A thorough examination of the impact of Robinhood’s decision to relist Solana on its price has been conducted by analysts. These analysts have made a prediction that Solana could potentially reach a high of $300 in early 2022.
In June of this year, Robinhood, a popular cryptocurrency exchange, made the surprising announcement that it would be delisting three major assets: Cardano (ADA), Polygon (MATIC), and Solana (SOL). The exchange did not provide any specific details regarding the reasons for this decision. During this period, Solana was experiencing a downward trend as it was still recovering from the failure of FTX.
However, there has been an unexpected turn of events, as SOL has experienced a significant surge of 180 percent in the past three months, reaching a trading price of $57.96, which is an increase of $37.30 from its previous price. Over the course of the last 30 days, SOL has seen a surge of 81 percent, although it has experienced a slight decline of 0.31 percent in the past 24 hours. With such impressive performance, the relisting of the asset on Robinhood could serve as a catalyst for a bullish continuation. Analysts have identified two main reasons that could potentially trigger a bull run once SOL is relisted on Robinhood.
The first reason is the elimination of regulatory uncertainties. Some crypto experts believe that the delisting of Solana was due to regulatory concerns from the Securities and Exchange Commission (SEC). It is worth noting that the SEC included Solana as one of the 12 assets that it deemed to be securities in its lawsuit against Binance. Therefore, the decision to delist Solana can be seen as a precautionary measure. Relisting the asset would help alleviate fears surrounding potential regulatory crackdowns and could potentially lead to another bull run.
Another reason why this relisting could be seen as good news for existing investors is the potential returns for retail investors. Currently, Robinhood provides real-time market updates on Solana, but trading is not yet available. Once this changes, retail investors will have the opportunity to easily trade the asset. With over 10 million monthly active users on the platform, the relisting decision could attract millions of dollars into the Solana ecosystem.
It is interesting to note that a large portion of Robinhood’s user base consists of young investors. Research has shown that young investors are particularly drawn to tech stocks and cryptocurrencies. Recently, Cathie Wood, the CEO of Ark Invest, praised Solana, stating that it is faster and more efficient compared to other cryptocurrencies.
Given the current price, Nathan Jacobs, a Senior Researcher at The Money Mongers, has predicted that Solana could potentially surge to a price range of $250 to $300 by early 2024.
“If Solana continues to perform well and avoids any technological issues, I believe it could reach a price range of $250 to $300 by the time 2024 arrives. Its appeal to the decentralized finance (DeFi) and non-fungible token (NFT) scenes is a major advantage, considering its fast and cost-effective transaction capabilities.”
Derek Rodriguez, the founder and CEO of Gridlock, has also made predictions regarding Solana’s upward surge. He believes that the asset will reach a resistance level of $100 around January and February, and then experience a drop to around $60, followed by another surge to reach $200 in late 2024.
In conclusion, the relisting of Solana on Robinhood has the potential to significantly impact its price. Analysts have highlighted the removal of regulatory uncertainties and the potential influx of retail investors as key factors that could trigger a bull run. Additionally, industry experts and researchers have made predictions regarding Solana’s future price, with some forecasting a range of $250 to $300 by early 2024.