Solana Price Prediction: Bitcoin and Ethereum to Propel SOL to $250 in 2022
Solana, known as one of the significant players in the world of cryptocurrencies, is predicted by an expert to potentially reach a price of $250 this year, propelled by the movements of Bitcoin and Ethereum. BitMEX co-founder Arthur Hayes recently delved into the possibilities for Solana, highlighting its potential alongside the two leading assets in the market.
Despite Solana’s price being relatively stagnant at $145 for a considerable period, with only a marginal 0.04% decrease over the past month according to CoinMarketCap, the cryptocurrency is believed to hold promising prospects. Hayes suggested that Solana could surge to near-all-time highs amidst a bullish rally anticipated in 2024.
The journey for Solana this year has been a mix of highs and lows. In a notable spike in late July, the asset surpassed the $190 mark, signaling a potential upward trend. However, the crypto flash crash in early August saw Solana plummet to lows of $110. While it has since recovered, it is currently consolidating around its current level, awaiting potential movements.
Hayes, in a blog post, outlined the scenario where Solana could hit $250, contingent upon the performance of Bitcoin and Ethereum. For this milestone to be reached, Bitcoin would need to exceed $70,000, and Ethereum would have to reach $4,000.
The recent surge in Solana’s trading volume by 19% over the last 24 hours has sparked optimism among investors. With a decrease in selling pressure, there is a possibility of bullish sentiment driving a buying spree for the token. This could potentially lead to Solana aiming for price targets of $160 or even $180. However, further upward movement may rely on the actions of Bitcoin and Ethereum in the market.
Looking ahead, the potential for Solana to reach $250 hinges on the performance of the broader cryptocurrency market, particularly Bitcoin and Ethereum. As the crypto landscape continues to evolve, the interplay between these major assets could pave the way for Solana to achieve new price milestones in the coming years.
