Bitcoin‘s price is struggling to surpass the $43,000 mark again and at the time of writing stands at $42,900. SOL Coin’s price impressively rose in 2023, and those who capitalized on prices below $10 achieved more than tenfold gains. So, how high could SOL Coin reach in 2024?
Solana (SOL)
At the time of writing, SOL Coin is struggling to stay above $107, while BTC is determined to reclaim $43,000. Significant developments are expected this week on the macro front. A green light for the Spot Bitcoin ETF approval is anticipated for issuers by the end of the week. With the Fed entering an interest rate cut phase, an increased appetite for risk in crypto would not be surprising.
Over the past four months, Solana (SOL) has been in the spotlight. It climbed from a mid-September support level of $17.3 to a peak of $126.2. This rise represents a 626% increase, and such gains for a significant altcoin in market value are not common in a short period.
The recovery in Solana’s value can be associated with significant developments in its ecosystem. Increased interest in the DeFi space and assets like JTO and BONK Token strengthening the community financially helped boost demand.
How Much Will Solana Be Worth in 2024?
SOL Coin chart features a notable morning star candle formation, and the $107 resistance level has been breached. In the short term, this suggests that a significant recovery may have begun. If the optimistic scenario unfolds, it wouldn’t be surprising to see $126 tested again for higher peaks.
For new investors to be convinced of the continuation of the uptrend, reclaiming the key region at $134.3 is necessary. If the price can also capture this area, we might see a new series of bullish candles, especially with the current high risk appetite.
The 20-day EMA dynamic support confirms strong bullish momentum. BTC is positive, and upcoming Fed minutes on Wednesday could reveal details supporting macro optimism. Reuters also indicated a green light for potential ETF issuers in the next 48 hours, suggesting a positive short-term outlook.
Friday could bring a risky period on the macro front with potential market pullbacks. If SOL Coin can sustain above $134.3 in its annual forecast, it could aim for $200 and eventually reach new all-time highs.
