Solana [SOL] undoubtedly emerged as a beacon of hope for investors over the last couple of years. The latest breakthrough past the $150 resistance level has further ignited excitement. However, it is also leading to questions about its potential growth by the end of April 2024.
Currently, the market sentiment is bullish with an increase of over 2% over the last 24 hours. SOL reached heights of $158 throughout Tuesday, with a 24 increase of more than 3% according to CoinMarketCap.
Several analysts have been attributing Solana’s latest ascent to its historical price movements alongside the correlation with Bitcoin halving cycles. While projections indicate a yearly low of $152.74 for Solana, a potential upside is significant. A few other forecasts have been suggesting a surge to as high as $450.04 by next year.
Also Read: Solana’s Meme Coin Meltdown: 12 Presale Assets Abandoned
Short-Term Outlook
As we inch closer to the end of April 2024, Solana will likely maintain its current trajectory. Experts believe that the asset will continue trading around the same level or experiencing a slight dip. According to Changelly, SOL’s price is expected to remain relatively stable in the short term.
Solana’s Ascendancy in NFT Transactions
Also Read: Solana Price Prediction For May: How Close Is SOL To $300?
Solana has asserted its dominance in the NFT sector, it is registering over 1.2 million transactions in the past week alone. The surge in activity has propelled SOL ahead of other established players like Ethereum and Polygon. It indicates a prominent shift in the overall NFT market.
The network’s initial rise was closely linked to the proliferation of meme coins on its network. The latest uptick in NFT transactions further underscores the network’s broader utility and appeal. With forecasts indicating further gains in the coming months and years, investors have reason to be optimistic about Solana’s future prospects. As April 2024 concludes, all eyes remain on Solana as it continues its meteoric rise in the cryptocurrency world.
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