Solana News: SOL Price Eyes $160 Target with High ETF Approval Chances

With 89% Chances of an ETF Approval, Will SOL Price Reach $160 This Month?

Solana (SOL) is becoming more popular with growing Optimism around the token. The main reason for the rising probability of a Solana ETF is its lead in ETF applications compared to XRP. The chain has been outperforming other platforms in terms of DEX activity and volume, hinting towards its growing popularity. Despite the positive outcomes and the current rebound in the SOL price, there are fears of a pullback to $125 due to a drop in Solana market data.

Solana Meme Coin Sent New JellyJelly App Off to a Sweet Start

The launch of the Solana meme coin, JELLYJELLY in January prompted signups for an app to soar and a community to form, even after it fell 98% from its all-time high. Iqram Magdon-Ismail, a Venmo co-founder, told Decrypt that nearly two months after its creation, JellyJelly, which debuted on Pump.fun, is set to be integrated into the app. JELLYJELLY climbed to a $250 million market cap after being tied to an in-development AI-powered podcasting app of the same name, but there were no concrete plans on how the token would be used and it has since crashed to just $6 million. Magdon-Ismail maintains that the JELLYJELLY token will be implemented into the app soon.

Solaxy Price Prediction and Ambitions

Solaxy price prediction is a hot topic among crypto investors. While some are interested in Solaxy’s presale, others are focusing on Dawgz AI, a meme coin that provides staking rewards. Solaxy is building the first Layer-2 scaling solution for Solana to tackle congestion issues and enhance transaction speeds.

Solana Co-Founder Pushes for Decisive Governance After SIMD-0228 Rejection

SIMD-0228, a Solana Improvement Document, failed with 61.4% approval, falling short of the 66.67% threshold despite 74% validator participation. Solana’s inflation rate remains at 4.66%, with 3% of the total supply staked, impacting staking yields and validator profitability. Despite the rejection, analysts predict that SOL could hit $200 by March, fueled by bullish sentiment and market trends. Anatoly Yakovenko, the co-founder of Solana, defended the rejection of SIMD-0228, claiming that prompt governance action is essential. Yakovenko stated that disputes surrounding governance systems will be resolved in Solana’s favor, and the failure of this proposal is a milestone in the attempt to build a self-governing Solana ecosystem. He emphasized the need for Solana’s governance to be fast and decisive.