Public account: Lazy King Squirrel
Bitcoin has just hit a new all-time high of $99,000, stealing the spotlight from the cryptocurrency market! At the same time, Altcoins are either delayed or holding support levels, waiting for a breakthrough. The fourth-largest cryptocurrency Solana hit a new all-time high, soaring above $263, breaking the record set in October 2021.
This rebound marks a dramatic turnaround in the SOL price, which plummeted 95% from the crypto winter (down to $8 by the end of 2022). In the past 24 hours, SOL has risen 11%, up 360% year-on-year, consolidating its position as one of the best-performing tokens in the market.
So, what has driven this bull market? Let's take a closer look!
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Key Catalysts Driving the Rise of SOL
Driven by meme coin trading and the thriving decentralized finance (DeFi), the Solana ecosystem is vibrant. Its fast, low-cost blockchain has become a favorite among developers and traders, fueling optimism and consolidating its leading position in the cryptocurrency field.
With a potential surge, a Solana spot ETF in the US is expected to emerge. With the victory of Donald Trump and the impending resignation of SEC Chairman Gary Gensler, the regulatory outlook will take a more lenient stance towards crypto assets. Reports of positive negotiations between the SEC and ETF issuers further boost confidence, boding well for Solana's future.
Whales Driving Up the Price
Lookonchain revealed that large investors (or whales) have been buying and staking large amounts of SOL. One wallet withdrew $11.14 million worth of SOL, and another wallet purchased $23.86 million worth of SOL and staked it. These actions indicate that confidence in Solana's future is growing as its price continues to rise.
How High Can SOL Go?
Crypto analyst CryptoRus predicts that Solana (SOL) will see a significant surge, with the potential to reach $5,000 in the current market cycle - a 1,965% increase from the current level. This forecast is based on a cup-and-handle pattern on the weekly chart, with SOL breaking through the $208 resistance and planning to break its all-time high of $259.72 to confirm the breakout.
Solana's strong fundamentals support this outlook, including surpassing Ethereum in DeFi trading volume and growing increasingly popular among developers, especially in the meme coin space. However, the bullish scenario depends on SOL maintaining above $110; a drop below this level would invalidate the optimistic prediction.
