Solana (SOL) has made significant strides by surpassing a $100 billion market cap, positioning itself for potential all-time high (ATH) gains. This ascension places Solana alongside major cryptocurrencies like Bitcoin, Ethereum, and Tether.
Currently, Solana's SOL token is priced at $216.43, experiencing a remarkable weekly growth of 32.6%. In comparison, Bitcoin saw an increase of 19.6%, while Ethereum climbed 29.7% within the same timeframe.
Solana’s previous ATH was recorded in November 2021, reaching $259.96 during a peak market period. However, the subsequent FTX crisis led to a significant price drop to $8.68 in November 2022. Now, SOL’s price reflects an impressive 40x recovery from its lowest point.
Market analysts remain optimistic about Solana's trajectory, suggesting that SOL could potentially achieve a new ATH amid its current surge. Julien Bittel highlighted a breakout from a consolidation pattern, suggesting a move toward the "banana zone," indicating possible explosive gains.
Bob Loukas speculated on X that SOL might reach a new ATH soon, within a couple of weeks. Additionally, there's speculation about Solana surpassing Ethereum’s market cap to become the leading smart contract platform.
The DeFi ecosystem on Solana also shows promise, with a total-value-locked (TVL) growth of 26% in Q3 2024, emphasizing the platform's expanding influence.
Despite some analysts cautioning about potential corrections, the overall sentiment toward SOL remains bullish, influenced by Bitcoin's ongoing ATH achievements.
