Solana (SOL) Shows Resilience – What’s Next?

Solana (SOL) is showing strong performance recently, with notable gains across various time frames. 

Since July 2023, the token has experienced an impressive rally of nearly 471%. This uptick in trading activity indicates increased investor interest, suggesting the potential for further price increases.

Currently, SOL is trading around $160. The optimism around Solana has been buoyed by recent proposals for Solana ETFs and a generally positive 2024 performance, especially with its meme coins.

This rally aligns with broader market trends, including Bitcoin (BTC) recently briefly reclaiming the $65,000 mark and the global cryptocurrency market capitalization climbing to over $2.5 trillion in a single day. Although Bitcoin has since retreated to $64,000, SOL continues to benefit from the recent market boost and has potential for further gains.

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Technical analysis shows that SOL is forming a “W” pattern, with predictions suggesting a possible rise to around $174. Given its performance so far in 2024, an 8.75% increase to reach this level seems plausible. If bullish momentum persists, SOL could potentially reach $180 in the near future.

#Solana appears to be forming a W pattern, which suggests $SOL will surge toward $174! pic.twitter.com/OxXODWi1yA

— Ali (@ali_charts) July 15, 2024

Unlike Bitcoin, which saw its ETF hype earlier, Solana’s ETF excitement is just beginning. This could propel SOL toward higher valuations, possibly hitting $180 in the coming months. Additionally, if the SEC makes favorable decisions regarding Solana ETFs, the token might even approach $200. Such a rise would not be unprecedented, considering Bitcoin’s substantial price increase following ETF approval.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.