Anticipating Solana’s Performance in 2024: Insights into the Potential Arrival of a New All-Time High for SOL Price

Anticipating Solana's Performance in 2024: Insights into the Potential Arrival of a New All-Time High for SOL Price

The Rise of SOL Cryptocurrency in 2024

The SOL cryptocurrency has exhibited a robust start in 2024, comfortably crossing the $100 milestone after a bullish finish in 2023. Starting its upward journey from $10, Solana’s growth is fueled by the expansion of its network, contributing to its impressive rise.

Endorsements from influential figures like Cathie Wood have further propelled the so-called “Ethereum-killer,” which 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, which propelled SOL from $30 to over $120, the cryptocurrency ranked among the top performers, briefly surpassing prominent cryptocurrencies like USD Coin, XRP, and BNB to secure the fourth-largest market capitalization spot. Despite briefly reaching $124 on December 25, SOL dipped below $120 and currently hovers around $107, down 5.8% in the last 24 hours.

Chances of SOL Reaching $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, subsequent losses followed, and it 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.

Factors 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.