Analysts have begun to eye Solana (SOL) for significant growth against Bitcoin (BTC), with expectations setting the stage for a return to its spring 2022 highs.
According to a tweet from cryptocurrency analyst KALEO, SOL/BTC appears poised for another upward move, potentially reaching around $200 per SOL if Bitcoin prices maintain their current range.
This prediction comes amid a backdrop of a vibrant crypto market where Bitcoin recently marked a new all-time high of $69,200, fueled by the approval of new spot ETFs by US regulators and a subsequent influx of capital into the market.
Stellar performance sparks interest
Solana's performance over the last 24 hours has caught the attention of analysts.
The cryptocurrency saw its price fluctuate between $127.84 and $142.01, eventually settling at around $135.30.
This represents a 5.4% increase against the dollar and an 8.0% increase against Bitcoin. The sudden jump shows its growing strength in the crypto market.
Further cementing its position, Solana has now become the fourth-largest cryptocurrency by market capitalization.
Bitcoin's record-breaking surge
The cryptocurrency market has been ablaze with Bitcoin's record-breaking rally, surpassing its previous all-time high to trade at $69,200.
This milestone was achieved following the U.S. regulators' green light for a series of spot Bitcoin exchange-traded funds (ETFs), including those issued by financial behemoths like Fidelity and BlackRock.
The move has attracted over $7.5 billion into these ETFs, significantly boosting Bitcoin's valuation and reinforcing its position as the leading cryptocurrency.
Analysts like Anthony Pompliano attribute this surge to the growing mainstream acceptance of Bitcoin, the massive inflows into the market, and the bullish sentiment surrounding its future prospects.
Arman Shirinyan
Mushumir Butt
Godfrey Benjamin
