Solana Price Prediction 2024 : Here’s When SOL Price Will Hit New ATH

reportcryptos.com
3 Min Read

The SOL cryptocurrency is off to a strong start in 2024, comfortably surpassing the $100 milestone after a bullish finish in 2023. Starting its upward journey from $10, Solana’s growth is underpinned by the expansion of its network, which continues to fuel its impressive rise.

Boosted by endorsements from influential figures like Cathie Wood, the so-called “Ethereum-killer” is steadily recuperating. Bolstered by the overall market recovery, SOL has shown tremendous momentum, breaking through multiple resistance levels with a series of bullish candlesticks, signaling a potential surge toward $100.

After an impressive rally in 2023 that catapulted SOL from $30 to over $120, the crypto ranked among the top performers, briefly surpassing prominent cryptocurrencies like USD Coin, XRP, and BNB to secure the fourth-largest market capitalization spot. Despite momentarily hitting $124 on December 25, SOL dipped below $120 and currently hovers around $107, down 5.8% in the last 24 hours.

Chances of SOL Reach $200 Again?

Enthusiasts are debating whether SOL can reclaim the $200 price level by the end of 2024. Although SOL reached an all-time high of $259.96 in November 2021, it experienced subsequent losses and even fell below $10 following the collapse of the FTX crypto exchange. While SOL’s last time around $200 was in December 2021, market participants speculate on its potential to revisit this price point this year.

For SOL to hit $200 again, it needs to surge by 86.91% from its current price of $107 and spike by 142% to reach its previous all-time high.

What’s Fueling SOL’s Ascent?

The anticipated surge of SOL to $200 is backed by three influential factors. Firstly, Bitcoin’s upcoming halving in April 2024 historically triggers market rallies, potentially lifting SOL beyond $200 as seen in past halving events. Secondly, significant movements of SOL coins by crypto whales between exchanges and unknown wallets signal sustained interest, potentially bolstering SOL’s value.

Finally, the flourishing Solana decentralized finance (DeFi) sector, with Total Value Locked (TVL) increasing from $1 billion to $1.47 billion, suggests strong market optimism for SOL’s growth, indicating its potential to surpass the $200 milestone. These factors collectively contribute to the bullish sentiment and prospects for SOL’s upward trajectory.

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