The cryptocurrency market seems to be entering another bullish phase as we inch closer to October, or as crypto enthusiasts call it, “Uptober.” Bitcoin (BTC) has reclaimed the $65,000 level, and the global crypto market cap has 1.8% to $2.4 trillion. Other assets, including Solana (SOL), follow BTC’s upward momentum, entering a healthy rally. In this price prediction article, let’s discuss if the SOL can hit $200 next.
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SOL is green across the board today, rallying 4.7% in the daily charts, 5.3% in the weekly charts, 16.3% in the 14-day charts, and 6.2% over the previous month. The asset is also among the best-performing cryptocurrencies of the last year, rallying 725.2% since September 2023.
Why Is Solana Rallying?
SOL’s latest rally could be due to a general market bullishness. BTC has hit $65,000 for the first time since early August. The Federal Reserve’s 50 basis point interest rate cut may have led to investors taking more risks.
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Another factor that may have pushed SOL’s price could be the onset of October. Historically, October has been a bullish month for the crypto market.
Price Prediction: Can The Asset $200 In October?
According to CoinCodex analysts, Solana (SOL) will continue trading at around current prices till at least the first week of October. The platform anticipates the asset to break into a rally after Oct. 10, 2024, hitting a high of $178.30 on Oct. 25, 2024. Reaching $178.30 from current levels will translate to a rally of nearly 14%. CoinCodex does not expect SOL to hit $200 in October.
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Changelly also paints a similar picture for SOL. The platform predicts SOL to hit a high of $175.11 on Oct. 25, 2024. Like CoinCodex, Changelly also does not expect SOL to breach the $200 mark next month.
