In an environment of notable price movements, the popular altcoin Solana (SOL) has made a serious climb. SOL has continued its ascent, gaining an additional 5 percent in value over the last 24 hours, reaching the $145 level. As the popular altcoin approaches the critical threshold of $150, excitement within the community is growing.
Solana’s Price Rally
According to analysis by leading on-chain data provider Santiment, the $150 level is a significant turning point for SOL. This level was last seen on January 16, 2022, and the popular altcoin is approaching this level for the first time since then.
Despite the rising expectations surrounding Solana, analysts point to a lack of enthusiasm typically associated with the fear of missing out (FOMO), which could potentially lead to a softening of the rally. However, historical trends in the cryptocurrency market have shown that doubt often acts as a catalyst that drives prices up. With Solana’s price on the verge of the critical $150 price level, market observers are waiting for more developments to measure the price trajectory.
Many market analysts are forecasting a strong rally for Solana, with some predicting it will surpass $200. The strong trading activity of Solana-based memecoins like Dogwifhat (WIF) is providing significant support for the anticipated price rally of SOL. Particularly, the interest of major market players in purchasing SOL at current prices has increased following the announcement of Pantera Capital‘s plan to raise $250 million to buy all SOL assets of the bankrupt cryptocurrency exchange FTX.
Analysts Expect SOL to Refresh Record Highs
Despite the current upward momentum, SOL is still priced 43 percent below its previous all-time high (ATH) of $259 reached in November 2021. Nevertheless, experienced cryptocurrency analyst Altcoin Sherpa maintains optimism about SOL’s future performance, suggesting it could surpass its previous ATH and set new records in the current market cycle.
While Altcoin Sherpa notes that SOL’s price reaching a thousand dollars in the next bull run as claimed is unlikely, he emphasizes that the altcoin has significant potential for a substantial increase.
