Solana price could hit three digits in 2024, analyst shares bullish outlook on SOL
- Solana monthly volume exceeds $6 billion, supporting ongoing SOL price rally.
- Crypto analyst Altcoin Sherpa predicted a massive surge in SOL price in 2024.
- SOL price could retrace to sub-$50 level, before another leg up.
Solana, one of the largest competitors of Ethereum, is currently experiencing a surge in its price. SOL rallied to $68.21, its highest level in 2023 and the altcoin is primed for further gains, according to a pseudonymous crypto analyst.
Also read: Ethereum whale activity could pave way for ETH price to hit new yearly highs
Solana price hits 2023 peak in November
Solana price is in an uptrend that started in mid-October 2023. The altcoin’s price climbed steadily in the past month, hitting its 2023 peak of $68.21 on November 16, before commencing a correction.
At the time of writing, SOL price is $58.07, the altcoin is trending sideways close to the $60 psychological level. The breakthrough past $60 was key to SOL price rallying to a yearly high. SOL price is above its three long-term Exponential Moving Averages (EMAs), 10, 50 and 200-day at $56.53, $43.25 and $29.51.
If SOL price sustains above the 10-day EMA, the altcoin is likely to continue its climb. A decline below the 10-day EMA could invalidate the bullish thesis for Solana.
SOL/USDT 1-day chart
Analyst predicts SOL price rally to three digits in 2024
Crypto analyst behind the X handle @AltcoinSherpa is bullish on SOL. The analyst evaluated the SOL price trend and commented that they expect the SOL price to correct and a sub-$50 entry would be ideal.
According to @AltcoinSherpa, SOL price is likely to hit three digits in 2024, a massive surge in the Ethereum-alternative token.
SOL/USDT 4-hour chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
