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The analysts have begin Eyeing Solana (SOL) for significant growth versus Bitcoin (BTC), with expectations setting the stage for a return to its spring 2022 highs.
According to a tweet from cryptocurrency analyst KALEO, SOL/BTC appears poised for further upside, possibly reaching around $200 per SOL if Bitcoin prices maintain their current range.
This prediction comes against the backdrop of a buoyant crypto market where Bitcoin recently hit a new all-time high of $69,200, fueled by the approval of new spot ETFs by US regulators and a subsequent influx of capital into the market.
Outstanding performance sparks interest
Solana's performance over the past 24 hours has caught the attention of analysts.
The cryptocurrency saw its price fluctuate between $127.84 and $142.01, finally settling around $135.30.
This represents an increase of 5.4% against the dollar and 8.0% against Bitcoin. This sudden jump shows its growing strength in the crypto market.
Further strengthening its position, Solana has now become the fourth largest cryptocurrency by market capitalization.
The record rise of Bitcoin
The cryptocurrency market has been on fire with Bitcoin's record rally, surpassing its previous all-time high to trade at $69,200.
The milestone came following US regulators' green light for a series of spot Bitcoin exchange-traded funds (ETFs), including those issued by financial giants like Fidelity and BlackRock.
The move attracted more than $7.5 billion into these ETFs, significantly increasing Bitcoin's valuation and strengthening its position as the leading cryptocurrency.
Analysts like Anthony Pompliano attribute the rise to Bitcoin's growing mainstream acceptance, massive inflows into the market, and bullish sentiment surrounding its future prospects.
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