Solana surges 3% to $166 as Bitcoin hits new high of $122,838

Solana's price has seen a 3% increase in the past 24 hours, reaching $166 as Bitcoin hits a new all-time high of $122,838. This surge is part of a broader trend, with SOL up 12% in the past week and 16.5% in the last 30 days, marking a 104% increase over the past year. Analysts are now predicting that Solana could be on track to reach $2,000 or higher, driven by strong fundamentals and market optimism.

Analyst Ali Martinez has suggested that if Solana's price can surpass and maintain above $170 by the end of the week, it could break out towards $2,700. This prediction is based on a classic cup-and-handle pattern observed on SOL’s one-week chart, which indicates a potential breakout if the price rises above the cup’s ceiling. While some have expressed skepticism, the fact remains that Solana is still 43% below its all-time high of $293, leaving room for significant growth.

Solana's strong fundamentals, including being the second-biggest layer-one blockchain in terms of total value locked (TVL), position it well for future growth. The potential approval of spot-based SOL ETFs later this year could serve as a major catalyst for new all-time highs. Analysts have given Solana ETFs a high chance of approval, given the SEC's previous acceptance of Ethereum ETFs. This development, combined with Solana's current momentum, suggests that now is a favorable time to invest in the coin.

Technical indicators also support a bullish outlook for Solana. The relative strength index (RSI) has risen beyond 60 and is likely to reach 70 or 80 before SOL begins to correct. Additionally, the moving average convergence divergence (MACD) has moved into a more bullish position, indicating that the coin is far from overheating. These factors suggest that Solana's price could pass $200 in August and reach $300 by the fourth quarter of the year.