Solana’s price continued its relentless bull run, pushing it to its highest point since January. This surge could see the token reach its all-time high, as many Polymarket users predict.
Summary
- Solana price continued its strong rally this week.
- Polymarket data shows that the odds of it hitting a record high this year have increased.
- Technical analysis points to more upside this month.
Polymarket users expect Solana price to hit ATH
Solana’s price rose for six consecutive days, reaching a high of $240. It has jumped by 150% from its lowest level this year, bringing its market capitalization to more than $126 billion.
The token could be on the verge of more upside. A Polymarket poll with more than $800,000 in assets puts the odds of the coin hitting a record high this year at 57%, the highest level to date. These odds have been in a strong uptrend since hitting a low of 19% in June.
There are three potential reasons the SOL price may jump by 23% and reach its all-time high. The most important is that the deadline for approving spot SOL ETFs is nearing.
The odds that the Solana ETF will be approved this year have jumped to more than 90%. These approvals will likely lead to high inflows from American retail and institutional investors, who view cryptocurrencies as attractive alternative assets.
Solana (SOL) price may also rally ahead of the upcoming Alpenglow upgrade. This upgrade will introduce new features, including moving the network from proof-of-authority to proof-of-stake. It will increase speeds to more than 107,000 transactions per second. Cryptocurrencies often rally ahead of a major upgrade.
SOL price will also benefit as the Federal Reserve starts to cut interest rates next week. Rate cuts may help boost the coin by incentivizing risk-taking among investors.
SOL price technical analysis
The daily time frame chart shows that the SOL price has been in a strong uptrend in the past few months. It moved from the year-to-date low of $95 to $240.
The Average Directional Index has risen to 28 and is pointing upward. It is at its highest point since Aug. 1, a sign that momentum is building.
The Relative Strength Index has risen to 70, its highest level since July. Therefore, the token will likely continue rising as bulls target the all-time high of $295. A move above that level would point to more gains, potentially to more than $300.
