The SOL cryptocurrency comfortably surpassed the $100 milestone after a strong start to 2024 and a gentle finish in 2023. Starting its upward journey at $10, Solana’s growth is supported by its network expansion, which continues its impressive upward trajectory.
Thanks to support from influential figures like Cathie Wood, the so-called “Ethereum killer” is steadily recovering. Buoyed by the overall market recovery, SOL has shown tremendous momentum, breaking multiple resistance levels with a series of bullish candlesticks, signaling a potential surge towards $100.
After an impressive rally in 2023 that saw SOL surge from $30 to over $120, the cryptocurrency ranked as one of the top performers, briefly beating major cryptocurrencies such as USD Coin, XRP, and BNB to secure the fourth spot in market capitalization. Despite briefly hitting $124 on December 25, SOL has fallen below $120 and is currently hovering around $107, down 5.8% in the last 24 hours.
Is there any chance of SOL reaching $200 again?
Enthusiasts are debating whether SOL can regain the $200 price level by the end of 2024. SOL reached an all-time high of $259.96 in November 2021, but suffered subsequent losses and fell below $10 after the collapse of the FTX cryptocurrency exchange. The last time SOL was around $200 was in December 2021, but market participants speculate that this price range is likely to be revisited this year.
For SOL to reach $200 again, it would need to surge 86.91% from its current price of $107, and it would need to surge 142% to reach its previous high.
What factors are driving the rise in SOL?
The expected surge of SOL to $200 is supported by three influential factors. First, the Bitcoin halving scheduled for April 2024 is likely to trigger a market rally historically, pushing SOL above $200 as seen in past halving events. Second, significant movement of SOL coins by cryptocurrency whales between exchanges and unknown wallets indicates continued interest and potentially strengthens the value of SOL.
Lastly, Solana’s thriving decentralized finance (DeFi) sector saw its Total Value Locked (TVL) increase from $1 billion to $1.47 billion, signaling strong market optimism about SOL’s growth, surpassing the $200 milestone. It indicates that there is a possibility of standing. These factors collectively contribute to the bullish sentiment and outlook for SOL’s upward trajectory.