Solana (SOL) is making waves in the cryptocurrency market as its price inches closer to a significant breakout above $150. This level hasn’t been seen in over two years, sparking excitement among crypto enthusiasts. Despite the current market volatility, SOL has gained an additional 5% and reached $145.
On-chain data provider Santiment highlights that SOL’s approach to the $150 mark is a significant milestone, as it hasn’t been at this price level since January 2022. As the 5th largest cryptocurrency by market capitalization, SOL has garnered a slightly bullish sentiment from the crowd. However, some analysts note that the sentiment lacks the typical FOMO fervor that often accompanies a rally.
Doubt has historically fueled price increases in the cryptocurrency market, and all eyes are now on SOL’s next move as it stands at this crucial price point. Market observers eagerly await further developments to gauge the trajectory of SOL’s ascent.
Market analysts have been predicting a strong rally for SOL, with expectations of reaching $200 and beyond. The trading activity of Solana-based meme coins, such as Dogwifhat, provides significant support for the SOL price rally. Moreover, big market players have shown growing interest in acquiring SOL at its current price, as evidenced by Pantera Capital’s decision to raise $250 million to buy all the Solana holdings of FTX.
Despite SOL still lagging behind its previous all-time high of $259 reached in November 2021, crypto analyst Altcoin Sherpa remains optimistic. He believes that SOL will surpass its previous ATH in the current market cycle, with the potential for a rally to $1,000 not out of the question. Altcoin Sherpa tweeted, “$SOL: This will cleanly break all-time highs this cycle, the only question is how high. $500 is probable, something obscene like 1000 isn’t out of the question imo.”
With the market eagerly anticipating SOL’s breakout above $150, all eyes are on this cryptocurrency as it continues on its upward trajectory. The potential for a rally to $500 and beyond has sparked both curiosity and enthusiasm among investors and analysts alike.