The Solana (SOL) price could be set to surge in the months ahead as calls grow for the return of a new altcoin season that could see major altcoins like Solana drastically outperform Bitcoin (BTC) and Ethereum (ETH).
Solana was last trading just under $150. It had rallied hard from its $120 September lows in tandem with a broader crypto market rally.
The catalyst for the recent market recovery has been the start of a new Fed-led global central bank easing cycle and a drop in concerns that the US economy is on the verge of tilting into recession.
BREAKING:
China announces multiple rate cuts just after the FED cut rates
We know what happens nextpic.twitter.com/KnWr0vh0R3
— Bitcoin Magazine (@BitcoinMagazine) September 24, 2024
Lower interest rates and better liquidity conditions worldwide are expected to power Bitcoin higher in the coming years.
But as liquidity flows into risk assets, altcoins could perform even better, hence the calls for a new altcoin season.
Widely followed analyst Ali Martinez thinks technicals could help.
In a post on X, he writes that looking at a TradingView chart, TOTAL (the market cap of cryptos excluding Bitcoin and Ethereum) could soon surge above $1 trillion.
The #altcoin market cap looks primed to surpass $1 trillion… It is just a matter of time before #altcoinseason! pic.twitter.com/NRRa6v3ZOk
— Ali (@ali_charts) September 22, 2024
Solana would be a prime beneficiary of a new altcoin season.
The Solana price currently remains stuck towards the lower part of its recent $120-200 range.
But a bullish breakout above $200 could soon come as the new altcoin season arrives.
But could the Solana price mirror its amazing 2021 surge?
Could the Solana Price Mirror Its 2021 Surge?
Solana was one of the stunning success stories of 2021. After hitting $1 in December 2020, Solana rallied 260x to $260 in November 2021.
Assuming Solana’s drop to $8 in late 2022 was its most recent bottom, a 260x surge would see the Solana price reach above $2,000.
For $2,000, Solana would have a fully diluted market capitalization of $1.17 trillion.
While not probable in the short term, it isn’t unrealistic that Solana could reach a market cap this high in the long run.
That’s assuming global crypto adoption continues in the years ahead (highly probable), and Solana remains a leading blockchain (again, highly probable).
However, the current bull market might see the Solana price post 3-4x gains from its current levels.
Those are very good gains that almost any investor would be happy with.
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