The latest Solana Price Prediction 2024 update has been making waves on the Crypto World.
Solana’s been on a stellar run in 2024, leaping over the $100 mark after a strong finish in 2023. Starting at $10, its growth story is all about the network expansion, propelling its upward journey.
Getting nods from big players like Cathie Wood, often dubbed the “Ethereum-killer,” Solana is slowly regaining its footing. Riding the wave of the overall market recovery, SOL has been showing robust momentum, piercing through resistance levels with bullish candlesticks, hinting at a potential climb to $100.
In 2023, SOL put on quite a show, soaring from $30 to over $120, putting it among the top-performing cryptos. It even briefly outpaced heavyweights like USD Coin, XRP, and BNB to claim the fourth-largest market capitalization spot. While it peaked at $124 on December 25, it has since dipped below $120 and currently sits around $107, marking a 5.8% drop in the past day.
Now, there’s chatter among enthusiasts about SOL hitting the $200 mark by the end of 2024. Despite hitting an all-time high of $259.96 in November 2021, it stumbled post-FTX exchange’s collapse, dropping below $10. While SOL last touched $200 in December 2021, speculation is rife about its potential return to this mark.
For SOL to reach $200 again, it needs an 86.91% surge from its current $107 and a whopping 142% spike to reclaim its previous peak.
What’s driving SOL’s ascent? There are three key factors in play. Firstly, Bitcoin’s upcoming halving in April 2024 historically triggers market surges, potentially pushing SOL beyond $200, as observed in previous halving events. Secondly, sizable movements of SOL coins among crypto whales, shifting between exchanges and unknown wallets, hint at sustained interest, potentially reinforcing SOL’s value.
Lastly, the thriving Solana decentralized finance (DeFi) sector, witnessing Total Value Locked (TVL) surge from $1 billion to $1.47 billion, signals strong market confidence in SOL’s growth prospects, setting the stage for it to surpass the $200 milestone. These factors blend to create a positive sentiment and pave the way for SOL’s upward journey.
