Solana (SOL) is currently the best-performing crypto among the top 10 projects. The token’s price has spiked by 10.1% in the last 24 hours and by 22.7% in the weekly charts.
The U.S. SEC (Securities and Exchange Commission) withdrawing its lawsuit against Ripple executives may have played a hand in the latest market spike. On the other hand, the U.S. dollar returned to a 2023 high. Although this is usually a bearish sign for crypto, Santiment notes that “digital gold and physical gold are moving up in tandem.”
Can Solana (SOL) hit $30?
Since the beginning of the year, SOL is up by almost 165%, more than double that of Bitcoin’s (BTC) near 76% growth in the same timeframe. Solana’s growth is especially commendable, given that the project was severely affected after the collapse of FTX. The token’s price went from a high of $36.72 on Nov. 6, 2022, to a low of $9.77 by late December. However, the project displayed exceptional resilience and continued to innovate and push through the hardships.
According to the machine learning algorithm at PricePredictions, Solana (SOL) will continue to display a bullish outlook in November. The platform forecasts a price of $28.18 on Nov. 19, a growth of 6.7%.
CoinCodex, on the other hand, anticipates SOL to reach $29.27 by Nov. 16, a growth of 10.83% from current price levels.
Since both platforms project a bullish trajectory for Solana (SOL) in the short term, the token may soon hit $30. Moreover, many anticipate a crypto market rally as we get closer to Bitcoin’s (BTC) halving, scheduled for April 2024.