Here’s Why Solana Price at $162 is “Cheap,” SOL Could Hit $1,000
$SOL 🧧🧧
Solana (SOL), a Layer 1 blockchain, has shown varied price movements through the second half of 2024. After an early surge, the cryptocurrency encountered strong resistance near the $200 level, leading to a period of price fluctuation. Recently, SOL’s price appears to be consolidating as analysts hint at a potential breakout. With market experts considering the asset “cheap,” some believe that Solana’s current momentum could set the stage for a significant upward trend, suggesting promising opportunities ahead.
The price of SOL is around $162, but it remains significantly below its all-time high of $260.06, which was reached on November 7, 2021. This marks a 37% drop from its peak, suggesting potential for significant upside.
With the prospect of a new bull run on the horizon, many experts believe Solana price prediction could revisit its previous highs and potentially surge to even higher levels.
Assuming a Trump victory and a stable economic environment, My guess Bitcoin (BTC) to trade between $100,000 and $200,000. Ethereum (ETH) could reach a range of $4,000 to $6,000, while Solana (SOL) might hit between $500 and $1,000.
The Whale activity in the Solana market has seen a noticeable shift recently. A substantial portion of stablecoins, valued above $5 million, is now concentrated in whale holdings. This trend coincides with volatility in Solana’s price, suggesting potential market influences. Increased whale holdings may indicate strategic positioning in anticipation of market movements, heightening interest in Solana’s upcoming price trajectory.