Solana price could hit three digits in 2024, analyst shares bullish outlook on SOL


  • Solana monthly volume exceeds $6 billion, supporting ongoing SOL price rally. 
  • Crypto analyst Altcoin Sherpa predicted a massive surge in SOL price in 2024. 
  • SOL price could retrace to sub-$50 level, before another leg up. 

Solana, one of the largest competitors of Ethereum, is currently experiencing a surge in its price. SOL rallied to $68.21, its highest level in 2023 and the altcoin is primed for further gains, according to a pseudonymous crypto analyst.

Also read: Ethereum whale activity could pave way for ETH price to hit new yearly highs

Solana price hits 2023 peak in November

Solana price is in an uptrend that started in mid-October 2023. The altcoin’s price climbed steadily in the past month, hitting its 2023 peak of $68.21 on November 16, before commencing a correction.

At the time of writing, SOL price is $58.07, the altcoin is trending sideways close to the $60 psychological level. The breakthrough past $60 was key to SOL price rallying to a yearly high. SOL price is above its three long-term Exponential Moving Averages (EMAs), 10, 50 and 200-day at $56.53, $43.25 and $29.51.

If SOL price sustains above the 10-day EMA, the altcoin is likely to continue its climb. A decline below the 10-day EMA could invalidate the bullish thesis for Solana. 

SOL/USDT

SOL/USDT 1-day chart 

Analyst predicts SOL price rally to three digits in 2024

Crypto analyst behind the X handle @AltcoinSherpa is bullish on SOL. The analyst evaluated the SOL price trend and commented that they expect the SOL price to correct and a sub-$50 entry would be ideal. 

According to @AltcoinSherpa, SOL price is likely to hit three digits in 2024, a massive surge in the Ethereum-alternative token. 

SOL/USDT

SOL/USDT 4-hour chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Trump-related meme coins rally following high Polymarket odds and endorsement from Elon Musk

Trump-related meme coins rally following high Polymarket odds and endorsement from Elon Musk

Polymarket data on Monday revealed that Donald Trump's odds over Kamala Harris in the presidential race surged to 54%, establishing an 8% lead for the Republican candidate. Following the lead, Trump-based meme coins saw double-digit gains.

More Meme Coins News
Ethereum proposal to boost transaction speed and help DEXs save $100M sparks enthusiasm in community

Ethereum proposal to boost transaction speed and help DEXs save $100M sparks enthusiasm in community

Ethereum is up slightly by 0.1% on Monday following the appearance of a Doji candle, indicating a potential reversal in price trend. The potential price change follows a new Ethereum Improvement Proposal EIP-7781.

More Ethereum News
XRP gains amidst rising inflows to Ripple funds, traders digest SEC appeal

XRP gains amidst rising inflows to Ripple funds, traders digest SEC appeal

Ripple price on Monday is being influenced by the token unlock on October 1, XRP fund flows and sentiment among crypto market participants. XRP gains nearly 2% on the day, the altcoin trades above key support at $0.5200. 

More Ripple News
Crypto investment products record outflows of $147 million alongside Middle East war tension

Crypto investment products record outflows of $147 million alongside Middle East war tension

Bitcoin is trading around the $63,000 level on Monday as a CoinShares report reveals that crypto investment products recorded outflows totaling $147 million last week, breaking their three-week inflow streak.

More Bitcoin News
Bitcoin: Is BTC sell-off over?

Bitcoin: Is BTC sell-off over?

Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.

Read full analysis
Five best Forex brokers in 2024

Five best Forex brokers in 2024

VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals. 

Read More

BTC

ETH

XRP