SOL rose by 27.56% last week, hitting a new all-time high (ATH) of $294. Two main reasons for this are the optimism around the potential SOL exchange-traded fund (ETF) launch and enormous trading volumes of Donald Trump’s official token, TRUMP.
On top of that, Solana recently integrated Ethereum’s Solidity language through Hyperledger Solang, which expanded the pool of developers who can contribute to the ecosystem.
These factors make analysts speculate that SOL might hit $615 soon.
Meanwhile, PlutoChain ($PLUTO) could introduce smart contracts on Bitcoin, potentially allowing developers to build complex dApps on top of its reliable infrastructure.
With PlutoChain’s Layer-2 testnet already processing 43,200 transactions daily, it could take a significant load off the Bitcoin mainnet.
Let’s take a closer look.
Solana Eyes $600 as Ecosystem Updates and Anticipated ETF Approval Drive Momentum
SOL currently trades at $237.69, 19% below its ATH of $294.33 recorded on January 19. This surge coincides with the launch of Trump’s official token on Solana, which reached a $13 billion market cap on its first day on exchanges.
As users actively traded the token, the demand for SOL grew, which helped it break the record.
Solana’s ecosystem updates and the much-anticipated SOL ETF approval also spark excitement. Polymarket bettors estimate a 85% chance of the SEC approving a SOL ETF in 2025, particularly now when Gary Gensler stepped down and the regulatory body might get pro-crypto leadership.
X analyst Kelvin predicts SOL would reach $600 based on the Stochastic RSI indicator. Similarly, Lark Davis sees the possibility of SOL hitting $600 in 2025 as very high given its ecosystem growth.
The 10-day and 200-day simple moving averages being below the current price support this prediction. As evident from the golden cross pattern, SOL has also been gaining momentum lately compared to its long-term trend.
However, SOL must first break immediate resistance at $241, which would send it to the next resistance level of $250. The first support is now at $232, and the second at $212.
PlutoChain Could Bring Smart Contracts to Bitcoin In Addition To Offering 2 Second Block Time on Its Own L2 Chain
PlutoChain recently unveiled a Layer-2 solution that might address Bitcoin’s main shortcomings: scalability, interoperability, and programmability.
Bitcoin’s 10-minute block time has historically been a major barrier to its adoption beyond a store of value. Bitcoin also lacks smart contract support, which limits development opportunities. This is why competitors like Ethereum and Solana dominate the dApp sector.
By potentially enabling smart contract functionality on Bitcoin, PlutoChain could expand its use cases and allow developers to build complex applications like DeFi protocols to AI agents.
Users might also benefit from PlutoChain’s Ethereum Virtual Machine (EVM) compatibility, which could bridge Bitcoin with Ethereum for smooth transfer.
The project may present the best of both worlds – Ethereum’s flexibility and Bitcoin’s security, to potentially create an entirely new ecosystem that could drive the next wave of blockchain adoption.
Currently in the testnet phase, PlutoChain handles 43,200 daily transactions with an average block time of just two seconds. High throughput demonstrates that PlutoChain is well-equipped for real-world applications and can scale to meet the demands of a growing user base.
PlutoChain Builds Trust Through Audits and Community Governance
One of the most compelling aspects of PlutoChain is its community-driven governance. Users exercise direct control over the network’s development through on-chain voting on protocol updates.
This way, PlutoChain fosters innovation, aligns the network’s development with user needs, and strengthens community trust.
To further enhance credibility and transparency, PlutoChain passed independent audits by reputable security firms SolidProof, QuillAudits, and Assure DeFi. They analyzed PlutoChain’s smart contract for potential weaknesses and attested that it meets the industry’s strictest standards.
The Bottom Line
Solana’s recent price record demonstrates strong user demand. However, its ability to surpass $600 in this market cycle depends on future ecosystem updates and broader community sentiment.
At the same time, PlutoChain’s hybrid Layer-2 solution could be a game-changer that may resolve Bitcoin’s scalability limitations and expand its applications.
PlutoChain’s innovative technology could position it as a serious contender in the Layer-2 space and potentially disrupt Ethereum’s dominance among dApp ecosystems.
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This article is not financial advice. Past results are not indicative of future returns, and the crypto market is inherently unpredictable. Readers must conduct their own thorough research before purchasing any crypto coin or token. These forward-looking statements are subject to risks and may remain unchanged.
