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Despite the market meltdown, 💰💰💰Solana is projected to reach $500 this year, according to the expert
The current market price of SOL is $124, down from its all-time high of $209 on March 18. Experts in the cryptocurrency sector, however, believe that SOL still has good future prospects.
Assuming the altcoin market keeps falling, a prominent expert has speculated that SOL would take a keen interest in the $120 price point.
We at Altcoin are still quite enthusiastic on SOL and think it has a good chance of breaking $500 this year. Adding to the remarkable 426% price spike so far this year, such a surge would result in a substantial 300% increase from current levels.
Keep in mind that SOL's prior ATH was $259 in November 2021, during the last bull run in the cryptocurrency market, so this estimate is over twice that.
The analyst has highlighted more key resistance levels for SOL in addition to the $120 price mark. In the last six months, SOL has formed an uptrend structure, and key levels of support include $110, $102, and the crucial long-term support level at $74.
Solana Controls the Vast Majority of Blockchain Trades
A new analysis from CoinGecko states that in March 2024, Solana held a huge 21.3% market share, solidifying its position as the second-largest blockchain by trade volume.
From $11.61 billion in February to a whopping $40.05 billion in March, the blockchain platform's monthly growth rate was a remarkable 244.8%.
The first quarter of 2024 was a very critical quarter for Solana. With a total of $62.31 billion, it represented 14.4% of all DEX trading volume.
When compared to the prior quarter's volume of $18.18 billion, this indicates a growth of 242.7% QoQ. Even though Solana had a great quarter in terms of growth, their market share was fourth
The network has also seen significant airdrops from projects like Jupiter (JUP) and Jito (JTO), which have increased trading volume even further. As a result of memecoin's meteoric rise on the Solana network, the trade volume has shot up.
