Solana Price Prediction – Will SOL Break $180 in 2024?

Solana’s short-term volatility may bring price dips, but strong fundamentals and a bullish structure shows signs of a major price surge, making support levels and trading volume key to its next move.

As a prominent player in the cryptocurrency market, Solana continues to attract attention due to its robust fundamentals and compelling price action.

This article provides a comprehensive analysis of Solana, examining both its fundamental and technical aspects.

By analyzing key indicators, we aim to gain insights into Solana’s potential trajectory in the coming weeks and months.

Solana price analysis

At the time of writing, SOL’s price surged by more than 5% within 24 hours, reaching around $135.28. Solana’s market cap sits at $63.2 billion. The trading volume, however, reveals more.

Over the past 24 hours, Solana’s trading volume surged by 27.82%, reaching nearly $2.3 billion, signaling increased interest from both traders and investors. This significant increase indicates strong market interest and activity, primarily driven by Binance.

Coinbase, despite being a top-tier platform, contributes far less volume in comparison. A notable point is the gap between Solana’s fully diluted market cap and its current market cap.

The fully diluted market cap, accounting for the total token supply, stands at $79 billion, while the circulating supply results in a market cap of $63.2 billion. This $15 billion difference is important because additional token releases could create price pressure on Solana due to supply and demand dynamics.

On the technical side, Solana faces a critical juncture. A key support level around $128 has held firm for some time, with historical data showing strong price momentum bouncing from this level.

Previous rebounds from these areas have led to aggressive upward moves, and the current situation hints at similar potential. However, momentum is down by around 50%, suggesting more room for downside movement.

The Stochastic oscillator indicates that Solana is no longer in an oversold position, signaling possible volatility in either direction. If downside momentum continues, a buying opportunity may arise around the 12-hour volume-weighted average price (VWAP) band, which has historically provided strong support for price action.

Solana price prediction

Despite the current price consolidation, Solana’s overall market structure remains bullish on a macro scale. While September often presents challenges for cryptocurrency markets, the completion of Bitcoin’s halving in April has fostered optimism for a potential altcoin rally later in the year.

The dominance of bullish traders suggests that Solana may soon break its resistance level, paving the way for a significant price increase. However, this breakout is contingent upon closing above the $150 mark. Failure to do so could lead to a loss of upward momentum.

Historically, altcoins like Solana have demonstrated strong performance following Bitcoin’s halving, particularly in October and subsequent months. In the short term, further downside movement may occur, but Solana’s ability to maintain key support levels indicates its potential for future price gains.

As altcoin season approaches, Solana is well-positioned to target higher price levels, reinforcing its status as a leading Layer 1 blockchain.

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Related

• Solana (SOL) Technical Analysis and Price Prediction 2024
• 3 Best Meme Coins to Buy in September – Pepe Unchained, Crypto All-Stars, and Shiba Shootout

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