As the crypto market moves towards a trillion-dollar market cap, altcoin ‘s are preparing for the next bull run. Solana believes that after a bullish wave in 2023, the SOL token is poised to explode in 2024.
Known as the “Ethereum killer” solana, continues its rise by regaining the psychological $100 barrier and achieving significant growth in its network. Solana, the fifth largest crypto in terms of market value, is an altcoin that should be followed carefully during this “Pre-Hallowing Rally” period. With rising bullish expectations and significant growth indicators, Solana’s price forecast foresees a rally towards the $500 mark.
Will Solana Price Exceed $115?
Solana continues its price dominance above $100, driven by rising demand amid a bullish trend and overall market recovery. With a phenomenal 23% increase in the last four weeks and a significant jump in trading volume, Solana is poised for a breakout.
Moreover, the weekly price trend is acting as a neckline of an inverted head and shoulders formation near the $115 level, which is acting as a strong resistance. This bullish formation indicates a new strong bullish period in Solana.
Despite last week’s 4.42% bounce, buyers were unable to secure a bullish close above the neckline. High price rejection points to the possibility of a retest of $100.
However, as the market gains upward momentum, it is observed that altcoins are setting the stage for a big jump in the coming weeks or months.
Is Solana Network Coming Back?
Amid the recovery in the DeFi space, the Solana network is showing signs of revival and healthy growth. As we approach $2 billion TVL, the increasing number of active users on the Solana network is seen as evidence of the turnaround.
It reflects the continuation of a potential Monthly growth trend, with 21.63 Million users in January 2024 and 12.59 Million by February 18.
How High Will SOL Rise in This Bull Run?
With high expectations around the inverse head and shoulders formation, SOL price is preparing for a bullish breakout. However, sideline traders are waiting for a bullish close above $115 on the weekly time frame for a better confirmation.
Koinfinans.com As we reported, in case of a positive result in the coming weeks, Solana may rise up to $158.
