The Bitcoin price has acquired a 6-digit figure and achieved the $100K milestone, which was predicted well before the 2021 bull run. Meanwhile, most of the tokens within the top 10 cryptos, like ETH, XRP, ADA, & DOGE, are yet to mark a new ATH. Although Solana managed to mark new highs, it was hardly just a few dollars above the previous one. Therefore, the market participants believe that these tokens have more room to swell and hence the upper target for Solana is expected to be much above $500.
SOL, the fifth largest token, has grown in popularity as a result of the increasing trading activity on the Solana chain. The rise in DEX volumes, spot trading volume, launch of new projects over the chain, etc. shed light on the bullish prospects. Currently, the SOL price is stuck within a descending parallel channel and has just triggered a rebound from the lower support. With an 8% jump, the SOL price is about to secure the levels above $230.
Does this suggest the price could maintain a steep rise and mark a new ATH $300 before the end of 2024?
The long-term price action of the SOL price suggests the token is primed for a bearish setback in the near future. The token smashed a new ATH but failed to clear the resistance zone between $251.54 and $265.09 and resulted in a pullback close to $200. Meanwhile, the bulls have jumped into resuque but the bears seem to have held a tight grip over the rally. Therefore, the token could be primed for an extended pullback, which may drag the levels below $200.
The RSI displayed a bearish divergence before entering the overbought zone, while the MACD suggests a drop in the buying volume. Moreover, the levels could undergo a bearish crossover in a short while, validating a move towards the ascending support. Besides, the volume remains within a decent level, which is expected to keep up the volatility of the token.
A popular asset management company, Bitwise, which deals with spot BTC & ETH ETFs, has predicted that along with Bitcoin, Ethereum, & Solana, they will form a new ATH. The highs for BTC are said to be around $200K, ETH at $7000, & SOL at $750. While the demand for a new ATH at $1000 is making a huge round, reaching $750 could be a fair play of the 2024 close will be bullish, marking a new ATH above $275. Otherwise, the Solana price is expected to remain within an extended accumulation for a long time ahead.
