Solana Primed for End-of-Year Rally, Here's What Experts Say Will Push SOL to a New All-Time High

Solana has risen 35% since the crypto flash crash of August 5 that sent token prices tumbling across the market.

Solana has outperformed market leaders Bitcoin and Ether in the recovery following the crypto flash crash of August 5.

While Bitcoin and Ether have recovered 23% and 25% respectively within the same period, Solana has risen 35%.

Since the start of the year, Solana is up 45%, outpacing both Bitcoin and Ethereum.

However, unlike Bitcoin, Solana has yet to reach its previous peak price of $260, which was attained three years ago.

Four market observers shared their thoughts on what will drive Solana towards a new all-time high price.

BitMEX’s Arthur Hayes

BitMEX co-founder Arthur Hayes is bullish about Solana, at least within the context of a possible altseason.

Hayes predicted that Solana could climb above $250, bringing it just $10 shy of its previous peak, according to a Tuesday blog post.

However, he believes that Solana’s price will only surge if Bitcoin and Ether break above $70,000 and $4,000 respectively.

Placeholder’s Chris Burniske

Chris Burniske, co-founder of New York-based crypto venture firm Placeholder, is even more bullish on Solana, predicting that it could reach $1,000.

Burniske called his forecast a conservative price target in a recent X post.

He ran an X poll in July asking his followers to select their biggest crypto holdings among Bitcoin, Ether, and Solana. More than a third of the close to 22,000 participants selected Solana.

The investor interpreted the result as indicating Solana’s popularity among crypto investors as far as large-cap cryptos are concerned.

Unizen’s Ajay Dhingra

While Bitcoin and Ether captured institutional interest this year with their respective exchange-traded fund launches, Solana has also caught the eye of big-money players.

Ajay Dhingra, head of research at DeFi aggregator platform Unizen, has pointed to strong institutional interest as a reason for Solana’s price performance this year.

Dhingra previously told DL News that Hamilton Lane’s private credit fund and VanEck’s filing to launch a Solana ETF exemplify Solana’s appeal among institutional investors.

Keyrock’s Athanasios Soutos

Athanasios Soutos, DeFi ecosystem lead at crypto market maker Keyrock, echoed Dhingra’s sentiment but focused on retail investors.

Soutos told DL News that Solana’s status as the major network for memecoin speculation is indicative of retail hype.

Soutos said if the trend continues and a new upgrade goes smoothly, Solana could grow to reach Ether’s current market value of $400 billion.

Solana’s spot price would be $853 based on Souto’s prediction, assuming its token supply remains at the present level.