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Solana

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Solana (SOL) has demonstrated impressive performance following its ability to navigate through the recent market turbulence. The token dubbed the ‘Ethereum Killer’ saw a price increase, surpassing <a href="https://coingape.com/price/ethereum/">Ethereum</a>, despite market consolidation. SOL reached over $200 for the first time since December 2021, marking over 800% year-to-date increase in value. During the bullish market, supporters and investors are hopeful that the token will reach $500. If you are considering investing in cryptocurrency, you might be curious about how your portfolio would be affected if the price of Solana reaches $500. Let’s delve into possibilities.&nbsp; 
<h2 class="p2" id="strong-span-class-s1-solana-price-market-performance-span-strong">Solana Price Market Performance</h2> 
Today, <a href="https://coingape.com/price/solana/#:~:text=Live%20Price%20of%20Solana%20(SOL,market%20cap%20stands%20at%20%2484%2C010%2C019%2C648.">Solana price</a> is $204, showing a 9.89% growth over the last 24 hours. It has seen a trading volume of $10.5 billion over 24 hours, experiencing a 12% increase. The present position on CoinMarketCap is ranked 4th, with a market capitalization of $90.9 billion. In just one week, SOL’s value has increased by 37.54%, and it has seen a growth of 829% year-to-date. Although the growth has been notable, the token price is still 22% below all-time high. 
<img decoding="async" class="aligncenter size-full wp-image-186502" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-12.28.47.png" alt="Solana Price Market Performance" width="933" height="510" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-12.28.47.png 933w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-12.28.47-300x164.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-12.28.47-768x420.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-12.28.47-150x82.png 150w" sizes="(max-width: 933px) 100vw, 933px"> 
<h2 class="p2" id="strong-span-class-s1-top-reasons-behind-solana-price-surge-span-strong">Top Reasons Behind Solana Price Surge</h2> 
Solana (SOL) witnessed a surge in network activity surpassing Ethereum, driven by demand for Solana-based memecoins. The total trading volume reached $3.52 billion, with new memecoins like <a href="https://coingape.com/blog/why-is-book-of-meme-bome-price-pumping/">Book of Meme</a> (BOME) gaining popularity quickly. Solana’s <a href="https://coingape.com/defi-tvl-crosses-100b-as-lido-finance-ldo-staking-hits-38-7b/">DeFi TVL</a> grew by over 80% in the last month, reaching $3.8 billion, making it one of the top five <a href="https://coingape.com/glossary/defi-decentralized-finance/">DeFi</a> networks. The number of SPL tokens on the Solana network also hit an all-time high. However, trading meme coins on Solana can be risky, as some investors experienced significant losses due to <a href="https://coingape.com/glossary/fomo-fear-of-missing-out/">FOMO</a> trading. As the price of $SOL surged, large investors have been capitalizing on profits by selling their holdings. One whale deposited 200K SOL into Binance and still holds a significant amount of SOL, with a portion staked. 
<h2 class="p1" id="span-class-s1-what-will-be-my-portfolio-if-solana-price-reaches-500-span">What Will be My Portfolio if Solana Price Reaches $500</h2> 
Investing $1000 in SOL at the current rate of $204 per token will result in approximately 4.90 SOL tokens. Should the value of SOL almost double from $1000 to $500 per token, your 4.09 SOL tokens would be worth a significant amount, reaching up to $2450. To calculate the total asset profit, you need to deduct the $1000 initial investment from either the last sale price or the total amount of profit, resulting in $1450. This measures an increase of about 145% in percentage. 
If you increase your investment to $2000, you will receive approximately 9.80 SOL tokens, equal to the market value of $1000 capital. If the token’s price hits $500, you could potentially earn $4900 from your investment. By deducting the assessed value of the vehicle from the initial payment of $2000, your total earnings will come to $2900, resulting in a 145% increase in profits. 
Finally, an investment of $5000 provides access to approximately 24.51 SOL tokens. At this pace, with an initial investment of $500, you will accumulate a substantial fortune of $12255. After deducting the initial investment of $5000, your total profit amounts to $7255, equating to approximately a 145% increase. 
However, these calculations assume stable conditions and exclude any fees or taxes. It’s essential to consider all factors and conduct thorough research before making any investment decisions. 
<img decoding="async" class="aligncenter size-full wp-image-186511" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-14.00.44.png" alt="Portfolio if Solana Price Reaches $500" width="927" height="329" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-14.00.44.png 927w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-14.00.44-300x106.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-14.00.44-768x273.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-18-at-14.00.44-150x53.png 150w" sizes="(max-width: 927px) 100vw, 927px"> 
<h2 class="p1" id="strong-span-class-s1-price-forecast-will-solana-hit-500-span-strong">Price Forecast: Will Solana Hit $500?</h2> 
Based on technical analysis let’s predict SOL’s price, evaluating the possibility and timing of the coin reaching $500.&nbsp; 
Both short and long Moving Averages indicate a buy signal, demonstrating bullish sentiment. Analyzing EMAs and SMAs for various time frames can provide insight into potential future buying and selling opportunities. 
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/#:~:text=(RSI)%20indicator%3F-,The%20relative%20strength%20index%20(RSI)%20is%20a%20momentum%20indicator%20that,size%20of%20recent%20price%20changes.">RSI</a> is currently at 89.03, signaling that it is in the overbought zone but with a neutral sentiment. There are speculations indicating a potential shift from bullish to neutral trend. 
If Solana’s price undergoes a sharp decline, it could potentially reach a minimum of approximately $33.02. This level is seen as a solid support zone that could see an increase in buying pressure and acts as a barrier against any further decrease in movement. 
On the other hand, if Solana’s price increases steadily, it is expected to reach approximately $202.26. This trading range indicates a congested area where selling pressure may increase, preventing further price advances. 
While the current analysis shows that Solana has a strong support and bullish momentum, which could potentially propel its price toward higher resistance levels, it’s important to note that reaching $500 would require nearly doubling its current price. Technical indicators provide favorable conditions, but achieving such a milestone would depend on various factors, including market sentiment, adoption, and broader cryptocurrency trends. 
The post <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-solana-price-hits-500/">Solana Price : What will be my portfolio if Solana Price Hits $500?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price : What will be my portfolio if Solana Price Hits $500?

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