Solana: Why Analysts Expect SOL to Reach $270 in 2024
With few assets boasting as much potential this year as Solana, analysts have begun to project SOL to reach a new all-time mark of $270 in 2024. Indeed, there is an increasing number of traders who have started to bet on the asset’s trajectory as we head into the second half of the year.
Currently, Solana is trading below $165 and has been falling over the last seven days, according to CoinMarketCap. However, there is a growing sentiment that this may be the best time to buy SOL. The summer months could have a massive surge in store for the asset.
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Solana Eying All-Time Rally This Year?
Throughout the last month, Solana has performed well. Indeed, it had noted a 30% increase over the last 30 days but was not able to surpass the $200 psychological level. This reality disheartened quite a few investors and represented a stark decline from its performance in March.
The Solana network became one of the year’s most important stories in March, when it was the face of the meme coin craze. Newcomers like Dogwifhat (WIF) and Book of Meme (BOME) were based in Solana and surged in value. But now, all eyes are on Solana’s (SOL) potential to surge to the $270 level in 2024.
That certainly isn’t out of the question to many crypto traders. One such participant took to X (formerly Twitter) to note that the asset is “still cheap” amid the currently all-time high target. Moreover, they noted that, from a spot perspective, there are few better investments.
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Alternatively, analyst Ansem noted their purchase of Spot with options at $169. This predicts the asset to increase heavily from its current predicament, and the market seems to agree. Over the last two days, long positions on Solana increased from 47% to 59%.
Conversely, this still has to contend with falling market sentiment amid SOL’s recent downturn. Additionally, the volume decrease could also spell concern for any rally hopes. There is still hope that Solana could continue to surge in 2024, however, as it has seen nothing but positive news unveiled this year.
The network has thrived, and PayPal recently announced an expansion for its PYUSD stablecoin due to the network’s supremacy. Moreover, there have been ongoing talks about a Solana ETF, which EThereum’s approval should only continue in the coming days.