The digital currency Solana (SOL) has seen a notable rise, reaching a value of $176, following Bitcoin‘s ascent back to $71,500. This increase comes after predictions that a close above $158 could catalyze a surge to record highs for SOL Coin—a forecast that is now materializing.
Solana’s Upward Momentum
The surge in Solana’s value is attributed to multiple factors, including the buzz surrounding an upcoming airdrop, investors postponing sales to capitalize on higher returns, and the overall recovery of Bitcoin’s price. Cryptocurrencies such as WIF and BONK have also contributed to the upward trajectory, with SOL Coin now aiming for new heights beyond the previously resistant $150 level.
Despite the blow dealt by the FTX collapse, Solana has witnessed a series of positive developments, including an offer by Pantera to acquire $200 million worth of SOL Coin from FTX, injecting confidence into the market.
Potential Price Targets for SOL Coin
From its nadir below $9, SOL Coin has skyrocketed by almost 1970% over 441 days, meaning a $100 investment then would now approach $2,000. The breach above $158 suggests an upward price target of $205.
With bullish momentum, Solana has attained $178, a level last seen in early January 2022, as investors who anticipated breaks above $158 have fueled the rally. Other cryptocurrencies like BNB and AVAX are also on the rise, implying that a broader market rally may be underway. With Bitcoin’s recent consolidation, investors appear to be reallocating capital towards these altcoins.
Should current trends persist, SOL’s value is expected to hit $205 and potentially climb to $219 and $242. With sufficient market demand, an all-time high of $260 could well be surpassed, with prices reaching $300 or more.