The cryptocurrency market appears to be getting into one other bullish part as we inch nearer to October, or as crypto lovers name it, “Uptober.” Bitcoin (BTC) has reclaimed the $65,000 degree, and the worldwide crypto market cap has 1.8% to $2.4 trillion. Different property, together with Solana (SOL), observe BTC’s upward momentum, getting into a wholesome rally. On this worth prediction article, let’s talk about if the SOL can hit $200 subsequent.
SOL is inexperienced throughout the board as we speak, rallying 4.7% within the each day charts, 5.3% within the weekly charts, 16.3% within the 14-day charts, and 6.2% over the earlier month. The asset can be among the many best-performing cryptocurrencies of the final yr, rallying 725.2% since September 2023.
Why Is Solana Rallying?
SOL’s newest rally might be resulting from a common market bullishness. BTC has hit $65,000 for the primary time since early August. The Federal Reserve’s 50 foundation level rate of interest reduce might have led to buyers taking extra dangers.
One other issue which will have pushed SOL’s worth might be the onset of October. Traditionally, October has been a bullish month for the crypto market.
Worth Prediction: Can The Asset $200 In October?
In response to CoinCodex analysts, Solana (SOL) will proceed buying and selling at round present costs until at the least the primary week of October. The platform anticipates the asset to interrupt right into a rally after Oct. 10, 2024, hitting a excessive of $178.30 on Oct. 25, 2024. Reaching $178.30 from present ranges will translate to a rally of practically 14%. CoinCodex doesn’t anticipate SOL to hit $200 in October.
Changelly additionally paints an analogous image for SOL. The platform predicts SOL to hit a excessive of $175.11 on Oct. 25, 2024. Like CoinCodex, Changelly additionally doesn’t anticipate SOL to breach the $200 mark subsequent month.
