Solana is Expected to Rise Up to $500 in 2024

Solana’s price is predicted to reach $500 by year-end despite the crypto downturn.

The digital asset market experienced a significant decline at the beginning of May. Undoubtedly, many cryptocurrencies have decreased in value as Bitcoin plummets to $57,000. A trader has predicted that Solana (SOL) will reach $500 this year, which maintains some optimism. 

Solana is one of the assets that has experienced a value decline of over 3% over the past twenty-four hours. Moreover, according to CoinMarketCap, these losses extend to the last thirty days, during which the value has declined by more than 34%. Despite this, one trader has been optimistic that the asset might be undergoing a substantial reversal.

In 2024, Solana is anticipated to surge to $500

The cryptocurrency market has experienced considerable volatility since the beginning of the fifth month of the year. Bitcoin exemplifies this volatility to the fullest; it peaked at $73,000 in March and then descended to below $57,000 at the beginning of May. Despite this, the market is optimistic that many tokens are preparing for a turnaround.

One such item is Solana (SOL), whose price is anticipated to reach $500 this year. In particular, Altcoin Sherpa, an X (formerly Twitter) user, hypothesized that SOL is gearing up for a substantial upsurge by the conclusion of 2024. Nevertheless, he added that the token’s “next area of interest” is $120. 

As long as the alternative market continues to suffer losses, $120 could become the next area of focus for $SOL. Despite this, I remain convinced that SOL will surpass $500 this year. DCA and exercise patience.

Currently, Solana is trading just above that threshold at $123. However, since its all-time high of $210 in March of this year, it has declined by over 40%. While an optimistic $500 forecast is possible, it is not implausible. Furthermore, the fact that the assets have dropped to $120 is a subject that intrigues investors in Solana. 

The recent decline in Solana has breached a 98-day ascending support trend line. Following this, horizontal support at $122 has persisted since March. In general, the altcoin market may sustain its downward trend, with the $90 support level possibly materializing as the summer season approaches.

Nevertheless, the optimistic forecast espoused by most traders is predicated on the possibility of a comprehensive market reversal. The decline following the Bitcoin Halving Event was widely anticipated. Furthermore, they expected growth during September and October of that same year. If this has the potential to impact Solana, it could experience a value increase comparable to that anticipated by speculators.