The cryptocurrency market has entered another incredibly bullish phase. Bitcoin (BTC) climbed to a new all-time high of $81,800 earlier today. The global crypto market cap is also inching closer to the $3 trillion mark. Solana (SOL) and other crypto assets follow BTC’s trajectory, hitting new yearly highs.
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SOL has rallied by 2.7% in the daily charts, 30.8% in the weekly charts, 19.7% in the 14-day charts, and 44.9% over the previous month. The asset’s price has also risen by 285.25% since November 2023.
The latest market rally is likely due to Donald Trump winning the US Presidential election. Investors and market participants may have taken bets on Trump’s pro-business and pro-crypto stance.
Will Solana Hit $300 If Bitcoin Reaches $100,000?
Solana (SOL) is currently down by almost 19% from its all-time high of $259.96. Hitting $300 will be a new peak for the asset. To reach $300, SOL has to rally by 42.18% from its current price levels.
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According to the analysts at CoinCodex, SOL will continue its bullish trajectory over the next few days. The platform predicts SOL will trade at $240.82 on Dec. 9, 2024.
On the other hand, CoinCodex predicts BTC will breach the $100,000 mark on Dec. 4, 2024. Going by CoinCodex’s analysis, SOL will not hit $300 when BTC hits $100,000.
According to Changelly, SOL will breach the $300 mark in November 2026, about two years from now.
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Telegaon analysts are more bullish on SOL than Changelly. The platform anticipates SOL to breach the $300 mark in 2024. Despite the bullish forecast, Telegaon does not clarify the month when SOL may hit this level.
