Bitcoin (BTC) has surpassed the $70,000 level for the first time in its 15-year history. BTC’s latest rally is likely due to increased inflows into spot BTC ETFs (Exchange Traded Funds) and BTC’s halving, due in April. BTC’s rally might lead other altcoins, such as Solana (SOL), to hit new highs.
SOL is currently up by 13.6% in the weekly charts, 41% in the 14-day charts, and 34.6% over the previous month. Moreover, the asset’s price has increased by 715.1% since March 2023.
Also Read: Solana (SOL) Hits 2-Year High As BONK, WIF Volume Surges
Solana (SOL) was one of the best-performing cryptocurrencies of 2023, and its bullish trajectory seems to continue into this year, which begs the question of whether the fifth largest crypto asset can hit $200 following BTC’s latest price spike.
Will Solana (SOL) reach $200 soon?
According to CoinCodex, Solana (SOL) could breach the $200 mark this week, hitting $202.28 on Mar. 16, 2024. Reaching $202.28 from current levels would translate to a growth of about 37.8%. Moreover, the platform does not anticipate SOL’s rally to stop there. According to CoinCodex, SOL could go as high as $492.16 on Apr. 7, 2024, an increase of about 235% from current levels. Hitting $492.16 would also be a new all-time high for the asset.
Also Read: Solana (SOL) Forecasted To Hit $235: Here is When
Changelly also paints a bullish picture for Solana (SOL). According to the platform, SOL could hit $398.33 by the end of this month, rising by over 171% from current levels. Moreover, the platform predicts SOL to hit $495.61 by Apr. 6, 2024, a rally of nearly 238% from current levels.
With Bitcoin (BTC) approaching its next halving cycle in April, we may see another massive rally in the crypto market, with many altcoins hitting new all-time highs.