With Solana being thought-about amongst crypto’s large three, one professional has acknowledged that Bitcoin and Ethereum can carry SOL to a value of $250 this 12 months. Certainly, BitMEX co-founder Arthur Hayes not too long ago mentioned how Solana might be set to profit alongside the market’s prime two property.
SOL has been caught at its $145 value for a notable time period. Over the past month, it has solely dropped 0.04% in response to CoinMarketCap. Nonetheless, it boasts large potential. Hayes notes that it might skyrocket to a near-all-time excessive amid a 2024 bull rally.
How BTC and ETH Can Clear Path for SOL to Hit $250 in 2024
This 12 months has been a story of two outcomes for Solana. In late July, the asset surpassed the $190 stage in a formidable surge. Though many hoped it was an indication of issues to return, it battle mightily from the crypto flash crash that came about on August fifth. That compelled the asset to lows of $110.
Though it has recovered properly, it’s caught in a consolidation section at its present stage. Nevertheless, one professional believes there are positive aspects in retailer for Solana, however it can rely upon Bitcoin and Ethereum to drive SOL upward.
BitMEX co-founder and former CEO Arthur Hayes authored a weblog put up exploring this risk. Though he famous Solana might hit $250, that landmark relied on how the 2 main cryptocurrencies would carry out. Particularly, BTC must surpass $70,000, and ETH must attain $4,000.
That’s definitely not out of the query, however not so simple as it reads. Bitcoin set an all-time excessive of $73,000 in March of this 12 months. Nevertheless, it hasn’t hit the $70,000 threshold since late Might. Alternatively, Ethereum final reached the $4,000 mark in March of this 12 months.
At the moment, hope is being positioned in elevated exercise. Solana has seen its buying and selling quantity surge 19% within the final 24 hours. With promoting strain reducing, bullish sentiment might drive a shopping for spree for the token. If that takes place, the token might goal a rise to $160 and even $180. But, it might require the work of BTC and Ether to drive it even greater.
