Shares of crypto exchange Coinbase Global Inc. (COIN) closed at a new all-time high on Thursday, though analysts remain split on whether the rally has staying power.
“Going vertical now,” Real Vision CEO Raoul Pal commented in a post Thursday, reacting to Coinbase’s record finish.
“Next step, crypto,” he added. “The liquidity spigot is wide, wide open.”
Coinbase surpasses closing high set nearly four years ago
Nasdaq-listed Coinbase ended Thursday’s session at $369.21, marking a 3.89% gain for the day and nearly a 40% increase for the month, according to Google Finance.
Coinbase’s recent close represents a 3.3% increase over its previous record of $357.39, set in November 2021.
Earlier in the week, Coinbase was the top-performing stock on the S&P 500 on Tuesday, soaring 12.10% in a single day. The surge comes just a month after Coinbase made history as the first crypto company to be added to the S&P 500 on May 19.
Analysts link the stock’s recent momentum to growing support among U.S. lawmakers for clearer stablecoin regulations. On June 17, the House advanced the GENIUS Act, a bill aimed at bringing more regulatory clarity to the sector.
Coinbase, which co-developed the USDC stablecoin with Circle Internet Group (CRCL) in 2018, generates half of its revenue from USDC-related activities.
Analysts split on whether Coinbase rally will continue
Analysts remain divided on whether Coinbase’s rally has more room to run. Investment adviser Andy Heilman wrote on X Thursday that while the stock has shown strong momentum, a pullback could be on the horizon.
“Weekly view on $COIN looks very bullish, even if it is due for a pullback,” Heilman noted, pointing to a bullish technical pattern that could signal a move toward “possible four-digit prices.”
Meanwhile, crypto analyst Cantonese Cat highlighted that the daily Bollinger Bands—a volatility indicator that suggests buying near the lower band and selling near the upper—are widening, indicating continued upward momentum. “Looking like it just wants to keep going up for now,” the analyst observed.
However, not all analysts see continued upside. Crypto analyst Chad offered a contrasting take, noting that Coinbase “might be ripe for a cooldown soon,” as its price appears overextended above the upper Bollinger Band.
Some early investors also took the opportunity to reflect on the stock’s long journey back to earlier levels.
“After buying Coinbase on day 1, I am finally back to the price I paid, 4 years later,” crypto commentator Whoisdat remarked.
Coinbase made its Nasdaq debut on April 14, 2021, opening at $381 per share before slipping 14% to close the day at $328.28.
