Solana (SOL) has experienced significant price gains throughout 2024, surging by 135% from $100 to $235. In the past month alone, SOL has increased by 19% due to bullish market sentiment. Analysts are setting a target price of $420 for SOL, based on factors such as growing network activity, institutional adoption, and the potential for Bitcoin to reach $100,000. However, regulatory challenges have emerged, with the SEC rejecting applications for Solana ETFs. The appointment of a pro-crypto policy expert as the incoming SEC Chair has sparked optimism for broader ETF approvals in the future. SOL recently broke above a key resistance level and has a strong technical setup, leading analysts to project a target of $420. However, caution is advised if the upward trend line is breached. Overall, SOL is well-positioned to achieve its target if it maintains its momentum and benefits from regulatory clarity.



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