As this year ends, the recent performance by Solana (SOL) positions it as one of the biggest gainers this year, especially in the previous month, where it added almost 80% to its value.
Cryptocurrency traders and investors contemplate SOL’s potential price ranges in the coming year.
Despite still being below its all-time peak of $246.67, this crypto displays indications of recovery in the recent period, which has driven its price above the $100 threshold for the first time in 2023 and propelled its market capitalization to fifth place among cryptocurrencies.
A surge of 500% offers new SOL entry points
There has been a notable surge in the price of SOL, marked by an impressive increase of over 500% in two months. Notably, a rotation trend is discernible, with a shift towards Ethereum (ETH) and other ecosystems, signaling a potential slowdown in the current momentum for Solana.
There is a notable interest in long-term entries within the $70-80 range in higher timeframe trading. This strategic approach reflects a careful consideration of price levels for establishing enduring positions in the market, as highlighted in a post on X by crypto expert Michael van de Poppe on December 28.
Should this asset experience additional retracement, the optimal entry point for traders seeking long-term positions would be $60.
Potential reset may catalyze further price increase
While experiencing a drawback from the recent high of nearly $125 and settling just below the threshold of $110, SOL still holds the potential to continue with its gains.
The current price action of SOL suggests an attempt to retest the 4-hour trend successfully. Reclaiming the cluster and achieving new highs is a logical progression in the trend. The ongoing shakeout phase seems to be nearing completion, indicating potential stabilization in the market, as per crypto analyst Jelle’s post on December 29.
In case of the successful completion of the retest, Solana might enter 2024 between the range of $130 and $140.
A long-term position on SOL might be a viable strategy
Traders and analysts seem optimistic about the price of this digital asset, as it managed to break its resistance point and successfully settle above it. For some, the prospect of further price increases in the future seems like a likely scenario.
Considering a strategic approach, there is a contemplation of initiating a long position on SOL after its breakthrough and successful retest of the $110 mark. This development is noteworthy and warrants vigilant observation for potential market movements, according to crypto investment agency Phoenix ICF’s post on December 29.
AI Solana price predictions for 2024
The artificial intelligence (AI) algorithms utilized by the cryptocurrency analytics and monitoring platform CoinCodex suggest the likelihood of continued expansion for Solana in the forthcoming months. Projections anticipate its value to reach $349.05 by December 30, 2024, which would mean a new all-time high for this crypto.
This amount represents a notable surge in the price of this asset, which at one point should surpass the $500 threshold, according to predictions.
Solana price analysis
At the time of press, SOL is traded at $108.07, exhibiting a 6.37% rise on its daily chart. Furthermore, it has seen a 14.58% increase over the past week and has garnered a gain of 78.03% in the last month, contributing to an overall upward movement of 1047.44% over the past year.
Whether Solana will continue with its impressive gains in 2024 remains to be seen; with investors, analysts, and AI algorithms forecasting positive developments, investors need to conduct their research, which will minimize risks when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
