With just a few days left until the end of the first month of 2024, Solana’s (SOL) price has started to rise again. In the last seven days, SOL has seen an increase of 7.38%, but will the price continue to climb?
Expert Opinion on Solana
Leading market analyst Ali Martinez indicated that SOL could be ready to reach much higher levels in the coming days. According to Martinez, Solana’s token SOL is breaking out of a descending channel. He also mentioned that if SOL remains above $94, its value could soon rise to $113. A trend line connects the lowest and highest levels of a token’s price, creating a descending channel. These trend lines are parallel to each other, one representing resistance and the other support levels.
Overall, the chart might appear bearish. At the beginning of the year, SOL’s price was around $100. However, on January 2nd, the value increased, and by the end of that date, the token was trading at $116. Yet a broader market correction prevented the rise from lasting, and SOL fell to $79 on January 23rd. Current market conditions have increased demand for SOL.
Expert Commentary on SOL
If this demand continues, the price could end the month higher than it began. Additionally, senior analyst Michael van de Poppe shares Ali Martinez’s view but appears more optimistic. According to the analyst, SOL could continue to rise, potentially reaching as high as $140 instead of stopping at $113. It is also noted that, aside from price movements, new participants are flocking to the Solana network and making bulk purchases.
In conclusion, data from The Block indicates that the blockchain has recorded the highest influx of new addresses since its launch. Consequently, Solana’s price has risen by 7.38% at the end of January. Analysts predict that if SOL stays above $94, it could climb to $113 or even $140. The market is witnessing an increase in demand and new participants.