Solana's 800% Rise: Will SOL hit $100 by 2024?

• Is a $100 Solana (SOL) Price in 2024 a Realistic Possibility?
• Solana's Impressive Growth in 2023
• Can Solana's Growth Continue into 2024?
• The Potential for Solana to Reach $90 by the Start of 2024
• Solana's Market Capability and Staking Potential

Is a $100 Solana (SOL) Price in 2024 a Realistic Possibility?

As we approach the end of 2023, the cryptocurrency Solana$104 5.03% (SOL) has witnessed an astounding growth of almost 800%. This raises the question of whether the digital asset could potentially reach a three-digit price mark in 2024?

Solana's Impressive Growth in 2023

Solana has proven to be one of the best-performing cryptocurrencies in recent months, showing an increase of 781% in 2023 and currently trading at $88.79. Furthermore, a recent increase of more than 11% in the last 24 hours underlines its continued ascent.

Can Solana's Growth Continue into 2024?

Over the past few months, Solana's steady development has been significant. Anticipating the closure of 2023, Solana stands poised to exit the year with the most growth among digital assets. With its nearly 800% growth over the past year, could a $100 price be on the horizon for 2024?

The Potential for Solana to Reach $90 by the Start of 2024

In the last two months, Solana's steady growth has been noticeable. This growth trajectory has allowed the asset to comfortably surpass the $85 mark, with the potential to reach $90 by the beginning of 2024. Crypto analyst Ali Martinez made such a prediction in early December, when the asset was priced at $68.20. His forecasted breakout has led to its continued rise.

Solana's Market Capability and Staking Potential

Besides its impressive price increase, Solana has also expanded its overall market capitalization by an incredible $4 billion in just the last 24 hours. Currently, CoinMarketCap ranks Solana as the fifth-highest digital asset by market cap, trailing only BNB$312 -5.65%, Tether$1.000 -0.12%, Ethereum$2,315 -2.42%, and Bitcoin$42,260 -0.64%.

Another positive indicator for Solana is the significant amount staked on its blockchain. More than $1.21 billion worth of total value is locked (TVL) according to DeFi Llama. Also, the digital asset has seen a monthly chart increase of over 54% and is well-positioned to sustain this positive momentum into the coming year.

Edited by Jonathan Stoker