Solana Price Prediction: How SOL Is Chasing $260 Record High In 2024
Highlights
- Solana skyrockets to $112 as Bitcoin price tops $60,000.
- The DeFi TVL grows from $1.4 billion to $2.2 billion year-to-date.
- Support at $106 to allow fresh liquidity collection as Solana continues with its 2024 rally.
Solana price prediction: Major altcoins like SOL, ETH, XRP, and more are following in Bitcoin’s footsteps as it peaks above $60,000 on the last day of February 2024. After strengthening its outlook in the last few weeks, Solana price is back to trading at $112.
Backing this north-facing trend, aiming for a December peak of $125 and a subsequent rally to the record high of $260, is $2.8 billion of 24-hour trading volume and a market cap nearing $50 billion.
Solana Price Prediction As SOL Aims For $260 ATH
Solana is bullish above the 61.8% Fibonacci retracement level. Previously a resistance area, this area is currently an immediate support. If defended amid this generally positive market sentiment, SOL could close in on $120 this week.
The position of the Relative Strength Index (RSI) at 70 as it regains the ground into the overbought region bolsters up the bullish grip. Therefore, the fifth-largest crypto’s return above $120 would increase bets on SOL’s longs for a climb above $125.
The red horizontal ray and the 50% Fibonacci ratio highlight the next key milestone in Solana’s journey to the record high. Breaking above this important weekly support would set the layer 1 blockchain token on a commendable trajectory.
Other indicators stand in solidarity with the positive technical structure like the Moving Average Convergence Divergence (MACD) at 20. Continued upward movement will keep Solana on the uptrend at least in short to medium-term ranges.
Solana DeFI TVL Rallies To $2.2 Billion
According to Defi Llama, a platform that analyses the decentralized finance (DeFi) space, the value locked within the Solana ecosystem is up to $2.2 billion from $1.4 billion on January 1.
The growth of the TVL coincides with a sustained rally since October last year, underscoring enhanced investor sentiment.
The weekly chart highlights some key levels to watch out for this week, including support at $106, highlighted by the 61.8% Fibonacci level, the resistance discussed at $120, and the next barrier at $140 near the 50% Fibo.
About Solana
Solana as a blockchain platform tailored for decentralized and scalable applications, distinguishes itself through remarkable speed and cost-effectiveness. Unlike Ethereum and Bitcoin, which grapple with scalability challenges, Solana processes thousands of transactions per second while maintaining minimal fees.
Its unique feature, Proof of History (PoH), verifies transaction timestamps without relying on conventional clocks. This innovation empowers Solana to achieve near-instant finality and scalability. As the crypto landscape expands, Solana stands as a promising player, supporting DeFi, NFTs, and Web3 projects with unparalleled efficiency.
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