đ Solana 2024 Price Prediction: Can SOL Surpass $200? đđč
As we step into the new year, all eyes are on Solana (SOL) after its remarkable journey in 2023. On December 25, 2023, SOL hit an impressive $124.02, marking the highest price for the year. However, the token retraced shortly after, currently trading at $115 with a minor 1% decline in the last seven days. But what's the outlook for SOL in 2024?
đ Recap of Solana's Exponential Rise in 2023:
In a stunning turn of events, SOL, which traded below $30 for over nine months, gained momentum in October, breaking above $30 and soaring to incredible heights. The token witnessed an astonishing 1,033% increase in value over the past year. As we look ahead to 2024, crypto enthusiasts are optimistic about SOL's potential to exceed the $200 mark.
đč Deductions from SOL's Daily Price Chart:
Analyzing SOL's price chart on Coincodex, a round bottom curve emerges, indicating a potential shift from bearish to bullish sentiment. The over year-long downtrend after SOL's all-time high in November 2021 is now in a recovery phase, reclaiming a 38% loss according to the Fibonacci retracement tool.
đ Key Insights:
SOL needs to spike by approximately 133% to revisit its all-time high of $259.92.The formation of a round bottom curve historically signifies an upcoming bull run for the coin involved.
đ 2024 Price Prediction and Beyond:
Crypto enthusiasts and analysts anticipate SOL to reach new heights in 2024, potentially surpassing the $200 threshold. The recovery phase suggests positive momentum, but buyers must break above the 50% level, around the $130 mark, for a sustainable uptrend.
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