SolanaSOL experienced a significant crash in August along with most of the crypto market, falling from nearly $200 to below $120. The asset was one of the better performing crypto assets in 2024 before a stock market crash sent the cryptocurrency price plummeting. Analysts had previously predicted that SOL was on track to explode above $1,000. However, the optimistic predictions are now a bit more cautious as network data suggests that SOL could soon hit $190, not adding a zero.
Solana SOL was last seen trading above $190 on July 29, despite an impressive 33.5% gain since retesting the $110 mark on August 5. $150 is proving to be a tough resistance level for the asset, which is currently trading at $145. From an analytical perspective, it seems highly unlikely that SOL will trade at $1,000 anytime soon. On the other hand, it is not impossible, as SOL is on a similar trajectory to Ethereum in 2021, one of the best performing crypto assets this year.
Also read: The downfall of Solana: Will SOL fall to $120?
Will Solana SOL’s uptrend continue in 2024?
As mentioned, Solana has done very well in 2024. Trading volume for the token has skyrocketed, and since this time last year, SOL is up nearly 480%. In 2024, Solana overtook BNB Chain to become the second-largest blockchain by total value locked (TVL), with $4.8 billion in deposits. Total turnover on Solana’s DEX over the past seven days was $9.4 billion, compared to $10.8 billion for Ethereum.
This data shows how competitive the market has become since Solana came into the spotlight. The token has crashed along with the entire market over the past month, but that does not make up for its positive performance this year before and after this point.
If SOL eventually breaks the $150 mark again, the token could break through a few more resistance levels towards $190 and beyond. Solana has yet to hit the $200 mark this year, but with the bulls behind it, this event remains possible before the end of 2024.
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There is huge potential for a breakout between $148 and $150, and if one begins to form, the asset will likely set a firm course towards $164. A success there would be monumental, according to some traders. In particular, pseudonymous user CryptoJack took to X (formerly of Twitter) to share his perspective.
They point out that SOL could soon be preparing a breakout “above $190.” In addition, they stated, “It will likely explode to the upside.” Although there is a lot of downside, the upside potential is enormous. This is especially true given the recent ETF hype. One VanEck executive called a SOL ETF “inevitable.”
