Solana SOL faced a significant crash in August along with most of the crypto market, falling from nearly $200 to sub $120. The asset was one of the better-performing crypto assets throughout 2024 before a stock market crash caused cryptocurrencies to plummet. Analysts previously predicted SOL to be on the path towards a price explosion, upwards of $1,000. However, bullish predictions are now a bit more timid, with network data suggesting SOL could reach $190 soon, not add a zero.
Solana SOL last traded above $190 on July 29, despite an impressive 33.5% gain since retesting the $110 level on Aug. 5. $150 is proving to be a tough resistance level for the asset, which is currently trading at $145. From an analysis standpoint, SOL trading at $1,000 appears highly improbable soon. On the other hand, it isn’t impossible, as SOL is on a similar path to Ethereum back in 2021, one of the best-performing crypto assets of that year.
Also Read: Solana’s Downfall: Will SOL Plunge to $120?
Solana SOL’s Bullish 2024 To Continue?
As mentioned previously, Solana has performed very well in 2024. Trading volume has skyrocketed for the token, and since this point last year, SOL has climbed 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. Solana’s DEX aggregate turnover over the past seven days was $9.4 billion, compared to Ethereum’s $10.8 billion.
This data reveals how competitive the market has gotten since Solana entered the spotlight. The token tumbled along with the entire market over the past month, but that doesn’t eliminate its positive performance this year before that point and since.
If SOL finally breaches $150 again, the token may break through a few more resistance levels towards $190 and above. Solana hasn’t touched $200 yet this year, but with the bulls behind it, this event remains possible before the end of 2024.
Also Read: TON Ventures Debuts as Telegram Gets $40M to Fund Crypto Projects
Between $148 and $150, there is massive potential for a breakout. If one begins to form, the asset will likely set a firm course for $164. Success there would be monumental, according to some traders. Specifically, pseudonymous user CryptoJack took to X (formerly Twitter) to share his perspective.
They note that SOL could be preparing a break “above $190,” rather soon. Moreover, they stated, “It will likely explode to the upside.” Although there is a lot of downward potential, the upside is immense. This is especially true amid recent ETF hype. One VanEck executive called a SOL ETF “inevitable.”
