Solana (SOL) followed a similar path to glory with the rest of the market. While several assets were reaching new peaks, Solana could be on the verge of reclaiming its all-time high. This comes after the asset successfully managed to take over Binance Coin (BNB) as the fourth-largest cryptocurrency. The real question is if SOL can move beyond its peak and reach a much higher mark.
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Looking Into Solana’s All-Time High
Solana hit an all-time high of $260 back in 2021 about three years ago. The altcoin is currently 6.91% below its peak. At press time, SOL was trading at $240.77 following a 1.62% spike over the past 24 hours. In addition to this, the asset rose by a staggering 55% throughout the past 30 days.
The latest surge came from the possible rumors around a possible Solana ETF. As major executives from VanEck and BlackRock expressed divergent opinions over the potential launch of an SOL exchange-traded fund (ETF) in the US, the asset began to rise.
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Is $400 Unrealistic?
Several predictions were rolling in for Solana. The most popular one has been $500. Analysts were suggesting that the altcoin would hit $500 in the coming year. However, prominent analyst Ali Martinez revealed that SOL could reach $400. But for this to occur, the asset will have to clear its all-time high.
Martinez pointed out that Solana has been breaking out from the Cup and Handle pattern on the monthly timeframe. This pattern is when the price movement of an asset resembles a cup which is followed by a downward trending price formation.
In addition, the Solana community is optimistic about the asset’s price surge. According to CoinMarketCap, 86% of the 112902 votes believe that the altcoin could witness a rise sooner than later. About 14% of them were not confident about SOL surging.
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