Solana (SOL) is currently the best-performing cryptocurrency in the daily and weekly charts among the top 10 projects by market cap. According to CoinGecko data, SOL has rallied by 6.2% in the last 24 hours and 14.8% over the previous week. Bitcoin (BTC) has rallied 2.4% in the daily charts. However, BTC has faced a 0.5% correction in the weekly charts. Ethereum's (ETH) price has risen by 0.8% in the last 24 hours and 7.2% over the last week. XRP has seen no price change in the daily charts and a 3.3% rally in the weekly charts. Solana's rally seems to be storming past the top projects with its latest upswing.
Can Solana Rally To $250?
Solana (SOL) last traded above the $250 level in January of this year. The asset climbed to an all-time high of $293.31 on Jan. 19. Since its January peak, SOL's price has fallen by 27.4%. According to CoinCodex analysts, SOL may not hit the $250 mark just yet. However, the platform anticipates SOL to climb to $240.17 on Nov. 8 of this year.
According to a prominent cryptocurrency analyst, The Wolf Of All Streets, SOL's price against Bitcoin is at its most important level. The analyst added, "If Solana breaks out here, you can expect it to be the darling of the next altcoin run." Such a development could push SOL to the $250 mark.
According to another crypto analyst, Lark Davis, Solana's (SOL) latest rally could be driven by a few factors. Firstly, big funds are flowing in from the launch of several Solana treasury companies. Secondly, there is a high probability of a Solana ETF being approved by the SEC sometime this year. An ETF approval could lead to SOL hitting new all-time highs.
Also Read: Pantera Plots Nasdaq-Listed Solana Treasury with $1.25B Raise
The possibility of an interest rate cut may have also led to Solana's latest rally. If the Federal Reserve takes a dovish stance after its next meeting, we may experience another market-wide rally.
