The blockchain known as Solana and its cryptocurrency SOL are now rallying, and there are claims in the market that it will not be long before the digital coin will reach $250. It was three years ago when Solana first reached and crossed the $250 mark, recording an all-time high of $259 in November 2021 when the crypto industry saw a bearish run for all coins.
Not only that it is believed SOL would yet again reach this threshold, as analysts have claimed that there is a "long-term" growth coming for the coin in the future.
Solana is Rallying to $250, Inching Closer to All-Time High
(Photo : Sergei Tokmakov from Pixabay)
Solana is rallying in the current climate of the crypto market, with the coin seeing a 5.9 percent growth over the past seven days via CoinMarketCap's charts, and is now at $191.95. According to a report by CoinTribune, there are expectations and speculations for the further growth of SOL, one where it may soon reach a $250 valuation.
It is important to note that the last all-time high of SOL was in 2021 when it reached $259, and since then, the crypto failed to reach or be near its previous valuation.
The report attributed that Solana's growth rides in the current bearish market, seeing a mostly positive performance from the top coins, including Bitcoin which is inching closer to $70,000.
That being said, analysts have made their prediction on Solana's future, claiming that SOL is promising for its long-term improvements, with its growth speculated for what is ahead. The $250 claim from experts is only a projection, and it is known that the cryptocurrency industry is still skating on thin ice, with its volatility leading to unprecedented events in the market.
Solana and Its Previous Performance in Crypto
Solana Labs is a blockchain platform that was introduced in 2018 by Anatoly Yakovenko and Raj Gokal, with its renowned cryptocurrency, SOL, only seeing its launch in the market in 2020. It was one of the top rallying coins during this time and fast forward to November 2021, different Solana projects reached an all-time high, alongside the iconic sub-$260 valuation of the coin.
Three years ago, Solana already climbed to the fifth spot of the top cryptocurrencies in the market, previously trailing Bitcoin, Ethereum, Binance Coin, and Tether USDT. It gained massive fans and followers along the way, regarding it to be one of the fastest growing cryptos in the market, as well as its stellar performance, with the coin being backed by famed personalities like Mike Tyson.
Cryptocurrency has seen a tight market following the iconic 2021 performance and it only recently bounced back towards late 2023 and early 2024, with Solana being part of this bearish climate. Now, the return of the significant backing and bearish run in the market is also prompting Solana's growth to reach $250, now at $190 and climbing, with a long-term potential for the crypto believed by analysts.
