Silver breaks through $90 to set a record high, can the nine-month rally continue?

【Coin World】Silver has hit a new record again. The current ounce price has approached $90.52, and the nine-month continuous upward trend is still ongoing, with a weekly increase of 16.3%, marking the longest consecutive rally in history.

But how far this rally can go is highly debated. Some are optimistic and believe it could rise to $146.67 (estimated for early 2026), while others worry that the ceiling is already near. The key question is: how is this cycle different from past bubble cycles?

Analysts point out several differences — firstly, unlike in 1980 when major players like the Hunt brothers monopolized supply; secondly, current demand is driven by electrification processes, with industrial consumption remaining relatively stable, unlike previous cycles that could easily reverse; finally, silver is mainly a byproduct of mining, with new production naturally limited, so supply constraints do exist.

Technical chart analysis results vary widely, but a common consensus is that volatility is increasing. However, everyone agrees that compared to clear signals before past crashes, the current market lacks those typical trigger factors. Therefore, whether the trend continues or adjusts depends on how the fundamentals develop moving forward.