Bitcoin price has reclaimed the $71,500 mark, energizing Solana bulls, with the price now at $176. We have been writing for days that closing above $158 could push the SOL Coin price to new all-time highs. It seems the expected scenario is now unfolding. So, what’s the latest on the SOL Coin front?
Why Is Solana (SOL) Rising?
Solana’s price is rising due to the anticipation of a new airdrop, investors holding off on selling for high profits, and the recovery in BTC price. With altcoins like WIF and BONK, the price that was once pushing against the $150 barrier is now setting its sights on new peaks after closing above $158.
After the FTX collapse, the cryptocurrency suffered significant losses, but we’ve seen many supportive events since then. The latest was the news that Pantera offered to buy $200 million worth of SOL Coin from FTX for investors.
The diminishing impact of FTX sales and rumors that remaining assets will be sold OTC by buyers like Pantera are driving the spot price higher.
SOL Coin Price Target
After bottoming out below $9, the SOL Coin price has soared by approximately 1970% in 441 days. This means that an investment of $100 at the bottom would have grown to nearly $2,000. Moreover, closing above $158 indicates that the price is targeting $205.
As we have long stated, SOL Coin bulls are targeting the ATH (All-Time High) zone. Confirming this, the price reached $178 as investors waiting for closes above $158 joined the rally. This level was last seen on January 3, 2022.
Assets like BNB and AVAX are also rapidly increasing in price, suggesting that anticipated rallies in larger market cap cryptocurrencies may have started. While BTC has been fluctuating within a narrow range recently, capital is now shifting more intensely to these cryptocurrencies.
If the expected scenario unfolds, the price should reach $205 and then $219, followed by $242. Depending on the demand at these levels, it wouldn’t be surprising to see the all-time high of $260 move to $300 and above.
