Solana Price Forecast: SOL hovers above $150 as interest in building on its blockchain doubles in 2024


  • Solana declines slightly on Thursday, trading at $152.26.
  • Builder interest on Solana blockchain has doubled in 2024, according to an a16z report.
  • The number of active addresses in the Solana network has also increased sharply.

Solana (SOL) hovers around the $150 level on Thursday. Recent gains in the native token of the Solana blockchain are likely catalyzed by rising investor and developer interest. 

A16z’s State of crypto report released on Wednesday, October 16 shows a spike in addresses and web3 builders’ interest in Solana. 

Solana could extend gains as it draws interest from traders and builders

Crypto’s monthly active addresses shot to an all-time high of 220 million in September 2024. Of this number, Solana and rising activity on its blockchain accounted for about 100 million active addresses. 

Crypto active addresses

Crypto active addresses as seen in a16zcrypto report

The Builder Energy dashboard that lists developer interest in building applications on different blockchains in the crypto ecosystem tracks how lucrative Solana is to web3 builders. The report shows that the SOL blockchain saw the biggest change in the total share of builder interest, up to 11.2% in 2024, from 5.1% in 2023. 

Solana witnessed several meme coin launches in 2024, this contributed to the “meme coin” cycle this year. In Q1 2024, the top-performing crypto token category was meme coins. This sector continues to attract users to the SOL blockchain and ecosystem. 

Solana Price Forecast: SOL could rally 12%, test key resistance

Solana is in an upward trend as seen in the SOL/USDT daily chart. Bullish catalysts could push SOL higher to test resistance at the lower boundary of the Fair Value Gap (FVG) between $169.43 and $171.61. SOL could gain 11.44% in its rally to the resistance at $169.43. This level has not been tested since August 2, 2024. 

The Moving Average Convergence Divergence (MACD), a momentum indicator, shows green histogram bars above the neutral line, meaning there is underlying positive momentum in SOL price. 

SOL

SOL/USDT daily chart

A daily candlestick close under the 50-day Exponential Moving Average (EMA) at $146.35 could invalidate the bullish thesis. SOL could sweep support at $134.27, the September 19 low for SOL. Traders need to watch the MACD indicator closely. If consecutive histogram bars keep getting shorter, SOL is likely to note a reversal in its trend. 


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

EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem

EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem

EOS, the token behind the recently rebranded Vaulta network, has increased by a staggering 22% in the last 24 hours.

More EOS News
Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance

Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance

Curve DAO (CRV) price is in the green, up 8%, trading above $0.53 on Thursday after rallying nearly 15% so far this week.

More Curve DAO News
Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement

Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement

Bitcoin price plunges towards $82,000 as Gold soars past $3,150 after US President Donald Trump imposed new tariffs on Israel and UK, triggering global markets turbulence.

More Bitcoin News
Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs

Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs

Bitcoin (BTC) and the entire crypto market saw a quick correction on Wednesday following President Donald Trump's reciprocal tariff announcements based on half of each country's respective rates.

More Cryptocurrencies News
Bitcoin: BTC remains calm before a storm

Bitcoin: BTC remains calm before a storm

Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP