Impact of Robinhood’s Potential Relisting of Solana
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- Analysts take a look at the impact of Robinhood’s relisting of Solana on the price.
- Analyst has predicted that Solana could go as high as $300 in early next year.
In June this year, crypto exchange Robinhood announced its decision to delist three major assets – Cardano (ADA), Polygon (MATIC), and Solana (SOL). According to the exchange, the reason had to do with its latest review of the assets with no elaboration made. Over the period, Solana was in a bearish run as the asset was still struggling from the FTX failure.
In a surprise turn of events, SOL has made a 180 percent surge in the last three months to trade at $57.96, adding $37.30 to its previous price. In the last 30 days, SOL has surged by 81 percent but has declined by 0.31 percent in the last 24 hours. With this incredible performance, a relist of the asset on Robinhood could be a catalyst for a bullish continuation. Analysts listed two main reasons that could trigger a bull run when Robinhood relists SOL.
The first is the removal of regulatory uncertainties. The reason for the delisting of Solana was attributed by some crypto experts to the regulatory concerns from the Securities and Exchange Commission (SEC). It can be recalled that the SEC listed Solana as one of the 12 assets believed to be securities in the lawsuit against Binance. The decision, is, therefore, associated with an abundance of caution according to some crypto experts. Relisting would therefore reduce the fears surrounding the possible crackdown on the asset and could trigger another bull run.
More on the Solana Price Analysis
Another reason why this could be a piece of good news for existing investors is the potential returns of retail investors. Currently, Robinhood provides a real-time market update on Solana but remains untradable. When things change, retail investors can easily trade in the asset. The exchange has more than 10 million monthly active users, and the relisting decision could attract millions of dollars into the ecosystem.
One interesting observation of Robinhood’s users is that most of them are young. According to research, young investors are mostly attracted by tech stocks and cryptocurrencies. Recently, Ark Invest’s CEO Cathie Wood lauded Solana, calling it faster and more effective.
Solana is doing a really good job. If you look at Ethereum it was faster and cheaper than Bitcoin in the day. Solana is faster and more cost-effective than Ethereum.
From the current price, Nathan Jacobs, Senior Researcher at The Money Mongers has predicted that Solana could surge to between $250 and $300 by early 2024.
If Solana stays on its hot streak and dodges tech troubles, I reckon it could hit between $250 to $300 when 2024 rolls in. Its appeal to the [decentralized finance (DeFi)]and [non-fungible token (NFT)] scenes is a huge plus, given its tech chops with fast and cheap transactions.
Derek Rodriguez, founder and CEO of Gridlock, has also predicted that Solana would continue its upward surge to hit a resistance level at $100 around January and February. Also, he predicted that Solana could plummet to around $60, and then take another surge to hit $200 in late 2024.
