Solana (SOL) is exhibiting strong bullish signals, currently trading in an ascending triangle pattern with a potential breakout above the $200 resistance level. The token has surged 60% over the past two months, with an 11.7% gain in the last week alone. Trading volume has spiked 57% in the past 24 hours, indicating significant investor interest.
Technical analysis from analysts like @ali_charts (152K X followers) suggests SOL could reach $222 upon breaking $211, with a year-end target of $360 based on Fibonacci extensions. This optimism is fueled by Fed Chair Jerome Powell's August 22 Jackson Hole speech hinting at potential interest rate cuts, which triggered an immediate 14% SOL pump. Powell stated: "With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance." Market participants interpret this as bullish for risk assets like crypto.
Institutional support is growing, with Sol Strategies disclosing a treasury holding of 420,706 SOL (~$87M). Polymarket predicts over 99% odds for a Solana ETF approval in 2025, with VanEck, Fidelity, Grayscale, and Franklin Templeton already filing for products including a JitoSOL ETF offering staking rewards.
Meanwhile, Snorter Token (SNORT) has raised over $3.4M in its presale (current price: $0.1023). The project is developing a Telegram trading bot designed to snipe meme coins on Solana with features including front-running protection, rugpull detection, copy-trading, and limit orders at 0.85% fees (claimed lowest in industry). The bot will initially launch on Solana before expanding to Ethereum, BNB Chain, and other EVM networks. SNORT staking currently offers 131% APY, though yields may decrease as more participants join.
Analysts project SNORT could reach $0.94 by end-2025 (an 819% increase from presale price), potentially benefiting from Solana's ecosystem growth and the expanding meme coin market, which has grown 61% in the past year.