As CoinGecko reveals, Solana (SOL) breached the $200 mark for the first time in five months. The asset has rallied 5.3% in the daily charts, 22.6% in the weekly charts, 31.7% in the 14-day charts, and 44.4% over the previous month. If things continue to go this way, Solana (SOL) could hit the $250 mark next, or may even overtake its previous high of $293.31.

Why Is Solana Rising? Can It Hit $250 Next?

SOL’s latest upswing is likely driven by a general market bullishness. The asset’s latest rally may have also been aided by strong technicals and a surge in network activity.

Bitcoin (BTC) and XRP have both hit new all-time highs over the last week. Other altcoins are also showing healthy breakouts. There is a good chance that SOL will also follow a similar trajectory.

SOL’s performance over the last two and a half years has been astronomical. The asset fell to below $10 after the collapse of FTX in 2022. Since its 2022 lows, SOL has hit multiple all-time highs. Since late 2022, SOL’s price has risen by about 2000%. The asset has proven to be one of the most resilient cryptocurrencies in the market.

Also Read: Fidelity Outlines Why Ethereum Has an Edge Over Solana

Solana’s (SOL) price has to rally by 27.40% to hit the $250 target. Moreover, it has to rally by 49.47% to reclaim its all-time high of $293.31. There is a chance that SOL will hit the $250 mark if it maintains its current upswing.

The market could swing in any direction at this point. Bitcoin (BTC) is showing signs of entering a consolidation phase. The original crypto has dipped to the $117,000 price level, falling 0.9% and 0.2% in the daily and weekly charts, respectively. A correction from BTC could trigger a larger market dip. SOL’s price could take a plunge under such conditions.