Solana’s native token (SOL) surged past $210 over the weekend, achieving its highest level in nearly three years. Now the fourth-largest cryptocurrency by market capitalization, Solana could potentially reach its 2021 peak of $260 in the coming days, according to analysts tracking its momentum.
Solana’s Price Surge Outpaces Other Cryptos
SOL’s recent gains were part of a wider crypto rally fueled by Bitcoin’s climb to new record highs, sparked by a decisive U.S. election result and the Federal Reserve’s latest interest rate cut. On Sunday, Solana reached $212, its highest price since the 2021 bull market peak. Over the past week, SOL rose by 34%, outpacing Bitcoin’s 18% increase and the broader CoinDesk 20 Index’s 27% rise. Solana’s all-time high stands at $260, about 20% above its current price.
This price rally helped Solana reach a $100 billion market cap, placing it alongside Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) as one of the few cryptocurrencies to surpass this threshold. Crypto enthusiasts on social media have begun speculating that Solana’s market cap could one day challenge that of Ethereum, which currently sits at around $389 billion.
Solana’s Resurgence Following FTX Collapse
Solana’s recovery is especially notable given the network’s association with FTX and Alameda Research, which collapsed in 2022. Despite the fallout, Solana has reclaimed its status as a popular platform for retail crypto traders, with strong growth in decentralized finance (DeFi) and memecoin trading. Coinbase recently highlighted that Solana’s ecosystem is now the third-most profitable sector in crypto, reflecting its growth in on-chain activity and decentralized trading.
Bull Market Outlook: Experts Weigh In
According to Julien Bittel, head of macro research at Global Macro Investor, Solana’s breakout from an eight-month consolidation pattern signals that the broader crypto market may be entering a new, aggressive growth phase. Bob Loukas, a well-regarded cross-asset trader, echoed this sentiment, predicting on social media that Solana could reach its previous all-time high within weeks. He added that 2025 could see even more dramatic growth for the token.
The Future of Solana and the Crypto Market
With Solana’s recent rise, the crypto market appears to be entering an intensified phase of growth, potentially setting the stage for even higher valuations across major digital assets. As Solana continues to lead among altcoins, analysts remain optimistic about its potential to challenge legacy cryptocurrencies in market share and overall impact.
