Analyst: “Solana (SOL) will hit an all-time high this year… It will be over $500 next year.”

▲ Solana (SOL) © CoinLeaders

Solana (SOL), which had shown a steep rise and repeatedly broken all-time highs amid Bitcoin (BTC)'s all-time high rally, has been in a sharp decline over the past few days.

SOL Coin, a strong competitor to Ethereum (ETH), broke the all-time high of about $210 on the 18th (local time) and then fell to $163 on the 20th. Since then, it has narrowed its decline and is currently trading in the $170 range.

Solana optimism continues despite the recent price drop.

Anonymous crypto analyst Altcoin Sherpa recently told his 211,900 followers on social media platform X that he expects Solana to hit a new all-time high this year.

“Solana will remain strong this cycle as well. It will probably be above $500 by 2024,” he predicted. “However, there will likely be a correction somewhere between $200 and $250 before starting a new rise.”

$SOL : There is going to prob going to be a pullback somewhere in the $200-$250s but I don't know how deep it's going to be. Still bullish as hell on this one this cycle, it's the best chain for retail (evidence of memes). Prob $500+ in 2024. pic.twitter.com/5FMd4Bxycg

— Altcoin Sherpa (@AltcoinSherpa) March 17, 2024
Meanwhile, according to DL News, users of the decentralized prediction market platform PolyMarket predicted that Solana would surpass its previous high in the second quarter of 2024.

Additionally, Polymarket predicted a 61% chance that Solana would reach an all-time high before Ethereum.

SOL's all-time high is $260.06 recorded in November 2021.