Solana’s price reached a 2024 peak of $186 on March 15, and key on-chain data trends highlight how Dogwifhat’s 400% rally has impacted SOL’s market demand.
SOL’s price held firmly about the $175 support after a 5% pullback from the 2024 peak of $186 on March 15. Solana’s on-chain data reveals a vital connection with its native memecoins Dogwifhat (WIF) and BONK, which could propel SOL price toward $200 in the coming weeks.
Why is Solana’s price going up?
Solana’s price is up 60% this month, with global demand for meme tokens emerging as a major bullish catalyst.
Leading Solana-hosted meme tokens, WIF and BONK, are at the forefront of the memecoin rally, which appears to have triggered increased market demand for SOL.
As seen above, the SOL price had delivered a relatively flat performance in the first two months of 2024. Between Jan. 1 and Feb. 29, SOL largely traded within the $100 to $110 range.
However, the market momentum flipped bullish in early March as the global memecoin rave spread towards the Solana network. Since March, SOL’s price has increased by 60%, mirroring WIF’s 401% rally.
Solana hits record-high of 816k new users amid memecoin mania
Looking beyond the price charts, other vital on-chain metrics show how the memecoin mania has attracted new users to the network while also increasing SOL mindshare among investors.
HelloMoon’s daily first signers metric tracks the number of new addresses conducting first transactions on the Solana blockchain.
Since the latest WIF rally began in late February, the SOL network has witnessed an unusually high number of new users.
The latest figure of 815,935 new entrants registered for March 14 is the second-highest ever, just 7% shy of the all-time high of 879,013 recorded on Jan. 31.
Since the start of March, Solana has pulled an average of 500,000 new addresses daily that are conducting their first transactions.
A prolonged period of rising new user transactions is a prime indication of new active investors bringing fresh capital inflows to the blockchain network.As those new entrants carry out network transactions, demand for the underlying native token increases.
Unsurprisingly, the price of SOL has increased by 60% during that period, peaking at $186 on March 15. With the memecoin rave still in play, SOL looks set for another leg-up in the weeks ahead.
Solana’s price forecast: Can SOL reach $200 in 2024?
Drawing insights from the on-chain data analyzed above, new entrants into the WIF and BONK meme rallies have been a major catalyst behind SOL’s 60% price rally in the first half of March 2024.
Regarding short-term price action, the Bollinger band technical indicators suggest that SOL could head towards the $200 milestone in the days ahead.
On March 15, SOL was trading at $182, significantly higher than the upper Bollinger band at $178. This rare market alignment occurs when the trading momentum for an asset becomes overwhelmingly bullish.
Considering that SOL has previously breached the $185 resistance within the last 24 hours, the bulls could now set their sights on higher targets closer to $200 during the next rally.
But in a bearish downswing, the bulls can mount a support buy-wall around the 20-day simple moving average price at $173.
However, strategic investors could be cautious as new users and increased transactions raise the risk of another network outage.
The Solana price prediction from CoinPedia suggests that Solana price could reach a maximum level of $200 per SOL in 2024. By 2025, Solana's price could add another $50, bringing it to $250 each SOL.
Solana price could reach a potential high of $500 by the end of 2024. Solana network has one of the fastest transaction speeds and success rates when compared to its rivals. SOL price, with a potential surge, could go as high as $1672 by the end of 2030. The current price of Solana is $ 144.24542781.
The analyst's medium-term scenario suggests that Solana has completed its motive wave (3) and is currently in the corrective Wave (4), setting the stage for a potential breakout to $400 or even $600 in the future. Also read: Shiba Inu Super Cycle Begins: SHIB To Hit $0.0001 Post Bitcoin Halving?
For 2024, forecasts suggest that Solana could experience substantial growth, with predictions indicating a potential to reach highs significantly above its current price but still short of the $500 mark within the year.
Experts Set a Date for Solana (SOL) to Reach $500 and It Is Sooner than Anyone Would Have Thought. The cryptocurrency market has been nothing short of exhilarating in recent times, with tokens like Solana (SOL) capturing the attention of investors worldwide.
Solana must constantly improve its technology and build a diverse ecosystem to succeed in the long term. According to VanEck analysts, SOL can break above $3,000 by 2030. However, if it fails to adapt to market conditions and generate significant revenue, it can lose market share and trade at only $10.
Projecting the price of Solana using Bitcoin's historical CAGR, SOL could reach $2,226 in 2040 and $12,730 by 2050. Solana's potential growth is supported by new developments like the Solana Mobile Stack and increasing ecosystem projects.
Solana price stood at $141.61. According to the latest long-term forecast, Solana price will hit $250 by the end of 2024 and then $400 by the end of 2025.
Solana will continue to be a significant player in the cryptocurrency market, facilitating the growth of a robust and scalable ecosystem. We anticipate widespread adoption and a flourishing ecosystem, which will significantly increase SOL's value to $1,700 by 2030.
Our most recent Solana price forecast indicates that its value will increase by 0.2% and reach $155.48 by April 24, 2024. Our technical indicators signal about the Bullish Bullish 86% market sentiment on Solana, while the Fear & Greed Index is displaying a score of 73 (Greed).
According to some sources, Solana has the potential to reach $100 or even higher in the future, depending on various factors such as market demand, innovation, adoption, and competition. However, this is not a guarantee and there are also risks and challenges involved in investing in any cryptocurrency.
Conclusion. While it's challenging to predict the exact future price of any cryptocurrency, Solana's strong fundamentals, growing ecosystem, and increasing DeFi activity suggest a bright future. Whether Solana can reach $2000 remains to be seen, but its potential for significant growth is undeniable.
Solana's recent breakout brings up the question whether SOL can exceed all-time highs and rally to $1,000? While SOL will not run to $1,000 in the short term, it should be able to get there long term. SOL has the potential move to $1,000.
This is not too surprising, as investors are often focused on round numbers, such as $10, $100, $500, or $1,000—these are often called “psychological price levels”. It is certainly possible for Solana to reach $1,000 in the future under the right conditions.
Future Solana (SOL) upgrades could elevate the cryptocurrency to $260 in the near term. It has the potential to rise to $3,000 by 2030 and reach over $6,000 by 2050.
Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
