With Bitcoin showing impressive performance as of late October, one expert noted that Solana (SOL) reaching a specific price would cause the crypto market to rise. Specifically, they pointed out that the increase in assets would confirm that the industry is in the middle of an explosive market cycle.
There were high hopes for the crypto industry as Uptober approached. Although things started slowly, they changed dramatically during the last week of the month. Now, this could continue into the final months of the year, with BTC continually challenging its all-time high.
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Solana must reach this price to ensure an explosive market phase, says expert
Throughout this year, Solana has been one of the most intriguing tokens in the crypto market. It continues to be defended as one of the most technologically advanced networks. This potential is therefore undeniable. Additionally, this month, Canary Capital joined VanEck in filing a Solana ETF.
Today, an expert pointed to Solana as a key to verifying the ongoing phase of the crypto market. Indeed, the SOL price is being used as a benchmark for what could be an explosive rally. Indeed, Raoul Pal, CEO of Real Vision, noted that Solana reaching $185 could be huge for the industry.
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In a post on X (formerly Twitter), Pal said the price target could indicate a massive upside. This was especially true with Bitcoin officially surpassing $70,000 this month. SOL meeting the price schedule would act as a “final confirmation,” Pal noted.
For now, the asset is not ready to reach the milestone imminently. Over the past month, it has increased by 11% to its current price of $174.65 according to CoinMarketCap. Additionally, over the past 24 hours, its trading volume fell by almost 27% to almost $2.5 billion.
