Recently, the cryptocurrency market experienced one of its biggest rallies. Bitcoin (BTC), the cryptocurrency, reached a new all-time record of $122,834 in July. Binance BNB token and Ripple XRP also reached new highs of $808.09 each and $3.65 respectively. Other assets experienced significant breakthroughs as well, but have yet to reach new all-time heights. We’ll see if Solana can join BTC, XRP and BNB on the path to a higher all-time.
Can Solana Reach A New All-Time High?
Solana has now exceeded the 200-dollar mark, for the first since this February. SOL reached an all-time record of $293.31 also in January. In spite of a positive start to 2025, the asset was unable to maintain momentum during the entire first half due to market bearishness. SOL’s price started to increase after crypto-friendly legal actions in the US. The US House of Representatives passed the GENIUS, Clarity, and anti-CBDC Acts and bills lead to an increase in investor confidence.
In the last few months, however, this rally in the markets has faded and now cryptos are facing a substantial correction. According to CoinGecko’s SOL dataSolana’s (SOL), has dropped 6.4% over the past 24 hours. In spite of the decline, Solana (SOL) continues to be in the positive zone on the rest frames. SOL has risen 7.1% on the weekly chart, 16.9% over the last 14 days, 28.8% since the beginning of the month and 5.2% in 2024. SOL’s price is up 7.1% in the weekly charts, 16.9% in the 14-day charts, 28.8% over last month and 5.2% since July 2024.
You may also like: Solana Could Double in Price, Surge 100% & Reach $331
SOL was one of most resilient cryptos of recent years. SOL’s incredible recovery has been taking place since its collapse to levels below $9 in 2022. Over the past year, SOL has reached multiple record highs. It is possible that the US SEC will approve an ETF for spot Solana this year. An ETF approval could result in a huge increase of institutional investment for this asset. A new record high could be reached by Solana if this development occurs.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
