Solana price prediction shows a 50% upside in SOL price if this level is broken!
With the cryptocurrency industry on the verge of a $1 trillion market cap, altcoins are setting the stage for the next bull run. Symbolizing a bullish reversal in 2023, Solana finds the SOL token price poised to explode in 2024.
Having regained the psychological value of $100 and the network’s incredible growth, the Ethereum killer is rising in the ranks. Solana, the fifth-largest cryptocurrency with a market capitalization of over $49 billion, is an altcoin to watch during the “pre-halving rally” phase. In a reversal that reflects this growing optimism and surprising growth, Solana’s price forecast suggests a rebound towards the $500 level.
Will SOL cost more than $115?
Source – Tradingview
With demand for Solana growing amid a strong month and market recovery, SOL price maintains its dominance above $100. With an impressive 23% rise over the past four weeks and a notable increase in trading volume, Solana is poised for a strong showing.
Moreover, the weekly price trend shows strong resistance at the $115 level, acting as the neckline of the inverted head and shoulders. A bullish pattern known for trend reversals suggests a new strong bull market for Solana.
Despite last week’s candle rising 4.42%, buyers were unable to find a bullish close above the neckline. A delayed breakout execution and higher price rejection warn of a retest of $100.
Nonetheless, with the market showing strength, altcoins are setting the stage for a massive rally in the coming weeks and months.
Is the Solana Network on the rebound?
As the DeFi space rebounds, Solana Network is showing signs of resurgence and healthy growth. As TVL approaches $2 billion, the growing number of active users on the Solana network demonstrates the recovery.
The number of users in January 2024 was 21.63 million, and by February 18, the number was 12.59 million, reflecting the possibility that the monthly growth trend will continue.
How high will Solana go in this bull market?
As expectations for an inverted head and shoulders pattern increase, SOL price is preparing for a bullish breakout. However, sideline traders are waiting for a bullish close above $115 on the weekly timeframe for better confirmation.
Solana could rise as high as $158 if positive results are received in the coming weeks.