Expert Analysis: Robinhood’s Relisting of Solana Could Drive Price Surge
Industry analysts are closely examining the potential impact of Robinhood’s decision to relist Solana (SOL) on its platform, with some predicting that the cryptocurrency could reach as high as $300 in early 2024. This comes after Robinhood delisted Solana, along with Cardano (ADA) and Polygon (MATIC), earlier this year without providing detailed explanations.
Solana had been experiencing a bearish period following the FTX failure, but in a surprising turn of events, the cryptocurrency has surged by 180 percent in the last three months, reaching a trading price of $57.96, an increase of $37.30 from its previous value. While SOL has experienced an 81 percent surge in the last 30 days, it has seen a slight decline of 0.31 percent in the past 24 hours. Given this impressive performance, the relisting of Solana on Robinhood could potentially trigger a bullish continuation.
Analysts have identified two main factors that could contribute to a bull run once SOL is relisted on Robinhood. The first factor is the removal of regulatory uncertainties. Some experts believe that Solana’s delisting was due to concerns raised by the Securities and Exchange Commission (SEC), as the cryptocurrency was listed as one of the 12 assets believed to be securities in the SEC’s lawsuit against Binance. By relisting Solana, Robinhood would alleviate fears surrounding potential regulatory crackdowns and potentially ignite another bull run.
Additionally, the relisting could attract a substantial influx of funds into the Solana ecosystem due to the potential returns for retail investors. Currently, Robinhood provides real-time market updates on Solana, but trading is not yet available. Once trading becomes accessible, the platform’s over 10 million monthly active users could easily invest in the cryptocurrency. It is worth noting that Robinhood’s user base consists primarily of young investors who are particularly drawn to tech stocks and cryptocurrencies. In fact, Cathie Wood, CEO of Ark Invest, recently praised Solana for its speed and efficiency, further enhancing its appeal to this demographic.
Prominent figures in the industry have also made their own predictions regarding the future price of Solana. Nathan Jacobs, Senior Researcher at The Money Mongers, projects that Solana could surge to between $250 and $300 by early 2024 if it maintains its current trajectory and avoids any technical issues. Jacobs highlights Solana’s strong presence in the decentralized finance (DeFi) and non-fungible token (NFT) scenes, emphasizing its technological prowess in facilitating fast and cost-effective transactions.
Derek Rodriguez, founder and CEO of Gridlock, shares a similar sentiment, forecasting that Solana will continue its upward surge and potentially reach a resistance level at $100 around January and February. Rodriguez also predicts a temporary dip to around $60 before another surge takes Solana to $200 in late 2024.
Overall, the relisting of Solana on Robinhood holds significant promise for the cryptocurrency’s future price trajectory. The removal of regulatory uncertainties and the potential influx of retail investors could drive a bullish continuation, potentially propelling Solana to new heights in the coming years.
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