2024

Solana

Solana (SOL) is a cryptocurrency that provides secure, scalable and fster transactions within a decentralized network. It asserts itself as a leader in transaction speed and success rates when compared to competitors, boasting an impressive capacity of over 50,000 transactions per second and achieving sub-second finality¹. In addition to its transactional prowess, Solana is equipped to handle smart contracts, decentralized applications, and seamlessly interacts with other blockchain networks.
<h2 class="p2" id="span-class-s1-b-current-market-performance-of-solana-price-b-span">Current Market Performance of Solana Price</h2>
The <a href="https://coingape.com/price/solana/#:~:text=Live%20Price%20of%20Solana%20(SOL,market%20cap%20stands%20at%20%2438%2C315%2C439%2C878." rel="noopener noreferrer nofollow">price of Solana</a> stands at $87.12, and the 24-hour trading volume amounts to approximately $2.2 billion. Over the last 24 hours, Solana has demonstrated a positive movement, witnessing a 3.89% increase. It holds 5th position on the <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/solana/historical-data/">CoinMarketCap</a> ranking, boasting a live market capitalization of approximately $37.7 billion. The circulating supply comprises 433,135,920 SOL coins, while the maximum supply remains undisclosed at the time of writing.&nbsp;
<h2 class="p3" id="span-class-s1-solana-price-history-span">Solana Price History</h2>
Solana was launched in March 2020 initial supply of 488 million SOL. <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/solana/historical-data/">Initially priced</a> at around $0.22, it maintained a steady course until August 2020. At that point, it began gaining momentum and reached $3.80 by the month’s end. The price fluctuated between $2 and $5 until December 2020, breaking out of this range and surging to a new high of $7.50.
The standout year for Solana was 2021, witnessing an extraordinary bull run that led to a 10,000% increase in its price. This surge was driven by the widespread adoption of Solana as a prominent platform for decentralized applications (dApps), particularly in decentralized finance (DeFi), <a href="https://coingape.com/glossary/nft-non-fungible-token/" rel="noopener noreferrer nofollow">non-fungible tokens (NFTs)</a>, and gaming. Noteworthy projects like Serum, a decentralized exchange; Audius, a music streaming service; Star Atlas, a metaverse game; and RAY, a DeFi protocol, contributed to Solana’s success.
<a href="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.17.05.png" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter size-full wp-image-176624" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.17.05.png" alt="Solana year to year market performance" width="948" height="514" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.17.05.png 948w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.17.05-300x163.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.17.05-768x416.png 768w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.17.05-150x81.png 150w" sizes="(max-width: 948px) 100vw, 948px"></a>
Reaching an all-time high of $260.43 on November 7, 2021, Solana’s announcement of a partnership with Microsoft to integrate its blockchain with Azure, Microsoft’s cloud computing service, fueled this peak. However, the price corrected shortly thereafter, entering a downtrend until the year’s end. Increased regulatory scrutiny, environmental concerns, and competition from other blockchains affected the broader crypto market. Solana closed 2021 at $101.23, still marking an impressive 3,600% gain from the beginning of the year.
The beginning of 2022 brought a modest recovery for Solana, bouncing back above $120 in January. This rebound was supported by the introduction of Wormhole, a cross-chain bridge connecting Solana with Ethereum, Binance Smart Chain, Terra, and Polygon. Despite facing resistance at the $130 level, SOL failed to sustain momentum, slipping below $100 by month-end. The subsequent months witnessed a continued decline, influenced by the global stock market crash, the strengthening US dollar, and uncertainties surrounding the COVID-19 pandemic. Solana hit a low of $86.94 on March 25, 2022, marking a 66% decrease from its November 2021 peak.
Throughout December SOL witnessed both downward trends. On December 24th the price reached $112.49 indicating a surge compared to the beginning of the month. This increase reflected a growth of 192.3% over December.
However, as January started the price began to decline. On January 24th, 2024 SOL was valued at $88.73 which indicated a decrease from its peak in December. This decline represents a reduction of 21% from its point reached in December, revealing a bearish tendency in its performance.&nbsp;
<h2 class="p3" id="span-class-s1-solana-price-prediction-2024-will-solan-price-recover-span">Solana Price Prediction 2024 : Will Solan Price Recover?</h2>
In the short-term, Solana’s price recovery outlook for the next 30 days indicates a range between $87.23 and $109.06, with an average forecast of $100.23. This suggests a potential for Solana to regain ground and approach the $100 milestone once again. However, the short-term landscape is marked by resistance and uncertainty. Market sentiment <a rel="noopener noreferrer nofollow" href="https://coincodex.com/crypto/solana/price-prediction/">remains neutral</a>, trading in a narrow range between $90 and $100, accompanied by high volatility and mixed technical indicators. Consequently, Solana’s price may exhibit fluctuations or experience further declines in the short term, depending on market conditions and relevant news.
<figure id="attachment_176626" aria-describedby="caption-attachment-176626" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.31.24-1.png" rel="noopener noreferrer nofollow"><img decoding="async" class=" wp-image-176626" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.31.24-1.png" alt="Market Sentiment for Solana Price" width="454" height="176" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.31.24-1.png 392w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.31.24-1-300x116.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-25-at-10.31.24-1-150x58.png 150w" sizes="(max-width: 454px) 100vw, 454px"></a>
 <figcaption id="caption-attachment-176626" class="wp-caption-text">
 Market Sentiment for Solana Price
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</figure>
Solana is also predicted to experience a 0.66% increase, reaching $93.26 in January 24, 2024 with a minimum price of $46.63 and a maximum of $186.52.
Looking into the long-term prospects, Solana’s price forecast is more positive. The expectation is that Solana will leverage its robust fundamentals, innovative features, and expanding adoption. Some projections indicate a potential high of $200 by the end of 2024, $515.49 by the end of 2025, and $672 by the end of 2030. These predictions draw insights from Solana’s historical price movements and the influence of <a href="https://coingape.com/glossary/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcon halving </a>cycles, known to boost cryptocurrency prices over extended periods.&nbsp;
As per earlier CoinGape’s <a href="https://coingape.com/markets/solana-price-prediction-can-sol-rally-to-100-under-these-conditions/" rel="noopener noreferrer nofollow">analysis</a>, Solana finds itself at a crucial point, trading in proximity to the $80 support level. A breakthrough past the $82.38 resistance holds the potential for an ascent to $105 and, possibly, even $120. Conversely, a dip below the support trendline could lead to a decline, touching $60 and potentially extending to $40.
Some analysts have an optimistic view of SOL’s future, anticipating benefits from the rising demand for swift and scalable blockchains. Their projections suggest Solana could achieve $150 by the close of 2022, $250 by the close of 2023, and a significant milestone of $500 by the close of 2024. Looking further ahead, there are forecasts indicating a potential surge to $1,000 by the end of 2025 and a remarkable $10,000 by the close of 2030.
The post <a href="https://coingape.com/blog/will-solana-price-recover/" rel="noopener noreferrer nofollow">Solana Price : Will Solana Price Recover In 2024?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price : Will Solana Price Recover In 2024?

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