A recent prediction published by Qadir AK has raised dust amongst the cryptocurrency community. According to the latest prediction, Solana (SOL) will undergo a historically large increase of around 870% and eventually reach a startling price of $250. The much-awaited bull market in Ethereum (ETH), projected to impact Solana’s price trajectory substantially, catalyzes this bullish prediction.
Bluefin, a reputable cryptocurrency analysis company, predicts that the main factor causing Solana’s sharp increase would be Ethereum entering its predicted bull market. According to Bluefin, Ethereum might fly to an all-time high of $9,700 per ETH if the Cancun update is implemented. This increase in Ethereum’s value is expected to have an impact on Solana as well as the rest of the altcoin market.
Bluefin also suggested that Ethereum might reach $9,700 sometime in the first quarter of 2024. This timetable is subject to several variables, including market mood, adoption rates, and legislative developments. Some industry experts contend that early 2025 rather than the first quarter of 2024, is a more feasible time for Ethereum to reach $9,700.
Analysts from different parts of the world have started commenting on this trend. Analysis on Daily Hodl wrote that Solana might be in for an astonishing voyage if the prediction comes true. The stock is now trading at roughly $25.75.
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Due to its cutting-edge features and smart contract capabilities, the altcoin, which is popular for its quick and inexpensive transactions, has already experienced significant growth and investor interest. A break is expected at $0.85, which may prepare the ground for a $0.93 retest. A fall around $0.74 may still drag the price to $0.55.
Solana Sudden Surge Expected, More Price Surge Predicted
The ecosystem of Solana has been fast-growing, luring projects and developers to build on its blockchain platform. Its ability to scale and handle a large volume of transactions has made it a formidable rival to Ethereum, which has been experiencing issues with high gas prices and network congestion.
A popular anonymous analyst with over 44,000 YouTube subscribers has linked Solana’s future performance to Bitcoin’s price movements. According to the YouTuber, the BTC will be surging by 40% by the first quarter of next year (2024), extending to Solano within that period.
Meanwhile, Bitcoin could not maintain its bullish momentum, cutting investors off guard thus, a sharp price drop below the $30,000 price mark. Analysis shows that should it continue to move around the $30,500 range till next week; there could be a major shift in the movement.
Investigation into the market reaction reveals that should this prediction happen; many traders will shift attention to the bull market in Ethereum, the Cancun update, and other market variables.