Solana Hits 7-Month High Price as Bitwise Exec Foresees 'Epic End-of-Year Run'

Core Insights - Solana is experiencing a resurgence, with a price increase of over 4% in the last 24 hours, reaching $223, and a 25% rise over the past 30 days, making it the top gainer among the top 10 crypto assets by market cap [1][2] Group 1: Market Conditions - The current market conditions for Solana include significant inflows from exchange-traded products (ETPs) and strong corporate treasury purchases, which are seen as key drivers for potential returns [2] - Digital asset treasuries focused on Solana have accumulated over $400 million worth of SOL from publicly traded firms like Upexi and DeFi Development Corp. since the beginning of the year [3] Group 2: Future Prospects - Forward Industries announced a $1.65 billion private investment in public equity (PIPE) raise, which could lead to the establishment of the largest publicly traded SOL treasury if over 25% of the proceeds are allocated to Solana [4] - Approval decisions from the SEC regarding spot ETFs for Solana and other cryptocurrencies are anticipated, with analysts suggesting that Solana ETF approvals are likely in 2025 [5] - The relative size of Solana compared to Bitcoin and Ethereum means that inflows could have a more significant impact on its price, with a $1.6 billion purchase of Solana shares equating to $33 billion in Bitcoin purchases [6] Group 3: Market Sentiment - Predictors on Myriad Markets indicate a growing optimism for Solana, with a 57% chance of reaching a new all-time high by the end of the year, and a 23% shift in favor of achieving this milestone by 2025 [6]