Solana (SOL) and Binance’s BNB token hit all-time highs over the last few weeks. SOL hit a new peak of $263.21 on Nov. 23, 2024. BNB, on the other hand, hit a high of $788.84 on Dec. 4, 2024.
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Why Did Solana And Binance’s BNB Hit New Peaks?
Apart from SOL and BNB, TRON (TRX) and Pepe (PEPE) also hit new all-time highs over the last few weeks.
SOL and BNB’s recent climb to new highs came amid Bitcoin (BTC) breaking into a rally. The cryptocurrency market witnessed a bullish outbreak after Donald Trump won the US Presidential election. Trump’s pro-crypto stance led to many assets rallying.
Trump recently named a new SEC chair, which was seen as a victory for the crypto community. Outgoing chair Gary Gensler is often viewed as a villain in the crypto sector. SOL and BNB may have benefitted from the news of the new SEC chair.
Another bullish development was Trump naming a new White House crypto czar. This move could lead to significant developments in the crypto space.
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Which Coin Will Reclaim Its All-Time High First?
SOL is down by 18% from its peak. On the other hand, BNB is down by 9.9% from its all-time high.
According to CoinCodex, Binance’s BNB token will hit a new all-time high later this month. The platform anticipates the asset to hit $834.50 on Dec. 30, 2024. Hitting $834.50 from current price levels will entail a rally of about 17.88%.
On the other hand, CoinCodex anticipates Solana (SOL) to trade at $226.43 on Dec. 30, 2024. Hitting $226.43 from current price levels will translate to a rally of about 4.84%.
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According to CoinCodex’s analysis, Binance’s BNB will hit an all-time high before Solana (SOL). Things may unfold differently than anticipated. SOL could break into a rally over the next few days and reclaim its peak before BNB does. How the coins perform over this month is yet to be seen.
