As Coingecko revealed, Solana (Sol) broke the $200 mark for the first time in five months. The asset achieved 5.3% on the daily chart, 22.6% on the weekly chart, 31.7% on the 14-day chart, and 44.4% on the previous month. If things continue to go this way, Solana (SOL) could then reach the $250 mark or even surpass the previous highest of $293.31.
Why is Solana rising? Can I hit $250 next?
Sol’s latest upside could be driven by general market bulls. The latest gatherings of assets may also be supported by a surge in powerful technology and network activity.
Bitcoin (BTC) and XRP both hit new all-time highs last week. Other altcoins also show healthy breakouts. It is quite possible that Sol will follow a similar trajectory.
Sol’s performance over the past two and a half years is astronomical. The asset has dipped to under $10 after the collapse of FTX in 2022. Since the second half of 2022, Sol prices have risen by around 2000%. The asset has proven to be one of the most resilient cryptocurrencies on the market.
The price of Solana (Sol) should rise 27.40% to reach its $250 target. Plus, to regain an all-time high of $293.31, it needs to rise 49.47%. If Sol maintains its current rise, it could potentially reach $250.
At this point the market could swing in any direction. Bitcoin (BTC) shows signs that it will enter the integration phase. The original code was dipped at a price level of $117,000, down 0.9% and 0.2% on daily and weekly charts, respectively. A correction from BTC could cause a larger market decline. Sol prices may plunge under such conditions.