Solana price is making waves in the crypto market, recently climbing 7% intraday from a low of $145 to $155. As of now, it is trading at $154.82, boasting a market cap of $82.75 billion and a 24-hour spot volume of $4.08 billion. 

While the price reaction may not seem explosive, experts are optimistic with recent market events, believing that SOL could soon surpass the $300 mark.

Why Is SOL Up 7%?

Bitcoin serves as the primary gateway and confidence booster for the entire crypto market, which has turned green, lifting not just BTC but also altcoins like Solana. 

As the saying goes, “When it rains, it pours,” and this sentiment is evident as Bitcoin has surged to $109.8K today, igniting a wave of FOMO across social platforms. The increase in social volume reflects a growing belief among retail investors that Bitcoin’s price could soar to between $120K and $160K by early July.

Adding to the positive momentum, the recent launch of the Rex-Osprey Solana staking ETF has captured attention. James Seyffart reported that it reached $8 million in trading volume within just 20 minutes, while Eric Balchunas noted that it ended the day with an impressive $33 million.

With rising interest in Solana, Seyffart and Balchunas have pegged a 95% chance that spot Solana ETFs will be approved by the end of the year. The optimism in the air has surged, market is full of excitement, and investors are keenly waiting for Solana crypto’s rise.

Analyst Predicts- Solana price To Hit $300

Recently, the Solana price surged nearly 7%, yet it remains below the 200-day EMA band, currently sitting at $159.40. This uptick comes on the heels of high trading volume, particularly around the “fixed range volume profile” at $144.65.

In the short term, if Solana can flip the 200-day EMA, it could set its sights on $185 in July. Achieving this would signify a Break of Structure (BoS), allowing the cryptocurrency to resume its Q2 uptrend that began in April, as clearly illustrated on the daily chart.

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Similarly, experts are optimistic, believing that the short-term downtrend from mid-May to June has been reversed, with a target of $300 now appearing likely. 

However, as its said, “Don’t count your chickens before they hatch.” If Solana fails to maintain its upward momentum, it could retreat to the $125 support level. A further decline could even push the price back to the April lows of $95.