Solana (SOL) has experienced a remarkable surge throughout 2024, driven by increased activity on its blockchain. This decentralized finance (DeFi) token has gained over 170% in the last six months, with a $200 price target becoming a key focus for investors. Here are some of the gathered predictive insights to help forecast SOL's price by the end of June.
SOL Price Forecast For June 2024
Based on Solana's activity and performance during the past months of 2024, it is highly expected that SOL will trade at around $190 by the end of June, reflecting a nearly 15% increase from its current price.
Solana Price Analysis
Analysts have provided further insights into Solana's price trajectory. A TradingView post on May 31 highlighted that SOL is nearing a critical resistance level aligned with the 50% Fibonacci retracement, suggesting a potential reversal. They recommend traders consider entering at $175, aiming for this strategic resistance, with a stop loss set at $188 to mitigate risks.
On-Chain Activity and Meme Coin Influence
Solana's price movement has been significantly influenced by on-chain activity, particularly driven by the meme coin frenzy. The surge in Solana-based memecoins like Dogwhifhat (WIF) and Bonk (BONK) has boosted network activity, increasing transactions and revenues. This influx of new meme coins has also significantly enhanced the total value locked (TVL) across the Solana ecosystem, which has surged 239% in 2024 to reach $4.787 billion.
Solana Price Prediction & Technical Indicators
Currently, Solana is trading at $165, experiencing an insignificant increase of 0.25% correction over the past 24 hours. Despite this, the cryptocurrency has gained about 1% over the past week.
Technical indicators for Solana remain bullish for the next month. TradingView data shows that a summary of 30-day technical indicators suggests a ‘buy’ sentiment at 9, moving averages indicate a ‘strong buy’ at 7, and oscillators recommend a ‘buy’ at 2.
With Solana dominated by bullish sentiments, sustaining the price above the $160 support is crucial for maintaining upward momentum. Investors and traders remain optimistic as the $200 target continues to be a key focus for SOL.
