Solana has been one of the top gainers of the 2024 bull cycle. The crypto has gained 631% in the last year from $25 to $170 at press time. The high growth in Solana is supported by strong fundamentals and on-chain growth. With new possibilities ahead, Solana is ready to make a new ATH soon.
This article analyses the price of Solana and its expected price levels between 2024 and 2030 and examines the factors supporting Solana’s high growth.
Solana Recent Price Trends
The price of Solana made a bottom of $122, after which it remained stuck between $122 and $155 for over a month (Jun 10 – July 10).
However, the price soon broke out of $155 in an uptrend and reached a high of $188 on 25 July 2024.
Due to market corrections, the price then dropped below $167, a support zone.
What Do Technical Charts Say
At press time, Solana’s price was $170, 5.72% down in the last 24 hours. The day high was $182.3, and the day low was $165.
The charts of Solana saw the formation of a double bottom pattern on 24 June and 5 July 2024.
After that, its price witnessed a good gain, and the crypto recovered, making a bottom at $125. This level became very strong support after Solana touched it and reversed twice from it. For the current bull season, we can consider this a breakdown point. Below this level, Solana would lose all its bullishness.
However, the price encountered a resistance near $188 because of a market correction.
Yet, as long as the price remains above $167, we can consider Solana to be in an uptrend.
On the downside, there is a strong resistance at $155, followed by a resistance at $140.
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What Do Indicators Say
We have used RSI and MACD to analyze the price of Solana as per the 1D charts.
RSI has recovered to 46 after touching a low of 40 which shows that the resumption of bull trends is around the corner. Further, 40 being a low point in a bull market, shows that Solana was oversold at $167.
Another indicator MACD is at its most diverged zone. It shows that SOL might reverse its direction but it would take some time before a new rally begins. As per the charts, SOL might take a week to regain strength before starting a new rally.
If you wish to do your own analysis, you will need to know your charts better.
Price Analysis
Solana is expected to cross $200 in the short term and possibly $1000 in the long term. Due to strong fundamentals, the price is expected to remain bullish for the remaining part of 2022.
The following prices have been estimated based on the 4-year crypto market cycle.
Solana Price Prediction 2024
In 2024, Solana’s price is expected to cross $200. A bull case might take the price above its last ATH at $260, while a bear case could take the price near $125.
Solana Price Prediction 2025
In 2024, Solana’s price is expected to reach $200 without the approval of ETFs. However, if the ETFs are approved soon, they might cross $1000 by the end of 2025.
Solana Price Prediction 2026
In 2026, it is expected that Solana will be above $1000. However, if a market correction occurs, prices may drop down to $500, but only after making a high.
Solana Price Prediction 2027
2027 might see the lowest dip as the year is expected to be bearish, just like 2023. However, the market bottom is also expected to occur in 2027. Solana’s price could reach $1000 (bearish scenario), which is expected to be the market bottom. In a bullish scenario, the price might be $1500-$2500.
Solana Price Prediction 2028
As 2028 will see another Bitcoin halving, the year will surely be bullish like 2024. Amid such bullishness, Solana is expected to tough as high as $2000. Even in a bearish scenario, the price is expected to stay above $1000.
Solana Price Prediction 2029
By 2029, Solana is expected to reach the price levels of $2500-$3000, which would mark the peak of that bull cycle. Even at its lowest, Solana might not reach below $2000.
Solana Price Prediction 2030
The year 2030 is expected to take Solana in the range of $2500-$4000.
Here is the reason why Solana is often called the Ethereum Killer.
Expert Views on Solana’s Future Price
Ali Charts
Top crypto analyst Ali, expects Solana to cross $1000 soon. As per the analyst, Solana’s weekly charts saw the formation of a long term bull pennant char pattern which has broken on the upside. A bull pennant is a highly bullish pattern and often leads to multibagger returns.
At press time, the chart was intact despite some little deviation, meaning Ali’s predictions are still valid.
Captain Faibik
Another crypto analyst Captain Faibik showed that Solana has broken out of a falling channel and it also broke out of a bull pennant. Though there is no price prediction here, the analyst advises to accumulate SOL.
Strong Fundamentals Supporting Solana’s High Growth
Solana has multiple fundamentals working in its favour.
First, the blockchain has achieved a theoretical TPS of 65,000 with a real time transaction count of 3000-4500 transactions every second.
Secondly, Solana has witnessed a very high TVL growth rate. At present Solana’s TVL is at $5.43 billion, the highest since Jan 2022.
Thirdly, Solana has the second most vibrant memecoin ecosystem. The size of the Solana memecoin market is $8.9 billion. The ecosystem comprises of top gainers like Bonk which has gained more than 8000% returns in 2024.
Finally, Solana’s on-chain growth has been massive in 2024. The addresses on the chain are at its peak with total active addresses reaching 2 million. Low gas fees and fast transactions attracts users towards the blockchain.
All of these together have helped Solana make a stellar growth in 2024.
