The theme of 2024 thus far for the digital asset industry has certainly been volatility. However, the technical indicators have certainly skewed in favor of one cryptocurrency. With both of those things being true, could Solana (SOL) be on its way to $200 in 2024?
Solana has certainly held firm through inconsistencies throughout the market. Subsequently, a new support zone has begun to emerge that could indicate an impending rally for the asset. Could it be enough to catapult it towards its highest levels since November of 2021?
Also Read: Solana (SOL)-Based Memecoin MYRO Rallies by 488%
Solana Heading for $200?
Just ten days into the new year, the digital asset industry received a monumental development for the market. Indeed, the US Securities and Exchange Commission (SEC) greenlit the issuance of 11 Spot Bitcoin ETFs in the country. Although that was expected to catapult the industry forward, volatility has been the common outcome of the approvals.
However, one asset has maintained a steady level and could be in line for a massive surge this year. Subsequently, Solana (SOL) is on track to head for the $200 mark, but could it happen in 2024? The asset has recently broken out from a bull flag formation on its 4-hour chart. Therefore, a closure ahead of the $106 level could mean a rise of more than 45%.
Also Read: Solana Spikes Amidst Market Volatility: How High Can SOL Go?
Crypto analyst Ali Martinez recently took to X (formerly Twitter) to remind investors of a previous analysis he had made. Specifically, he noted that a break out for the asset toward the $150-$165 range is only a matter of time. Indicating such a sentiment by posting “Tick-Tock” on the platform.
Many have predicted an impending surge in the future for the asset. Especially amid accumulation at the $11 threshold. Crypto analyst Jelle noted that the prospects for a February surge already look promising.
Additionally, Solana had seen a massive surge in monthly active addresses according to Nansen. Specifically, they reported that January 1st saw a 98% surge in monthly active addresses.
Could it Happen This Year?
Also Read: Solana Spikes Amidst Market Volatility: How High Can SOL Go?
Currently, the asset is trading at $98.26, which is a 1.6% increase over the last 24 hours, according to CoinMarketCap. Moreover, the asset has seen an increase of more than 7% over the last 7 days. With the time frame extended, the asset has seen more than 40% gains over the last 30 days.
Indicators are working in favor of Solana, but the outcome of a rally is not yet solidified. Specifically, SOL would need to first increase to the $150 threshold before more data is gathered. Only then would it be clear if the asset could potentially move toward the $200 mark over this year.
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