After achieving almost 1,000% performance in 2023, many Solana (SOL) holders are wondering how far the price can go in 2024.
In this prediction, we will analyze the complete picture of Solana (SOL) and answer the question of many: can SOL reach $200 this year?
Will Solana (SOL) Price Reach $200 in 2024?: Analysis
Just ten days into the new year, the industry received a monumental boost with the U.S. Securities and Exchange Commission’s (SEC) approval of 11 spot bitcoin ETFs in the country. Despite expectations of significant progress, volatility has been a constant. However, SOL has maintained a stability that stands out.
Possible SOL price rebound
Solana has recently broken out of a bullish flag formation on its 4-hour chart. A close above $106 could trigger a 45% rally. Cryptocurrency analyst Ali Martínez, in his analysis shared on.
tick-tock ⏱️ https://t.co/HdZ8lf8IPf
— Ali (@ali_charts) January 16, 2024
Predictions about the next increase are multiplying, especially with the accumulation at the $11 threshold and the promising prospects for February, according to analyst Jelle. Nansen reports an impressive 98% increase in Solana’s monthly active addresses on January 1.
Currently, SOL is trading at $94.08, down 7.5% in the last 24 hours, according to CoinMarketCap. In the last 7 days, it has seen a 6% correction, and in the last 30 days, the gains are over 25%. Although indicators are in Solana’s favor, confirmation of a solid rebound is still pending.
Analysis of determining factors
- Bitcoin Spot ETF Approval: The recent approval by the SEC could provide an additional boost to SOL, despite persistent volatility in the market.
- Technical Formation: The breakout of the bullish flag formation suggests considerable upside potential, but confirmation would only come with a close above $106.
- Market Sentiment: Accumulation at the $11 threshold and optimistic outlook for February according to leading analysts add weight to the possibility of a rally.
- Active Address Growth: The 98% increase in monthly active addresses underscores the growing interest in Solana, a factor that has historically preceded price increases.
Although Solana has withstood volatility and is showing encouraging signs, the goal of $200 in 2024 is not guaranteed. The path to that mark depends on confirmation of technical formation, continued market support, and future events that could influence SOL’s direction.
