Solana (SOL) is primed for a breakout, with analysts forecasting a surge to a new all-time high before the end of 2024. The asset’s price currently sits at $144.68, up 8% in the past month. SOL has faced a slight correction in the past week, but bulls are still heavily backing a surge in Q4.
Crypto analyst Jelle believes that Solana’s steady performance is a strong indicator of a major upward move. The analyst suggests that the token’s on its way to returning above $200 and beyond following long-term consolidation. Jelle says in a recent post to X that Solana is gradually advancing toward higher levels, despite the broader market experiencing a downturn for months.
Could Solana SOL Reach A New All-Time High In Q4?
Solana (SOL) has been touted as one of the best-performing assets this year. The altcoin went from trading at a low of $19 just a year ago to a high of $200 and beyond. This marked a 670% spike in just 12 months. Now, increased network activity, strong partnerships, and market sentiment could facilitate a bullish outlook for Solana in October. Its total value locked has reached approximately $5.5 billion, a multi-month high, according to data from DefiLlama, which further supports bullish projections.
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. Now, more attention is being drawn to crypto as an investment option following US dollar fears. Thus, the majority of the top ten crypto assets by market cap have risen in the past weeks.
It is a steep chance for SOL to reclaim its all-time high of $258 before the end of the year. However, it is far from impossible. Solana currently trades nearly 40% below its all-time high. While the bullish predictions may seem unrealistic, SOL has surged by over 600% throughout the past year. As a result, Solana’s possible ascent to $500 wouldn’t come as a surprise to market watchers.