Silver’s historic rally raises a big question: can it surpass NVIDIA again? | Credit: Hameem Sarwar
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Key Takeaways
Silver’s 2026 upside case stays intact if rate cuts keep inflows strong.
Analysis shows it can push toward $100 if it breaks through and maintains momentum above $84.
However, the metal can drop toward $62 if volatility turns into a correction.
Outside of Bitcoin (BTC), AI, led by NVIDIA, has consistently outperformed several other assets for years.
But in 2025, Silver really said, “Move aside, chips.” Since then, the market cap of precious metals, including Silver and Gold, has surged by $16 trillion this year.
Following the move, Silver’s market cap briefly surpassed NVIDIA before the price retraced. Odd? Yes.
But will the precious metal overtake it again? Possible?
In this analysis, CCN examines what could happen to the Silver price in 2026.
Volatility Follows Record Silver Price
On Sunday, Dec. 28, Silver’s price per ounce hit $84. This move represented a 170% increase year-to-date.
As a result, the precious metal market cap surged above that of NVIDIA, becoming the second most valuable asset in the world behind Gold.
Minutes later, amid high volatility, the price dropped to $75. At the time of writing, Silver’s market cap was $ 4.40 trillion, while the AI-chip firm’s market cap was $4.63 trillion.
As CCN noted earlier, the rally has been driven by a combination of global rate cuts, improving liquidity conditions, a weak U.S. dollar, and structurally strong industrial demand.
Furthermore, Silver’s latest leg higher has also been supported by rising expectations that the U.S. Federal Reserve could deliver another rate cut in 2026.
That narrative is gaining traction ahead of the Fed’s next policy meeting, scheduled for January 27-28, 2026. Should another rate cut happen, Silver’s price could likely hit another all-time high.
Amid this, Robert Kiyosaki, author of Rich Dad, Poor Dad, noted that Silver’s price could go higher in the coming year.
“If you are planning on investing in silver be patient. Wait for a crash then GO or NO. I believe silver will go through $100 in 2026….possibly $200 an ounce,” Kiyosaki opined.
Gold ‘Bull’ Urges More Silver Purchase, Criticizes Bitcoin
Meanwhile, after the precious metal failed to hold $84, Bitcoin’s price retested $90,000.
Yet, Bitcoin critic and economist Peter Schiff called it “another opportunity to sell.”
“Bitcoin is back above $90K. Another opportunity to sell,” Schiff posted on X.
Commenting on Silver’s move, Peter Schiff argued that silver’s rally is not a late-cycle spike.
According to Schiff, the broader precious metals bull market remains intact and is “far from over,” and it’s safe to “resume buying” going into the New Year.
“It’s been a volatile night so far in the silver market. After surging to a new record high just below $84, silver sold off sharply, finding support just above $75. It has since recovered and is now trading back above $80. This historic bull market still has a long way to run,” He added.
Will Silver Price Hit $100 Per Ounce?
From a technical standpoint, silver has printed its first weekly red candle since Oct. 20.
Nevertheless, the broader bullish structure has yet to be broken. The Chaikin Money Flow (CMF) remains above the zero line, indicating that inflows continue to outweigh outflows and that buying pressure is still supporting the trend.
The Moving Average Convergence Divergence (MACD) also remains in positive territory.
In fact, the indicator continues to display a bullish divergence against price action, suggesting that underlying momentum has not yet fully rolled over, despite the recent pause.
Under that scenario, silver’s market cap could once again surpass major large-cap equities, potentially overtaking NVIDIA.
However, the bullish case remains sensitive to demand. If global industrial or investment appetite cools, Silver could retrace, possibly hitting $61.92.
Hype Draws Caution
Meanwhile, other prominent voices have also weighed in. However, not all of the commentary has been optimistic.
Elon Musk pointed to a potential supply-side risk: reports that China could tighten silver export rules starting Jan. 1, 2026.
Musk suggested that such restrictions would be “not good,” given silver’s role in industrial supply chains, particularly in sectors like EVs, electronics, and energy infrastructure.
Separately, analyst and trader Gareth Soloway offered a more cautionary interpretation of the rally, warning that the move higher could reflect late-cycle behavior, where institutional buyers may already be positioning for exit liquidity rather than long-term accumulation.
“Insane volatility. Be careful folks, never seen such retail FOMO in silver. Chatter about China restricting supply and insane demand is the narrative that the institution have spun. EXIT LIQUIDITY,” Soloway noted.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
