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One of the largest smart contract platforms, Solana, has seen a significant increase in the last 24 hours, climbing to $118.1. The evident rise not only offset the losses experienced after the FTX collapse but also returned the price to the levels of April 2024. So, what are the expectations for Solana (SOL)?
Solana (SOL) Price
Exactly a year ago, the price of Solana on the Binance exchange dropped to $8. The rapid fall from $32 was cemented by the FTX collapse. However, contrary to fears, Solana began to recover strongly. Last week, the price peaked at $79, and today it reached $118.1.
Back in October, we wrote that with the price closing above $45, it could target $80 and $96, and then aim for $120. That has happened, and although it has pulled back from $118 for now, SOL Coin’s price has increased by 461% in 13 weeks.
If it can maintain above $108 in the next phase, we can talk about new peaks for SOL Coin. The target level in the new rally leg will be $140. However, investors should not be surprised by a pullback to $96 and $80 if it closes below $108. With the expectation of an ETF approval in the next 14 days and BTC price expected to remain strong, SOL Coin could reach $140 if it does not lose interest.
The ultimate peak target will be a new ATH region after $205 and $260.
The Future of Solana (SOL)
It wasn’t just the price that increased. We had mentioned that surpassing a total locked value of $1 billion was necessary for the network to remain viable. As the SOL Coin price rally continues, the Total Value Locked (TVL) has increased as expected. At the time of writing, the network’s TVL is at the threshold of $1.5 billion, indicating that the price increase and the strengthening of the network are happening concurrently.
The launch of PAXOS’s stablecoin on the Solana network is another development that supports the rise and is expected to contribute to long-term growth. As mentioned above, optimism may continue next week with the ETF expectation, and as investors start counting down to big news the following week, an increase in risk appetite is hoped for.
