Solana (SOL) Price Predictions: $300 Target in Sight as Coinbase Derivatives Gears Up to Launch SOL Futures Contract

The projections for Solana price are coming into the limelight again as Coinbase Derivatives gears up to launch its SOL Futures contract product later this month.

Coinbase Derivatives is set to launch its Solana (SOL) Futures contract product later this month, as per a filing with the US Commodity Futures Trading Commission (CFTC).

The product, set to launch on February 18 based on self-certification, will be cash-settled and complement related futures contracts tracking Bitcoin, Ethereum, Litecoin, and Dogecoin, among others.

As part of the filing, Coinbase highlighted that only traders who agree to make two-sided markets, according to its quoting, will be eligible for the offering.

The trading platform also mentioned that the margined contracts will benefit members of its ecosystem through improved liquidity.

The potential launch of this Solana futures product comes as many firms are launching related products in the US. Earlier, Franklin Templeton launched tokenized funds on Solana, putting SOL in the spotlight.

Solana price breached multiple milestones in recent months and registered its current All-Time High (ATH) at $294.33 on January 19. The coin’s rally to this high was fueled by the hype that followed the launch of TRUMP and MELANIA memecoins.

Beyond the Coinbase Derivatives offering, Solana’s price has other positive catalysts that might trigger its run. However, current market sentiment shows ongoing bearish consolidation across the board.

At the time of writing, SOL price was changing hands for $193.49, down by 1.75% in 24 hours.

Solana is the only coin in the top 10 that remains in a bearish drawdown, as BTC is leading a market recovery.

Known for its growing ecosystem and ability to pick solo bull rallies, VanEck projected a $520 price target for SOL by the end of the year.

Onchain technical indicators show a building momentum for growth for the coin. The Relative Strength Index (RSI) of 40.3 and the Simple Moving Average (SMA) show a breakout is lurking around.

If the projections and indicators materialize, Solana may jump above the $300 ATH resistance soon.

The recent breakout in celebrity tokens and potential Solana ETF products also boosts the appeal of the digital currency.

Asset managers are pushing for the ETF product to grant more access to institutional players, an adoption that might also fuel long-term price trends.

Bloomberg Analysts notably project a 70% chance of approval for the SOL ETF.

While analysts are optimistic about the coin, its lagging network challenges might impede its growth in the short term.