Coinbase Stock Hits New High as Analysts Split on Future Rally

On Thursday, COIN rose 3.89% to close at $369.21, surpassing its previous all-time high of $357.39 set in November 2021. The stock has surged nearly 40% this month, marking an impressive run since it was officially added to the S&P 500 index on May 19.

Real Vision CEO Raoul Pal described the surge as “going vertical,” adding, “Next step, crypto,” and noting that market liquidity is “wide, wide open.”

One key driver behind investor optimism is the recent progress in U.S. legislation. On June 17, the House moved forward with the GENIUS Act — a bill aimed at creating clear regulatory guidelines for stablecoins. This is particularly significant for Coinbase, which co-founded the USDC stablecoin with Circle in 2018 and currently earns around 50% of its revenue from stablecoin-related operations.

Still, not everyone is bullish. Investment adviser Andy Heilman noted that while the weekly chart for COIN looks very strong, a short-term pullback may be on the horizon. He even suggested that the stock could eventually reach “four-digit prices” under the right conditions.

Technical analysts using Bollinger Bands — a volatility indicator — were also divided. One user, “Cantonese Cat,” pointed out that the bands are expanding, indicating continued upward momentum. In contrast, another analyst, “Chad,” warned that the stock is currently overstretched above the upper band, which could lead to a near-term correction.

Interestingly, many early investors in Coinbase are finally seeing their investments break even. “I bought COIN on day one, and after four years, I’m finally back to where I started,” one X user commented. Coinbase debuted on the Nasdaq on April 14, 2021, opening at $381 but closing the day at $328.28 after a sharp drop.

For now, all eyes are on whether Coinbase’s rally is the beginning of a sustained breakout — or just a temporary spike before a cooldown.