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- Analysts have hinted that Jupiter (JUP), Render (RNDR), Chainlink (LINK), Bonk (BONK), and XRP could record a 20X surge after the approval of a spot Solana (SOL) ETF.
- Bonk is expected to surge as high as $0.0006354 as 1 trillion tokens are in line to be eliminated from circulation.
Bloomberg analyst Eric Balchunas disclosed that the spot for the Solana Exchange Traded Fund (ETF) could be approved next year. Fascinatingly, this could have a significant impact on the Solana-based tokens as analysts compile a list of five (5) assets that could record a 20X.
Jupiter (JUP)
Jupiter is currently trading at $0.85 after surging by 5.23%. However, it has lost 17% of its weekly value and declined by 25% in the last 30 days. According to analysts, a potential approval of the spot Solana ETF could send the asset to $17. Confirming this prediction, an analyst identified as Altcoin Scholar believes that JUP could hit at least $10 in the upcoming bull run.
Render (RNDR)
Render was trading at $7.7 at press time after surging by 9% in the last 24 hours. However, the asset has declined by 12% in the last seven days and 4% in the last 30 days. According to analysts, a SOL ETF approval could position the asset at $154 in the bull run. Meanwhile, crypto analyst Exotrader believes that Render could hit $24 in the near term once it successfully holds above the $6.9 support level.
Chainlink (LINK)
LINK was trading at $23.8 at press time after surging by 5.6% in the last 24 hours. Meanwhile, its weekly return remains 15% down, according to our market data. Analysts expect the asset to rise as high as $460 once SOL ETF gets approval under the new US administration. For this to happen, the asset would first need to break out of a crucial resistance range of $18.4 to $26.3 range. According to analyst Ali Martinez, 57.2 million LINK was purchased by 100,220 addresses at this level.
BONK
Bonk was trading at $0.00003177 at press time after declining by 11% in the last seven days and 33% in the last 30 days. According to analysts, this meme coin could hit $0.0006354 next year. In addition to the potential SOL ETF approval, this significant surge could be triggered by the expected burn of 1 trillion tokens. In September, Bonk announced that it would be working with Osprey Funds to launch an Exchange-Traded Product (ETP) in the US, as we earlier reported.
XRP
XRP is currently trading at $2.2 after surging by 3% in the last 24 hours. According to analysts, an approval of a SOL ETF could increase anticipation of a potential approval of an XRP ETF. In this case, XRP could surge as high as $44.
Meanwhile, analysts expect this asset to make an initial run on January 20, 2025, soon after the inauguration of Donald Trump. The official takeover of Paul Atkins as SEC chair could also be a bullish catalyst for the asset as experts predict a possible withdrawal of the lawsuit against Ripple. For analyst Dark Defender, XRP could hit $18 in this market cycle.
Apart from the above-listed tokens, other assets that could directly benefit from the SOL ETF approval include Dogwifhat (WIF), Raydium (Ray), Peanut the Squirrel (PNUT), and Popcat (POPCAT).
