Cryptocurrency

Solana

2024

Phoenix

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 <p class="paragraph">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.</p>
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 <p class="paragraph">Cryptocurrency traders and investors contemplate SOL’s potential price ranges in the coming year.</p>
 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above the $100 threshold for the first time in 2023 and propelled its market capitalization to fifth place among cryptocurrencies.</p>
 <h2 class="wp-block-heading" id="h-a-surge-of-500-offers-new-sol-entry-points">A surge of 500% offers new SOL entry points</h2>
 <p class="paragraph">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.</p>
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 <p class="paragraph">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.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="549" src="https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp" alt="Potential SOL buy points in the future. Source: Michael van de Poppe
" class="wp-image-146240" srcset="https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 1536w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Potential SOL buy points in the future. Source: Michael van de Poppe
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 <p class="paragraph">Should this asset experience additional retracement, the optimal entry point for traders seeking long-term positions would be $60.</p>
 <h2 class="wp-block-heading" id="potential-reset-may-catalyze-further-price-increase">Potential reset may catalyze further price increase</h2>
 <p class="paragraph">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.</p>
 <p class="paragraph">The current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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 <em>Jelle’s</em> post on December 29.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="585" src="https://cdn.thebittimes.com/images/2023/12/29/63a6c4b94b95d6488db7b9988ae6ac44.webp" alt="A potential retest of SOL price at 4-hour chart. Source: Jelle
" class="wp-image-146244" srcset="https://cdn.thebittimes.com/images/2023/12/29/63a6c4b94b95d6488db7b9988ae6ac44.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/63a6c4b94b95d6488db7b9988ae6ac44.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/63a6c4b94b95d6488db7b9988ae6ac44.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/63a6c4b94b95d6488db7b9988ae6ac44.webp 1536w, https://cdn.thebittimes.com/images/2023/12/29/63a6c4b94b95d6488db7b9988ae6ac44.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   A potential retest of SOL price at 4-hour chart. Source: Jelle
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 <p class="paragraph">In case of the successful completion of the retest, Solana might enter 2024 between the range of $130 and $140.</p>
 <h2 class="wp-block-heading" id="a-long-term-position-on-sol-might-be-a-viable-strategy">A long-term position on SOL might be a viable strategy</h2>
 <p class="paragraph">Traders and analysts seem optimistic about the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of this digital asset, as it managed to break its resistance point and successfully settle above it. For some, the prospect of further <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> increases in the future seems like a likely scenario.</p>
 <p class="paragraph">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 <em>Phoenix ICF’s</em> post on December 29.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="806" src="https://cdn.thebittimes.com/images/2023/12/29/df85bdc86b3f09ab8ea7b0e1779f6cfd.webp" alt="Potential further SOL price increases in the long term. Source: Phoenix ICF
" class="wp-image-146246" srcset="https://cdn.thebittimes.com/images/2023/12/29/df85bdc86b3f09ab8ea7b0e1779f6cfd.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/df85bdc86b3f09ab8ea7b0e1779f6cfd.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/df85bdc86b3f09ab8ea7b0e1779f6cfd.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/df85bdc86b3f09ab8ea7b0e1779f6cfd.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Potential further SOL price increases in the long term. Source: Phoenix ICF
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 </figure>
 <h2 class="wp-block-heading" id="ai-solana-price-predictions-for-2024">AI Solana price predictions for 2024</h2>
 <p class="paragraph">The artificial intelligence (AI) algorithms utilized by the cryptocurrency analytics and monitoring platform <em>CoinCodex</em> 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.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="927" height="421" src="https://cdn.thebittimes.com/images/2023/12/29/fd45e81657bb3ce03aacba59e4bc9314.webp" alt="Solana 1-year price prediction. Source: CoinCodex
" class="wp-image-146248" srcset="https://cdn.thebittimes.com/images/2023/12/29/fd45e81657bb3ce03aacba59e4bc9314.webp 927w, https://cdn.thebittimes.com/images/2023/12/29/fd45e81657bb3ce03aacba59e4bc9314.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/fd45e81657bb3ce03aacba59e4bc9314.webp 768w" sizes="(max-width: 927px) 100vw, 927px">
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   Solana 1-year price prediction. Source: CoinCodex
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 <p class="paragraph">This amount represents a notable surge in the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of this asset, which at one point should surpass the $500 threshold, according to <a rel="noopener noreferrer nofollow" title="prediction" href="https://thebittimes.com/tag/prediction.html">prediction</a>s.</p>
 <h2 class="wp-block-heading" id="solana-price-analysis">Solana price analysis</h2>
 <p class="paragraph">At the time of press, SOL is traded at $108.07, exhibiting a 6.37%&nbsp; 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.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/29/1f519d01ef6dcaa35e5df0d5209220c7.webp" alt="Solana YTD price chart. Source: Finbold
" class="wp-image-146249" srcset="https://cdn.thebittimes.com/images/2023/12/29/1f519d01ef6dcaa35e5df0d5209220c7.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/1f519d01ef6dcaa35e5df0d5209220c7.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/1f519d01ef6dcaa35e5df0d5209220c7.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/1f519d01ef6dcaa35e5df0d5209220c7.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Solana YTD price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">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.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-price-prediction-for-2024-tbt75114.html">https://thebittimes.com/solana-price-prediction-for-2024-tbt75114.html</a></p>

Solana price prediction for 2024

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