Here are 5 critically important insights for Solana investors in 2024, looking to understand what price of Solana (SOL) may do in 2024. This article should help in thinking about SOL investing.
Related – Solana (SOL) Is Breaking Out Now – What’s The Upside Potential?
SOL is on a great ride.
All data points suggest that SOL will continue to rise.
The important thing is not to fall in love with a SOL investment. Taking some profits is healthy investor practice.
1. Solana adoption is the fundamental driver
We said it many times, and will say it again – Solana is one of the few crypto projects that is showing signs of adoption.
With adoption we mean making it into the ‘real world’, a major milestone for crypto as an asset class.
How is Solana creating adoption? Through Solana Mobile.
Here is one of the most recent signs that Solana’s efforts are paying off:
#Solana mobile just got sexier! Start auto-earning the first AI + DePIN token (not points) on Solana Saga phones. Now live the in Solana dApp store!
There is a lot of activity around Solana’s Mobile. It might become the ultimate bridge between crypto’s world and the real world.
2. SEC created fear, Solana anticipated correctly
The SEC is a very rude organization when it comes to crypto, without any doubt. They accused many top projects, like Solana, as unregistered securities.
Ripple had a great answer to the SEC, the Solana Foundation as well.
The team at Solana did an outstanding job focusing on creating added value.
The SEC did not protect investors. Solana Foundation did. Most likely, the SEC had their own agenda which led to destruction for small investors who sold their precious Solana tokens in the bear market.
Consequently, SOL ETF’s are on the rise, rightfully so as it will help drive adoption among investors.
3. Price of Solana working on a bullish ABCD pattern
The chart pattern that is visible on the chart of SOL is an ABCD pattern.
We identified $118.88 as the breakout level – SOL is clearly breaking out from that level.
Once the breakout is confirmed, we expect SOL to move to ATH.
Whether SOL will move to $1,000 is not a relevant question at this point time. As seasoned investors, we believe the right question is “will you take profits when SOL tests ATH in 2024?”
SOL to $1,000 is a long term question, to solve later on.
4. The price of Solana (SOL) will get volatile in the 222-250 area
One of the really important things to consider is what SOL investors will do once the price of SOL touches ATH.
As chartists, we can tell you that the volatility will pick up considerably in the area $222 – $250.
What’s your game plan, is the question.
How do you handle your SOL position, acknowledging that at a later point in 2024 prices will get back down.
Source – Tradingview
5. Take profits in SOL in 2024
That is the million dollar question – when to take profits in SOL?
While, long term, we see higher prices in SOL, the reality is that not any bull market rises in one straight line. Eventually, prices will get back down in 2024.
Long term, which means the 2025-2026 time window, the price of SOL should be able to exceed ATH.
In 2024, however, if the ABCD pattern will be complete (see above chart), the price of SOL will have gone up 10x. That’s a lot, it’s also not sustainable to keep on rising.
When and where will you take some profits?
Did you consider ‘free SOL tokens’, meaning getting your principal out, de-risking your SOL position?
A leveraged Solana play that might do 100x by 2026
We like Solana a lot.
We like Solana’s ecosystem.
In Solana’s ecosystem, there might be potential 100-baggers.
A combination of a ‘safer’ Solana position with a small cap token in Solana’s ecosystem might be a justified risk managed strategy to play the uptrend in SOL.
We hit a 100-bagger for our members in 2020, and here might be the 2nd 100-bagger in our career as crypto investing researchers – The Highest Risk Reward Solana Play (100x Candidate).
Below is the chart, if the price of SOL goes to ATH in 2024 we believe this small cap Solana ecosystem play might do 100x in the coming 24 months.
What’s the symbol of this Solana play?
Check it out here (log in required).
Disclaimer: This is not financial advice. Please consult with a financial advisor prior to making any investments.
