As the broader crypto market consolidates following a sharp rally from early October lows, Solana (SOL) has emerged as a standout performer, outpacing major cryptocurrencies.
With a 17% monthly gain compared to Bitcoin’s (BTC) 13%, Solana’s impressive price surge has been fueled by increased network activity, particularly due to the recent memecoin boom and a renewed wave of institutional investment in Solana-native blockchain applications.
Currently, Solana is trading around a critical support level of $160, having pulled back from recent highs of $183. This level is significant, as a failure to hold above it could prompt a deeper correction, leading investors to question whether SOL can still push toward fresh highs by year-end.
AI prediction for year-end
Factoring in these elements, AI-driven projections suggest a more conservative yet positive target range of $180 to $190 by the end of 2024.
Solana’s robust growth in institutional investment, user engagement, and DeFi activity has positioned it as a formidable player in the digital asset space.
However, if Solana fails to maintain the $160 support, it may face a deeper correction, challenging its upward momentum and raising investor concerns.
As 2024 progresses, Solana’s ability to sustain its growth trajectory will hinge on these support levels and the ongoing interest from institutions and users alike.
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