“Solana’s Price Movement Aligns with Bitcoin, Eyes New All-Time High Amid Mixed Sentiments”

Solana’s Price Could Reach New All-Time High, Correlates Closely with Bitcoin

Solana (SOL) is on the brink of setting a new all-time high (ATH), according to Daniel Cheung, co-founder of Syncracy Capital. Cheung’s optimism is largely based on Bitcoin’s (BTC) recent bullish momentum, suggesting that as BTC climbs, SOL and other altcoins like AKT, MKR, and TAO could also reach new highs. Currently, Bitcoin has seen a 10.17% increase over the last week, reaching $67,164, while Solana has surged by 19.76% to $173.35 in the same timeframe.

Despite Solana’s impressive performance, surpassing BTC at times, it has yet to break its 2021 bull market high of $260.06. However, a strong correlation between SOL and BTC, indicated by a 0.75 correlation coefficient, suggests that movements in Bitcoin’s price closely influence Solana’s price trajectory.

Predictions for the coming weeks are optimistic, with BTC possibly hitting $70,000 and SOL potentially breaking past $200. Yet, achieving a new ATH for SOL would require a more than 55% price increase. Current market sentiment towards both BTC and SOL is negative, which could dampen immediate price gains unless sentiment shifts positively.

For Solana to exceed its previous high, Bitcoin may need to surpass $73,750. While this scenario might not unfold in the immediate future, there’s anticipation that SOL could outdo its past performance before the end of the next quarter, contingent on Bitcoin’s continued upward movement and a change in market sentiment.