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"Whoever bought time from below must have made a lot of money by now, right?"
Independent market analyst Hansolar opined that Solana (SOL) looks poised to continue its climb higher where its price could potentially mimic Ethereum's (ETH) trend during the crypto market's previous rally.
By observation, the uptrend of ETH reached 1,400% after Bitcoin (BTC) created a new record high above $20,000, so here it can be seen that BTC can benefit from the SOL following the event can be repeated in 2024 when BTC continues its bull run to break $69,000.
According to Tom Lee, Head of Fundstrat Research predicts the price of BTC will climb up to $150,000 due to the approval of the ETF which could then push SOL to reach $600 as its long-term upside target which is a 450% increase.
Pleased to note that SOL has performed well in terms of network usage recently with total value locked (TVL) across its ecosystem at 20.51 million SOL which is the highest level since January 2023.
This means that the circulating supply of SOL may decrease as more of its digital assets are locked onto DeFi platforms which in turn leads to a potential increase in demand over supply then contributing to an increase in the price of locked tokens.
Additionally, the SOL network's average daily fee payouts in the fourth quarter of 2023 jumped 103% and in the same time, its average daily DEX volume rose 961% with a 359% climb in average non-fungible token (NFT) volume.
Through observation, SOL can reach $200 in March 2024 which is a 75% increase from the current price level, but if it fails then the price can fall back towards $60.75 or even lower.
As of this writing, SOL price has surged by 19.06% to $131 in the last 24 hours with a market capitalization of $58 billion and a 24.61% gain over the past week.
