The cryptocurrency market is currently experiencing a strong rally, with Bitcoin (BTC) surging past the $52k mark. This milestone has propelled BTC to its highest levels since 2021, igniting a wave of upward movement among other cryptocurrencies as well.
Solana (SOL) is one of the top-performing cryptocurrencies in 2023 and even in 2024 and it has experienced significant growth across multiple timeframes. The SOL Coin has surged by 16.3% in the weekly charts and an impressive 22.6% over the previous month. Furthermore, since February 2023, the asset has seen a remarkable increase of over 450%.
The recent rally of Bitcoin may be attributed to the increased inflows into BTC ETF products, indicating institutional accumulation. More institutional investments often have a significant impact on market movements.
Also Read: Cathie Wood of Ark Invest Raises Concerns about ETFs Beyond BTC and ETH
Is Solana Poised to Reach $130 Next?
As we found on CoinMarketCap, the SOL Coin is currently trading at around $117.32 with an impressive growth of 5% in the last 24 hours. The market cap of the SOL Coin has crossed 51 billion with a trading volume of 2.5 billion over the last 24 hours.
As per CoinCodex, the SOL Coin price can reach $130 on Feb 2-, 2024 which would represent a growth of approximately 12.5% from its current levels. Furthermore, the CoinCodex platform also anticipates that SOL will continue to rise to $136 by mid-March.
Also Read: Solana (SOL) Price Prediction | Is SOL Worth Buying?
On the other hand, FinanceShots has predicted that the SOL Coin will reach a high of $124.94 on February 19, 2024, before starting to decline. If SOL were to reach $124.94 from its current levels, it would represent a growth of approximately 8%.
Furthermore, there is a possibility that the SOL Coin could exceed the $130 mark in the event of a cryptocurrency market rally similar to the one experienced in 2021, which was driven by BTC’s halving event in April.
How High Will SOL Go in 2024?
According to our expert’s technical analysis, the maximum price of the Solana Coin can go as high as $277.56 with an average price of $251.37 by the end of 2024. Further, if there is any bearish news surrounding the Solana ecosystem, the minimum price value of the SOL Coin can fall to $235.65 in 2024.
Also Read: Solana Mobile: Unveiling the Future with Version 2 Launch
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
