Traders are increasingly betting that the Solana price will surge and hit its all-time high by the end of the year as sentiment in the crypto industry improves. With SOL price trading at $171.70, it needs to jump by over 70% to get to its record high of almost $300.
Odds of Solana price soaring to an all-time high
Polymarket data shows that many traders are predicting that the SOL token will surge and hit its all-time high this year. These odds have jumped to 47%, up from 15% on April 13, and are now at the all-time high.
These odds have jumped now that the SOL price has rebounded in the past few weeks, moving from a low of $94 to the current $171. Historically, these odds normally rise when a crypto token is in an uptrend and then drop when it is falling.
The odds have jumped now that a sense of greed is sweeping the crypto market. Data shows that the crypto fear and greed index has moved to the greed zone of 71. Crypto prices normally rally when there is greed in the market.
Further, these odds jumped as the trade fears that spread in the market faded. For example, the US has already reached a truce with China that has seen the two countries reduce their tariffs. The US also reached a deal with the UK last week, and is negotiating with other countries, including the European Union.
Solana ecosystem is doing well
Polymarket traders are also aware that Solana’s network is doing well and is beating other blockchain networks. For example, Solana’s network handled over 1.75 billion transactions in the last 30 days, generating over $43 million in fees.
This transaction count was higher than that of other chains, combined. For example, Tron handled 251 million, while Base, Near, and BNB Chain handled 251 million, 219 million, and 174 million, respectively. Ethereum processed over 37 million transactions in the same period.
Solana has also become the biggest chain in the decentralized exchange (DEX) industry, helped by the vibrance of its meme coin ecosystem. Its 24-hour volume rose to $4.54 billion, bringing the weekly figure to $27 billion. BSC and Ethereum handled $2.97 billion and $2.71 billion in the last 24 hours, and $18.9 billion and $18.4 billion, respectively.
Read more: Top analyst puts Solana price at $300 by end of Q2; new SOL rival to also soar high
Solana is thriving because of its meme coin ecosystem, which has continued to grow this year. All meme coins on Solana have attracted over $13 billion in valuation.
Further, the amount of stablecoins in the Solana ecosystem has jumped in the past few months, reaching a high of $13 billion earlier this month.
The other catalyst for the Solana price is the potential approval of spot SOL ETFs by the Securities and Exchange Commission (SEC). That approval will likely boost its sentiment and increase demand from Wall Street investors. Analysts at JPMorgan believes that these funds will attract at least $6 billion in inflows in the first year.
Solana price technical analysis
The weekly chart shows that the Solana price has formed a cup-and-handle pattern, pointing to an eventual surge in the coming months. The upper side of this cup is at $250, while its depth is about 96%.
Therefore, by measuring the same distance from the cup’s upper side, we see that its price target will be at $500. The surge to its all-time high will be confirmed when the coin jumps above the key resistance level at $250.
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