Predictions for Solana (SOL) in February 2024: A Sky-High Potential

Jonathan Stoker Feb 01, 2024, 20:50pm 27 views

Predictions for Solana (SOL) in February 2024: A Sky-High Potential

Solana (SOL) Price Analysis in January 2024

SolanaSolana$104 5.03%'s (SOL) price has been experiencing a roller coaster ride, with values oscillating between $90 and $100 throughout January 2024. A significant correction has been observed last month, in line with the overall market trend. In terms of performance, SOL is currently witnessing a 6.3% downfall in the 24-hour charts, a 5.5% drop in the 14-day charts, and a 17% fall compared to last month. Despite the downward trend, the asset has managed to increase by 7.7% on the weekly charts and has soared over 300% since January 2023.

Impact of SEC's Approval of Bitcoin ETFs

The downturn in January can be attributed to investors offloading their Grayscale GBTC shares following the Securities and Exchange Commission's approval of 11 spot BitcoinBitcoin$42,260 -0.64% ETFs.

Solana (SOL) Price Predictions for February 2024

Changelly's Predictions

Despite the recent downturn, analysts foresee a bright future for Solana (SOL) in February 2024. As per Changelly, SOL could reclaim the $100 mark as early as February 3, 2024, reaching $104.47, indicating a surge of over 9% from current levels. Furthermore, Changelly has projected SOL to hit $120 by the end of February, almost replicating its 2023 peak. This would correspond to a growth of over 26% from the current market price.

CoinCodex's Predictions

On the contrary, CoinCodex predicts a fall in Solana's price to $82.74 on February 3, 2024, marking a drop of over 13% from the current levels. The platform expects SOL to fluctuate between $90 and $104 throughout the month. However, CoinCodex does foresee a high of $112.22 for SOL by February 28, 2024. Reaching this price would be equivalent to a growth of approximately 18% from the current levels.

Telegaon's Predictions

Telegaon presents a more optimistic outlook for SOL, predicting that it could reach a high of $165.16 in 2024. No specific timeline has been provided for when SOL could hit this price point in 2024. If SOL achieves this target price, it would represent a staggering growth of over 73% from the current levels.

Edited by Jonathan Stoker

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