Solana has experienced significant growth in 2024, driven by strong fundamentals and on-chain growth, with its price rising from $25 to $170.
Points
- Solana’s price surged by 631% in the past year.
- Strong fundamentals and on-chain growth support Solana’s rally.
- Technical charts show bullish patterns and potential price targets.
- Analysts predict Solana could reach $200 in the short term and $1000 in the long term.
Solana has emerged as one of the top performers in the 2024 bull cycle, with its price skyrocketing by 631% from $25 to $170. This remarkable growth is underpinned by strong fundamentals and significant on-chain developments, positioning Solana for further gains.
Solana Recent Price Trends
Solana’s price bottomed at $122 and remained range-bound between $122 and $155 from June 10 to July 10. However, it broke out of this range in mid-July, reaching a high of $188 on July 25. Market corrections then brought the price down to the $167 support zone.
What Do Technical Charts Say
Technical charts reveal the formation of a double bottom pattern on June 24 and July 5, which is a bullish indicator. Following this pattern, Solana’s price saw substantial gains, establishing $125 as a strong support level. Despite encountering resistance near $188, Solana’s price remains above $167, indicating an ongoing uptrend.
What Do Indicators Say
Using the Relative Strength Index （RSI） and Moving Average Convergence Divergence （MACD）, we observe that RSI recovered to 46 after hitting a low of 40, suggesting that Solana was oversold at $167. The MACD is in its most diverged zone, indicating a potential reversal, although it might take some time before a new rally begins.
Price Analysis
Solana is expected to cross $200 in the short term and could potentially reach $1000 in the long term, driven by strong fundamentals and positive market sentiment.
Solana Price Predictions
- 2024: Expected to exceed $200, with a bull case taking it above $260 and a bear case near $125.
- 2025: Price could reach $1000 if ETFs are approved, otherwise around $200.
- 2026: Predicted to stay above $1000, with potential corrections down to $500.
- 2027: A bearish year, with prices potentially reaching $1000 （bear case） or $1500-$2500 （bull case）.
- 2028: With another Bitcoin halving, Solana might touch $2000, staying above $1000 even in bearish scenarios.
- 2029: Expected to hit $2500-$3000, marking the peak of the bull cycle.
- 2030: Solana could reach $2500-$4000.
Expert Views on Solana’s Future Price
Top crypto analysts, including Ali Charts and Captain Faibik, predict significant upside for Solana, citing strong technical patterns and fundamentals as key drivers for its future growth.
Explanation
- Technical Patterns: Double bottom and bull pennant patterns suggest strong bullish trends.
- RSI and MACD: These indicators help assess market conditions and potential price movements.
- Long-term Potential: Analysts believe Solana’s strong fundamentals will continue to support its price growth, making it a valuable asset in the long term.