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Solana Price Prediction as Whales Hoard SOL – Is $1,000 in 2024 Inevitable?

Harvey Hunter
Last updated: | 2 min read
Solana price

Today, the Solana (SOL) price has recovered some of its losses from the past few days amid a broader market resurgence.

Whale investors seem to be holding their positions, suggesting potential for more gains in the near future.

Over the past 24 hours, the SOL token has increased by 8.41%, reaching a price of $137.93.

In a comeback, Solana has posted a weekly slight gain of 0.51%, despite losses from major cryptos like Bitcoin (BTC) and Ethereum (ETH), which have retraced.

Despite being down 15.77% this month, Solana’s recent surge could signal renewed growth – continuing the altcoin’s impressive annual return of 667.92%.

Although Solana has fallen by 15.77% this month, it has still achieved an impressive return of 747.74% this year, far surpassing that of other leading cryptocurrencies.

Solana Price Breaks Key Resistance- Is $1,000 in 2024 Inevitable

With renewed positive price action, it seems that SOL is gearing up for further upside.

Most significantly, the Solana price has broken a key resistance level (grey) at $136.78, which had bound it in consolidation last week. This indicates strengthened buying pressure and could position Solana for further upward movement.

Solana price chart with technical analysis. Source: Binance.

This is bolstered by the altcoin’s Relative Strength Index (RSI) (purple), which has surged from 5 to 65 within the last 36 hours. Such a dramatic rise in RSI underscores significant buying pressure and a possible shift towards positive short-term momentum.

Notably, the 30-day moving average (yellow) is currently trending upwards and approaching convergence with the 200-day moving average (blue).

A decisive crossover above the 200-day would validate this resurgence, indicating that short-term momentum is overpowering the wider downtrend.

While technical indicators suggest positive short-term price movements, sustainable long-term growth will likely hinge on fundamental factors.

With Solana’s current market cap standing at $63.76B, achieving a price of $1000 per token would require it to surpass a market cap of $460 billion, comparable to Ethereum.

While this isn’t unattainable, such a substantial increase would likely need a catalyst.

Many experts speculate that the recent approval of Ethereum ETF approval will pave the way for other crypto ETFs, potentially including Solana.

This development could provide a significant boost to Solana’s adoption and investor confidence, influencing its long-term growth trajectory.

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With Solana already boasting a substantial market cap of $63.76B, it is in question whether truly substantial gains are possible going forward.

As well as that the prospect of Solana ETF is still merely speculative, any large returns may come in the near term.

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The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. Something which may credit Weiner AI’s (WAI) recent success, raising almost $6.5 million in one of the most promising presales right now.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.