Solana’s Rally: SOL Approaches 2-year Peak as Traders Broaden Crypto Focus
[TL; DR]
Solana attained a 22 month high of $134 in February.
Analysts believe that SOL may reach $600 in the next bull run.
The Solana price is likely to fluctuate between $239.78 and $285.61 by end of 2025.
Introduction
Solana is one of the few cryptocurrencies that has been performing well on the market. Its current bullish momentum started in October 2023 despite having some dips along the way. The current bullish crypto sentiment in the entire cryptocurrency market is influencing its rally.
However, there are other factors that are driving its price up. In this analysis, we will look at some reasons behind Solana’s recent price surge. We will also focus on other major crypto gainers. Finally, we shall explore SOL’s short term price analysis.
Solana Recent Price Performance
February was a good month for most cryptocurrencies as they experienced decent price increases resulting in higher market capitalizations. Bitcoin was one of the trending crypto assets during February. Solana is another crypto asset that performed well during that period which led it to attain a 22-month high on 29 February.
Read also: Solana Reaches 14-month High: Is the Rally Finished?
Specifically, in the 24-hour period that stretched from 28 to 29 February Solana registered a 16% rise to trade between $131 and $134. Cumulatively, the SOL price surged by 26% within a 7-day period. Due to that weekly rally, $134 became Solana’s highest value since April 2022. If the Solana price rises to over $137 it will become its new 2-year high.
The Biggest Crypto Gainers
Although Solana recorded a more than 26% price surge within a 7-day period it was not the biggest gainer. Also, Bitcoin was not the biggest gainer although its price rose constantly throughout the week. Notably, the BTC price jumped by 21% within the 7-day period that ended on 29 February.
Ethereum also gained by 16% during the same period, showing the massive momentum that most cryptocurrency had. In fact, Dogecoin (DOGE) was one of the greatest gainers as it recorded a 53% price surge during that period to trade at around $0.13.
Another high market performer was BONK, a Solana blockchain based memecoin, whose price jumped by 104% to trade at $0.000024. That BONK price rise made it the 64th largest cryptocurrency by market capitalization. During the last 24 hours of the period its price spiked by about 48%.
Dogwifhat, WIF, was another biggest crypto gainer during that period as its value increased by 156% to close the week at $0.82. Likewise, it managed to set a new all-time high of $0.88 on 29 February, with a market capitalization of $823 million. The crypto asset price movements during that week indicated memecoin’s high volatility and potential.
Read also: Comprehensive analysis: Solana’s economic eco
Reasons for Solana’s High Gains
There are several narratives explaining Solana’s recent price surge. For example, some analysts believe that Solana is benefitting from traders who are taking their profits from bitcoin and Ether and investing in smaller cryptocurrencies including SOL.
On the other hand, bitcoin is gaining much due to the inflows arising from spot bitcoin ETFs. In an interview with Forbes, de Vos explained what is happening.
He said, “This is likely driven by excitement surrounding the launch of the Spot Bitcoin ETFs, which have generated significant inflows and widened access to institutional participants, and the highly anticipated approval of Ethereum Spot ETFs later in the year.”
He continued, “However, as the market digests the ETF news and its success continues to drive positive sentiment into the market, Altcoins become a more attractive choice, given that liquidity tends to Flow from the top of the risk curve towards the bottom.”
“As Bitcoin hit a major resistance at $65,000 and consolidated, this allowed for Altcoins to catch a bid as new capital in the form of Bitcoin and Ethereum profits found their way into other, more speculative assets,” he asserted.
Although the Solana token is benefitting from funds inflows into major cryptocurrencies it has also witnessed growth in the past year arising from increased dApp activity. Even though the SOL price dropped to $8 in December 2022 following the collapse of FTX it rebounded by over 468% in 2023 alone.
Solana Price Prediction for the Next Bull Market
Many crypto analysts’ SOL price analysis suggest that its bullish momentum will continue into the long term. For example, posting on X Hansolar, a crypto analyst thinks the SOL price will reach $600 during the next bull market which may start this year.
Hansolar said, “Assuming SOL is the new ETH this cycle, I think SOL really takes off later than BTC and ETH. Previously ETH took off when BTC actually broke out into ATHs.”
He added, “It’s then when retail buys into SOL as the high beta catch up play. Currently SOL is at around 50% from ATHs similarly to how ETH was around the 50% mark as BTC was nearing ATHs in the previous cycle.” Thus, according to Hansolar, the retail adoption of SOL will become the main factor behind its bull run.
Read also: Solana Founder Advocates Healthy Rivalry with Ethereum
Solana Price Analysis for 2025
The Solana monthly chart shows that the crypto token is still up trending as the next image shows.
Solana Price Movement – CoinGecko
As the above diagram indicates SOL is in an uptrend that started on 28 February when its price reached $115.43. At the time of writing, 9 March, SOL is trading at $146.41 after gaining by 43.1% within a fortnight.
Based on the price analysis of several analysts SOL is likely to continue with its bullish momentum into 2025. For example, Changelly predicts that the Solana price will range between $239.78 and $285.61 in 2025. On the other hand, Digitalcoinprice, an onchain analytic platform is more optimistic than Changelly as it forecasts SOL price to fluctuate between $315.12 and $377.24 in 2025.
Solana Long Term Price Prediction – Digitalcoinprice
The graph above shows the SOL price forecast for 2024 to 2032. As we noted previously, some analysts believe that its price may reach $600 in the next bull run which can occur between 2024 and 2025.
Conclusion
On 29 February Solana attained a new 22-month high of $134. Interestingly, since that time SOL has been in a strong uptrend with a current value of $146.41. However, there are different Solana price predictions that range from a low of $239.78 to a high of $600.
FAQs about Solana Price
How much is Solana worth now?
Currently, Solana is trading at $146.41 after gaining by 43.1% within a fortnight. However, on 28 February SOL price was $115.43 and it is expected to fluctuate between $239.78 and $377.24 by the end of 2025.
What will Solana be worth in 2025?
Analysts predict that the price of Solana will fluctuate between $239.78 and $377.24 in 2025. Currently, it is trading at around $146.41 and is expected to gain more within the next few days.
What was Solana’s highest price in history?
Solana attained its all-time high of $259.96 on 6 November 2021. It is currently trading at 43.3% below that figure. However, the market anticipates that the SOL price will rise to about $600 by the end of the next bull run.
What is the maximum supply of SOL?
SOL has an infinite maximum supply and a total supply of $571,533,996. Its current circulating supply is $443,244,959 while its Fully Diluted Valuation is $84,091,204,202.
