Published on augustus 14, 2024, 12:24 am
Image source: Fox News
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Solana’s price is poised for a potential surge exceeding $250, riding the wave of the upcoming altcoin season, as outlined by well-known analyst Hayes. The altcoin market, speculated to kick off its bullish momentum, might witness a delay until 2025 based on critical price levels derived from the performance of Bitcoin and Ether.
Arthur Hayes, a prominent figure in the crypto sphere and the co-founder of BitMEX along with being the chief investment officer of Maelstrom Fund, believes that for the broader altcoin realm to initiate its uptrend, both Bitcoin (BTC) and Ether (ETH) need to reclaim significant psychological thresholds. In a research note dated August 12, Hayes highlighted that post a recent crypto market correction valuing at $510 billion wherein Bitcoin and Ether descended to their February lows.
Bitcoin briefly deviated from its post-halving growth trajectory slipping below $63,000. However, regaining this trendline before 2024 culminates is crucial for Bitcoin’s journey towards hitting the coveted $100,000 threshold following previous halving cycles.
Aligning with his forecasts, Hayes anticipates Bitcoin breaching the $100,000 mark in the current cycle primarily due to an influx of liquidity into crypto markets expected through United States Treasury bills (T-bills). Nevertheless, Bitcoin is currently grappling with breaking past the psychological barrier at $60,000 compounded by stagnant inflows in Bitcoin exchange-traded funds (ETFs).
Interestingly, Solana (SOL), presently positioned as the world’s fifth-largest cryptocurrency by market cap may see an upsurge towards $250 amid the next altcoin season. Notably, if Bitcoin manages to surpass the significant milestone of $70,000 it could act as a catalyst drawing more investments into Solana according to Hayes.
Despite these optimistic projections for Solana’s future value proposition reaching all-time highs near $259 around three years ago marks present-day SOL trading approximately 42% lower. This suggests potential room for growth and recovery moving forward as observed in comparable high-performing cryptocurrencies.
In conclusion moving forward in both short-term and long-term there seems space for anticipation considering positive sentiments felt across leading cryptocurrencies such as Solana buoyed by broader macroeconomic outlooks within digital asset ecosystems.
Original article posted by Fox News
