably wins against the SEC before Q2 next year. But nobody knows of course.”

The ramifications of this case could have broad implications, especially for tokens like Solana (SOL) that have been pulled into regulatory scrutiny. Given the SEC’s allegations against Binance and Coinbase for selling unregistered securities, including SOL, a favorable outcome for Coinbase might positively impact Solana’s standing in the US and ultimately its price trajectory.

#2 Solana’s Potential Blue-Chip Evolution

The constant comparison between Ethereum and Solana has given rise to debates in the crypto sphere. However, the increasing attention Solana has garnered, especially from venture capitalists (VCs), has lent credence to the belief that it might soon join the ranks of blue-chip assets.

Raj Gokal, co-founder of Solana, recently hinted at a shifting attitude amongst VCs towards Solana. In response, Chris Burniske, analyst and partner at Placeholder VC, predicted a change in perception among VCs – moving from avoidance to eagerness in investing in Solana projects.

Burniske further confirmed a user’s query regarding Solana’s potential to attain Ethereum-like prominence, suggesting that in places like India, Solana already enjoys a reputation similar to Ethereum’s.

He stated:

Very quickly this will go from, ‘We don’t invest in Solana projects,’ to ‘We’re underexposed to Solana.’ And so the bidding wars will begin… the quality entrepreneurs of the ecosystem deserve it.” […] And would add that in some countries, like India, Solana is already as widely known and beloved as Ethereum.

#3 Rising Institutional Interest

Recently, the institutional tide appears to be turning in favor of Solana. Sasha Fleyshman, a notable portfolio manager at Arca, expressed his initial hesitation towards Solana in a tweet, stating, “For what it’s worth Raj Gokal, Chris Burniske, I haven’t really seen too much in the pipeline to even consider for investment from the Solana side of the ecosystem.”

This sentiment, once widely echoed within the institutional realm, seems to be undergoing a change. “I think party lines were drawn on both sides [Ethereum and Solana]- as for us, we are open to taking looks, but unsure how to get that started,” Fleyshman revealed.

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Solana Epic Bounceback To Pre-FTX Heights: Brace Yourself For What’s Next

1 year ago

A deep dive into recent data also shows Solana’s growing allure among institutional investors. Solana (SOL) has seen the strongest influx of capital among all crypto assets in recent weeks. Per CoinShares’ weekly digital asset investment products report, SOL has been the darling of institutional investors.

The latest CoinShares report indicated a significant surge in capital inflows towards Solana. In just one week, Solana attracted a substantial $15.5 million, starkly juxtaposed against Ethereum’s outflows, which stood at $7.4 million for the same period.

Such a bullish institutional endorsement is further amplified when considering the year-long metrics. Solana’s Assets under Management (AuM) for the year have burgeoned to a remarkable $74 million, marking a surge of 47%. In comparison, Ethereum’s outflows have amounted to $119 million year-to-date.

#4 Bullish Chart Setup

The Solana (SOL) chart is extremely bullish and one of the strongest in the entire altcoin market right now, with a performance of +240% year-to-date. At press time, SOL was trading at $32.14 after establishing a new high for the year yesterday at $33.87 yesterday.

The SOL price has broken out of the triangle formation and is in the process of establishing a new trading range above $30.61. If SOL defends this level in the coming days and weeks, a rise to the next key resistance area at $47.21 could be on the cards.

Solana SOL price
SOL price, 1-week chart | Source: SOLUSD on TradingView.com
Featured image from The Independent, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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