Solana: analyst predicts strong rise and maximum of US$ 800
Solana (SOL) price has had mixed performance throughout the second half of 2024. After a strong rally at the start of the year, SOL faced significant resistance around the $200 mark, triggering a period of correction that brought down the price ranges from $125 to $185.
Now, with optimism returning to the market, several analysts suggest that this upward momentum could set the stage for a substantial increase. In this forecast, these analysts believe that SOL will reach $800 soon.
However, SOL has recently shown renewed strength, with prices surpassing the $180 level after nearly three months. Does the cryptocurrency still have the strength to rise more than four times its current value?
Analyst predicts appreciation of up to US$800
The analyst known by the pseudonym “Crow” made a tweet with a bold prediction for Solana's price trajectory in 2023 and 2024. According to the analyst, Solana's price showed impressive growth in 2023, rising from $25 to reach a peak of $260.
For 2024, Crow predicts a similar movement and projects an evolution from $125 to $800. The forecast is based on historical patterns and observed market trends, with charts supporting Solana's potential upward movement.
Analysts are watching to see if the cryptocurrency can maintain this momentum, placing it as one of the most promising assets for 2024. At the time of writing, SOL was trading at $173, marking a slight drop of around 0.45% in the last 24 hours.
In search of new heights
Meanwhile, Bitcoin (BTC) surpassed US$72,500 on Thursday (31), once again approaching its all-time high. With a weekly gain of 9%, the cryptocurrency records total gains of 14% in the month of October.
Such a significant move has fueled optimism across the cryptocurrency market, increasing interest in major altcoins. In this sense, traders continue to bet on SOL especially due to the success of the memecoins launched on the network in 2024.
If SOL manages to breach the key resistance level of $180, the upward appreciation could take the cryptocurrency towards the $200 mark, signaling a strong uptrend.
The Solana network has reached a new milestone, with its total value locked (TVL) rising to a two-year high with a total of $6.252 billion. In short, the growth in value reveals the constant success of the changes experienced in the network since 2022.