Solana (SOL) Shows Resilience – What’s Next?

Solana (SOL) is showing strong performance recently, with notable gains across various time frames. 

Since July 2023, the token has experienced an impressive rally of nearly 471%. This uptick in trading activity indicates increased investor interest, suggesting the potential for further price increases.

Currently, SOL is trading around $160. The optimism around Solana has been buoyed by recent proposals for Solana ETFs and a generally positive 2024 performance, especially with its meme coins.

This rally aligns with broader market trends, including Bitcoin (BTC) recently briefly reclaiming the $65,000 mark and the global cryptocurrency market capitalization climbing to over $2.5 trillion in a single day. Although Bitcoin has since retreated to $64,000, SOL continues to benefit from the recent market boost and has potential for further gains.

Technical analysis shows that SOL is forming a “W” pattern, with predictions suggesting a possible rise to around $174. Given its performance so far in 2024, an 8.75% increase to reach this level seems plausible. If bullish momentum persists, SOL could potentially reach $180 in the near future.

Unlike Bitcoin, which saw its ETF hype earlier, Solana’s ETF excitement is just beginning. This could propel SOL toward higher valuations, possibly hitting $180 in the coming months. Additionally, if the SEC makes favorable decisions regarding Solana ETFs, the token might even approach $200. Such a rise would not be unprecedented, considering Bitcoin’s substantial price increase following ETF approval.