The price of Solana has experienced a notably robust shift in recent weeks, reaching the impressive rank of 4 among cryptocurrencies by market capitalization at its peak. Will the SOL price rise to $2000 in 2024? Let’s take a look at this Solana price prediction article in more detail.
As of the latest data, the Solana price today stands at $118.79, with a 24-hour trading volume of $12.45 billion. The market capitalization is $50.79 billion, and Solana holds a market dominance of 3.01%. Over the last 24 hours, the SOL price has increased by 5.05%.
Solana achieved its highest price on Nov 6, 2021, reaching an all-time high of $259.52. Conversely, its lowest price was recorded on May 11, 2020, at an all-time low of $0.503701. Following its all-time high, the lowest price was $8.12 (cycle low), and the highest SOL price since the last cycle low was $125.92 (cycle high).
The current sentiment for Solana’s price prediction is bullish, and the Fear & Greed Index is showing 71 (Greed). Solana’s circulating supply is 427.60 million SOL out of a maximum supply of 533.68 million SOL. The current yearly supply inflation rate is 17.82%, resulting in the creation of 64.69 million SOL in the last year.
In terms of market cap, Solana holds the #2 position in the Proof-of-Stake Coins sector, #2 in the Solana Network sector, and #3 in the Layer 1 sector. Please note that cryptocurrency prices are highly volatile and can change rapidly. It’s essential to stay updated with the latest information if you are considering investment decisions.
Solana has demonstrated a remarkable surge in value over the past few weeks. In mid-October 2023, the SOL price was at $21. However, by mid-November, it had surged to $65.
In December, Solana experienced an even more pronounced surge. The value of SOL has doubled since the beginning of the month, and in the last seven days alone, it has risen by over 60%. Most recently, the price reached $120. This optimistic trend contributes to a positive outlook for the Solana forecast in the coming year, 2024.
What is the forecast for Solana in the year 2024?
Solana has exhibited remarkable growth over the past year, with an impressive 944% increase in its price. This stellar performance positions Solana as a standout performer, outpacing 96% of the top 100 cryptocurrencies during this period.
Notably, Solana has surpassed both Bitcoin and Ethereum, showcasing its resilience and potential for substantial returns. The consistent upward trajectory is further evidenced by Solana consistently trading above the 200-day simple moving average, signaling a sustained positive trend. Additionally, Solana has demonstrated positive performance relative to its token sale price, affirming investor confidence.
The past 30 days have seen Solana experience 18 green days, accounting for 60% of the period, indicating strong and consistent positive market sentiment. The cryptocurrency’s high liquidity, reflected in its substantial market cap, underscores its attractiveness to traders and investors alike.
While past performance does not guarantee future results, these factors collectively paint a promising picture for Solana’s continued growth and potential as an investment option in the evolving cryptocurrency landscape.
With the recent significant upswing, there is optimism that the Solana price may continue its upward trajectory in the weeks and months ahead. Considering that the bull market with Bitcoin Spot ETFs in 2024 may just be getting underway, the outlook for Solana in 2024 appears highly positive.
The Solana price stands to gain from the substantial surge in Bitcoin prices, potentially reaching its all-time high in the coming months. Such an outcome would signify an extraordinary rally in our Solana forecast.
How high can the Solana price go in our prediction?
The Solana market may witness further substantial increases in the upcoming months. Currently, it appears that the SOL Token’s price could potentially experience significant multiplication. In our forecast, a Solana price of $1,000 or $2,000 seems achievable if the current rate of growth persists.
Nevertheless, it’s crucial to consider that numerous leveraged long positions have been initiated for Solana at the moment. Speculation suggests that substantial wallets aim to drive prices upward and subsequently offload tokens. A setback is not only possible but even likely. Nonetheless, our outlook for Solana over the next 12 months remains largely optimistic.
Hence, we anticipate a Solana price ranging from $200 to $300 by the end of 2024, potentially marking a new all-time high.
How to buy Solana(SOL) on Bitget? Easy Guide
Getting into Solana investment is now super easy! Just join Bitget, finish verifying your identity, and make payments using your bank, debit, or credit card—all while keeping things secure with crypto wallets. Many people use this simple method to get their hands on Solana. Check out our step-by-step guide on buying Solana on Bitget.
With Bitcoin halving on the horizon, many investors are considering SOL as an attractive option. This article provides insights into the opportune moment to buy Solana and outlines the process of how to buy Solana (SOL) on Bitget.
