With Solana being considered among crypto’s big three, one expert has stated that Bitcoin and Ethereum can carry SOL to a price of $250 this year. Indeed, BitMEX co-founder Arthur Hayes recently discussed how Solana could be set to benefit alongside the market’s top two assets.
SOL has been stuck at its $145 price for a notable period of time. Over the last month, it has only dropped 0.04% according to CoinMarketCap. Still, it boasts tremendous potential. Hayes notes that it could skyrocket to a near-all-time high amid a 2024 bull rally.
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How BTC and ETH Can Clear Path for SOL to Hit $250 in 2024
This year has been a tale of two outcomes for Solana. In late July, the asset surpassed the $190 level in an impressive surge. Although many hoped it was a sign of things to come, it struggle mightily from the crypto flash crash that took place on August 5th. That forced the asset to lows of $110.
Although it has recovered nicely, it is caught in a consolidation phase at its current level. However, one expert believes there are gains in store for Solana, but it will depend on Bitcoin and Ethereum to drive SOL upward.
BitMEX co-founder and former CEO Arthur Hayes authored a blog post exploring this possibility. Although he noted Solana could hit $250, that landmark depended on how the two leading cryptocurrencies would perform. Specifically, BTC would have to surpass $70,000, and ETH would have to reach $4,000.
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That is certainly not out of the question, but not as simple as it reads. Bitcoin set an all-time high of $73,000 in March of this year. However, it hasn’t hit the $70,000 threshold since late May. Alternatively, Ethereum last reached the $4,000 mark in March of this year.
Currently, hope is being placed in increased activity. Solana has seen its trading volume surge 19% in the last 24 hours. With selling pressure decreasing, bullish sentiment could drive a buying spree for the token. If that takes place, the token could target an increase to $160 or even $180. Yet, it may require the work of BTC and Ether to drive it even higher.