Bitcoin (BTC) has surpassed the $70,000 stage for the primary time in its 15-year historical past. BTC’s newest rally is probably going because of elevated inflows into spot BTC ETFs (Change Traded Funds) and BTC’s halving, due in April. BTC’s rally may lead different altcoins, corresponding to Solana (SOL), to hit new highs.
SOL is at the moment up by 13.6% within the weekly charts, 41% within the 14-day charts, and 34.6% over the earlier month. Furthermore, the asset’s worth has elevated by 715.1% since March 2023.
Solana (SOL) was one of many best-performing cryptocurrencies of 2023, and its bullish trajectory appears to proceed into this 12 months, which begs the query of whether or not the fifth largest crypto asset can hit $200 following BTC’s newest worth spike.
Will Solana (SOL) attain $200 quickly?
In accordance with CoinCodex, Solana (SOL) might breach the $200 mark this week, hitting $202.28 on Mar. 16, 2024. Reaching $202.28 from present ranges would translate to a development of about 37.8%. Furthermore, the platform doesn’t anticipate SOL’s rally to cease there. In accordance with CoinCodex, SOL might go as excessive as $492.16 on Apr. 7, 2024, a rise of about 235% from present ranges. Hitting $492.16 would even be a brand new all-time excessive for the asset.
Changelly additionally paints a bullish image for Solana (SOL). In accordance with the platform, SOL might hit $398.33 by the tip of this month, rising by over 171% from present ranges. Furthermore, the platform predicts SOL to hit $495.61 by Apr. 6, 2024, a rally of almost 238% from present ranges.
With Bitcoin (BTC) approaching its subsequent halving cycle in April, we may even see one other large rally within the crypto market, with many altcoins hitting new all-time highs.
