As Solana has continued to perform well over the last day, one expert has predicted a new all-time high for the asset amid the ongoing SOL reversal. Indeed, the cryptocurrency has increased by more than 2.6% over the last 24 hours, according to CoinMarketCap.
The surge has propelled the asset above $142, as it has continued to seek momentum for a further rally. Moreover, its recent performance has seen it break a 30-day trend of declines that ended after the meme coin market surge that dominated the industry in March.
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Solana Predicted to Reach All-Time High Amid Reversal
2024 has been a rather inconsistent year for Solana as a network, and SOL as an asset. The network was home to a plethora of meme coin surges this year. Specifically, newcomers like Dogwifhat (WIF) have had a massive impact on the prominence of blockchain.
Their meteoric rise led the network to even surpass Ethereum in DEX volume at points. However, since March, SOL has been on the downswing. The asset has been on the decline due to an overarching market downturn but has found some potential to surge amid its performance over the last day.
Specifically, Solana has been predicted to reach an all-time high as SOL looks to be reversing course. Zeta Markets founder Tristan Frizza has projected the asset to surpass its current all-time high of $260, according to CryptoNews.
Also Read: Solana-To-Bitcoin Cross-Chain Bridge To Launch In Q3 2024
“Solana, as an ecosystem, is here to stay. It continues to be a leader in terms of active addresses, transactions, and volumes,” Frizza stated. “The recent challenges with network congestion have served as a catalyst for improvements in the network, the user interface, and the speed of decentralized applications.”
However, it isn’t just Frizza who has high hopes for Solana. Indeed, $1.6 trillion asset manager Franklin Templeton has recently forecasted Solana to enter the top 3 cryptocurrencies on the market.
The firm stated its belief that SOL could be on its way to being discussed alongside Bitcoin (BTC) and Ethereum (ETH) as market leaders. If that is to take place, its ascent to a new high at some point in 2024 will certainly be on the cards.