With Bitcoin boasting an impressive performance to end October, one expert has noted that Solana (SOL) reaching one specific price will drive a crypto market surge. Specifically, they noted that the asset’s increase would verify that the industry is in the midst of an explosive market cycle.
There were high hopes for the crypto industry heading into ‘Uptober.’ Although things started out slow, they changed drastically through the last week of the month. Now, that could be set to continue into the final months of the year, with BTC continuously challenging its all-time high.
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Solana Needs to Hit This Price to Assure Explosive Market Phase, Expert Says
Throughout this year, Solana has been one of the crypto market’s most intriguing tokens. It has continued to be championed as one of the most technologically advanced networks. Therefore, this potential has been undeniable. Moreover, this month has seen Canary Capital join VanEck in filing for a Solana ETF.
Now, one expert has pointed to Solana as a key in verifying the ongoing crypto market phase. Indeed, SOL’s price is being used as a benchmark for what could be an explosive rally. Indeed, Real Vision CEO Raoul Pal noted that Solana reaching $185 could be massive for the sector.
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In a post to X (formerly Twitter), Pal said that the price target could indicate a massive surge. That was especially true with Bitcoin officially exceeding $70,000 this month. SOL fulifling the price tarfge would act as “final confirmation,” Pal noted.
Currenlty, the asset is not imminently set to reach the mark. Over the last month, it has increased 11% to reach its current price of $174.65 according to CoinMarketCap. Moreover, over the last 24 hours, its trading volume has dropped almost 27% to nearly $2.5 billion.
