The cryptocurrency market witnessed several assets reaching new peaks over the past month. Several predictions became real as Bitcoin (BTC) lingers to $100,000. Amidst this, Solana (SOL), another popular cryptocurrency, made headlines. The altcoin managed to record a new high this month. But how soon can the asset hit a new peak?
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Solana’s Ascent To Its All-Time High
Solana has been a promising asset over the past year. During this period, the altcoin surged by a staggering 336%. Last week, SOL surged to a high of $263.83, marking a new peak. At press time, the asset was trading at $255.62 following no major surges or dips over the past 24 hours. It should be noted that SOL is currently 3% below its all-time high.
Due to Gensler’s dismissal, the likelihood of a spot Solana ETF being approved in the next months has increased. This will allow institutional capital to pour into the Solana market. In addition, Bitwise recently joined VanEck and Canary Capital in submitting S-1 paperwork to the SEC. The future is bright for Solana investors who stuck with the chain during its 97% bear market fall, as many traders are waiting for a new all-time high.
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New-All Time High A Reality?
According to data from CoinCodex, Solana investors will have to wait for some more time before the asset scores big. The firm revealed that SOL will not be able to achieve this level in the month of November. Solana will rise all the way to a high of $264.51 on December 11. This marks a 3.60% rise from its current from its current price level.
As seen in the image, throughout the second week of December the altcoin is expected to record multiple highs. If SOL continues this momentum, the asset might surge to $300 before the end of the year.
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