The Solana price has been on a relentless bull run, reaching its highest point since January and sparking predictions that it may soon hit its all-time high. According to data from Polymarket, a significant number of users believe that the token will reach a record high this year, with the probability of this event increasing steadily over the past few months.
Summary of Key Points
The Solana price has experienced a strong rally, with six consecutive days of gains, reaching a maximum of $240. This represents a 150% increase from its lowest level this year, bringing its market capitalization to over $126 billion. The token’s potential to reach its all-time high is supported by several factors, including the upcoming approval of Spot Sol ETFs, the Alpine Glow upgrade, and the potential lowering of interest rates by the Federal Reserve.
Polymarket Users Predict All-Time High
A Polymarket survey with assets of over $800,000 indicates that the likelihood of the coin reaching a record high this year is 57%, the highest level so far. This probability has been trending upward since June, suggesting that investors are becoming increasingly confident in the token’s potential. The approval of Solana ETFs, which has a likelihood of over 90%, is expected to lead to significant inflows from American retail and institutional investors, further driving up the price.
Technical Analysis of SOL Price
The daily time frame chart shows that the SOL price has been in a strong upward trend over the past few months, moving from $95 to $240. The average direction index has risen to 28, indicating increasing momentum, while the relative strength index has reached 70, its highest level since July. This suggests that the token is likely to continue its upward trend, with a potential target of $295, its all-time high. A movement above this level could indicate further gains, potentially exceeding $300.
Solana price chart | Source: crypto.news
Key Factors Driving SOL Price
There are several factors that could contribute to the SOL price reaching its all-time high. The upcoming Alpine Glow upgrade, which introduces new features such as moving the Proof-of-Authority network to proof-of-stake, is expected to increase the speed of transactions to over 107,000 per second. Additionally, the potential lowering of interest rates by the Federal Reserve could increase investors’ willingness to take risks, further driving up the price.
For more information on the Solana price and its potential to reach its all-time high, visit https://crypto.news/solana-price-rallies-as-key-polymarket-poll-gains-momentum-and-hits-ath/
