Solana (SOL) price has witnessed a mixed performance throughout the latter half of 2024. Initially surging early in the year, Solana faced significant resistance around the $200 mark, sparking a period of fluctuation within the $125 to $185 range. Analysts now suggest this bullish momentum could set the stage for a substantial rise, with some forecasting Solana to reach $800 soon.
However, SOL has recently shown renewed strength, with prices breaking past the $180 level after nearly three months of struggling to regain this ground.
Analyst Predicts $800 Surge for Solana Price
Crypto analyst tweeted a bold prediction for Solana’s price trajectory over 2023 and 2024. According to the analyst, Solana price has shown impressive growth in 2023, leaping from $25 to a peak of $260. The analyst anticipates an even larger surge in 2024, projecting a possible rise from $125 to $800.
The forecast is based on historical patterns and observed market trends, with graphical charts supporting the potential of Solana’s upward movement. Analysts are watching to see if the crypto can maintain this momentum, marking it as one of the most promising assets for 2024.
Source- X
Will SOL Price Reach New Heights?
The layer 1 crypto asset recently experienced a minor pullback in the broader cryptocurrency market. At the time of writing, the value of SOL traded at $173, marking a slight dip of around 0.45% in the last 24 hours, likely due to ongoing profit-taking activities. This recent decline reflects broader market movements as traders consolidate gains amid fluctuating sentiments.
Meanwhile, Bitcoin surged past $73,000 on Thursday, registering a weekly gain of 9%. This significant movement by Bitcoin has fueled optimism across the crypto market, boosting interest in major altcoins, including Solana.
If Solana price prediction breaches the key resistance level of $180, this upward momentum could potentially drive the asset toward the anticipated $200 mark, signaling a strong bullish trend.
Solana Price Chart: TradingView
The Solana blockchain network has reached a new milestone, with its total value locked (TVL) climbing to a two-year high. Currently, the amount secured within Solana’s smart contracts stands at an impressive $6.252 billion, underscoring the network’s growing traction and stability within the decentralized finance (DeFi) ecosystem.
Source- DeFiLIama
Solana’s recent performance signals strong bullish potential, backed by growing DeFi traction and historical market patterns. With analysts projecting an $800 target, SOL’s upward trajectory hinges on breaching key resistance while maintaining critical support levels amidst market fluctuations.
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