Analysts Predict Significant Growth for Solana (SOL) Against Bitcoin (BTC)
Analysts are closely monitoring Solana (SOL) for substantial growth against Bitcoin (BTC), anticipating a return to its spring 2022 highs.
According to a tweet from cryptocurrency analyst KALEO, SOL/BTC appears poised for another upward move, potentially reaching around $200 per SOL if Bitcoin prices maintain their current range.
Market Overview
This prediction comes amid a vibrant crypto market, where Bitcoin recently achieved a new all-time high of $69,200. The surge was fueled by the approval of new spot ETFs by US regulators and a subsequent influx of capital into the market.
Solana’s Performance
Solana’s performance over the last 24 hours has attracted attention from analysts. The cryptocurrency’s price fluctuated between $127.84 and $142.01, eventually settling at around $135.30. This represents a 5.4% increase against the dollar and an 8.0% increase against Bitcoin, showcasing its growing strength in the crypto market.
Further cementing its position, Solana has now become the fourth-largest cryptocurrency by market capitalization.
Bitcoin’s Record-Breaking Surge
The cryptocurrency market has been ablaze with Bitcoin’s record-breaking rally, surpassing its previous all-time high to trade at $69,200. This milestone followed the U.S. regulators’ green light for a series of spot Bitcoin exchange-traded funds (ETFs), including those issued by financial behemoths like Fidelity and BlackRock.
The move attracted over $7.5 billion into these ETFs, significantly boosting Bitcoin’s valuation and reinforcing its position as the leading cryptocurrency.
Analysts like Anthony Pompliano attribute this surge to the growing mainstream acceptance of Bitcoin, massive inflows into the market, and the bullish sentiment surrounding its future prospects.
