The cryptocurrency market appears to be entering another rally as Bitcoin (BTC) reclaims the $51k mark. With BTC hitting its highest levels since 2021, other cryptocurrencies are following suit. Solana (SOL), one of the best-performing cryptocurrencies of 2023, has spiked by 21.3% in the weekly charts, 14.3% in the 14-day charts, and 21.6% over the previous month. Moreover, the asset is up by over 450% since February 2023.
Also Read: Solana: Here is How High SOL Can Go in February 2024
BTC’s latest rally could be due to accelerated inflows into BTC ETF (Exchange Traded Fund) products, a sign of institutional accumulation. Institutional inflows usually tend to move markets. Moreover, BTC has a history of recording higher prices on Valentine’s Day.
Can Solana (SOL) hit $130 next?
According to CoinCodex, SOL’s price will surge to $130 on Feb. 20, 2024. Reaching $130 from current levels would translate to a growth of about 12.5%. Moreover, the platform anticipates SOL to rise to $136 by mid-March.
Also Read: Solana (SOL) To Rally 38% and Hit $140 Next: Predicts Analyst
Also Read: Solana: Analyst Who Called Bitcoin Bottom Predicts SOL to $150
Changelly, on the other hand, predicts SOL to hit a high of $124.94 on Feb. 19, 2024, before heading down. Reaching $124.94 from current levels would translate to a growth of around 8%.
Telegaon also paints a bullish picture for Solana (SOL), predicting a maximum price of $165.16 in 2024. However, the platform does not clarify when the asset may reach this level. Hitting $165.16 from current levels would translate to growth of about 42.8%.
Moreover, SOL may surpass the $130 level if the cryptocurrency market enters another 2021-like bull run, fuelled by BTC’s halving event in April. BTC is inching closer to its 2021 levels and may hit a new all-time high this year.