Forecasting SOL: Will Solana Hit $200 by 2024?

• Solana (SOL) Demonstrates Stability Amid Industry Volatility
• Solana's Steadfast Performance
• Solana's Potential Route to $200
• Analysts Predicting Solana's Rise
• Could Solana Reach $200 This Year?

Solana (SOL) Demonstrates Stability Amid Industry Volatility

The narrative for the digital asset industry in 2024 has undeniably been instability. Nevertheless, the analytical data has largely leaned towards one cryptocurrency. Given this, it is wondered whether Solana$104 5.03% (SOL) could be progressing towards a $200 valuation in 2024.

Solana's Steadfast Performance

Solana has remained remarkably steady amid the market's fluctuations. Consequently, a new support zone is appearing that could signify an approaching rally for this asset. If sufficient, could this momentum propel Solana to its highest levels since November 2021?

Solana's Potential Route to $200

Ten days into the new year, the digital asset industry experienced a significant shift. The US Securities and Exchange Commission (SEC) approved the issuance of 11 Spot Bitcoin$42,260 -0.64% ETFs in the US. Although this was anticipated to push the industry forward, unpredictability has been the usual result of these approvals.

However, Solana has maintained a constant level and could be set for a substantial surge this year. Consequently, Solana is poised to reach the $200 mark, but could this achievement occur in 2024? Recently, the asset broke out from a bull flag pattern on its 4-hour chart. Thus, a closure above the $106 level could suggest a rise of more than 45%.

Analysts Predicting Solana's Rise

Crypto analyst Ali Martinez used X (formerly known as Twitter) to reiterate a previous analysis. Specifically, he suggested that a break out for Solana towards the $150-$165 range is inevitable, signifying such a sentiment by posting "Tick-Tock" on the platform.

Many forecasts indicate a forthcoming surge for the asset, particularly with accumulation at the $11 mark. Crypto analyst Jelle asserted that the prospects for a February surge are already promising. In addition, Solana experienced a substantial increase in monthly active addresses according to data from Nansen. Specifically, they reported a 98% surge in active addresses as of January 1st.

Could Solana Reach $200 This Year?

Currently, Solana is trading at $98.26, a 1.6% increase over the past 24 hours, as per CoinMarketCap. The asset has seen over 7% growth over the last 7 days and more than 40% gains over the last 30 days.

Indicators are in Solana's favour, but a rally outcome is still uncertain. SOL would need to first rise to the $150 threshold before more data can be compiled. Then it would be evident if the asset could conceivably progress towards the $200 mark over the course of the year.

Edited by Jonathan Stoker