Every crypto trader is asking the same question: will Solana keep going up?
Well without a crystal ball handy, let’s look at some technical analysis and sentiment for Solana.
Solana is working on massive gains after climbing more than 109% over the past 30 days.
Just how long will this run go for?
SOL/USD – SWING BUY OPPORTUNITY on TradingView.com
According to some trade ideas on TradingView, it looks like there’s still some buying opportunity in the short term to accumulate more SOL.
While it’s hard to advocate for opening a big position after such gains, it still looks like SOL has some room to run.
Zooming out a bit — a critical level for SOL to reach was $113 — which it had no problem smashing through.
The rapid rise in price has caused some crypto traders to lock in profits, which is never a bad idea.
In your opinion, what’s this cycle’s $AVAX, $LUNA, or $SOL?
In other words, a token that has huge upside potential.
And yes, $SOL could still do a 10x from here…but I’m thinking about something more undiscovered.
— Route 2 FI (@Route2FI) December 25, 2023
One counter point to the tweet above is that for long-term investors, holding the bag may be more fruitful than aggressively searching for the next token to rise.
Will Solana reach $250 in 2024?
Our current Solana analysis forecast shows marks $143 as the key resistance area.
Traders can expect some sell offs along the way. Especially around areas of price resistance.
Besides, if we’ve learned anything from the latest crypto winter, it’s that pullbacks are to be expected.
$250 seems like more of a realistic number to hit in 2025 or 2026 (conservatively).
Will Solana crash soon?
First, let’s define ‘crash’ in crypto terms.
Traders and investors alike are used to drawdowns across the crypto landscape.
But a full-blown crash seems unlikely here. If you’re looking for another buying opportunity, levels around the $100 mark could be appealing.
SOLANA RESISTANCE AND SUPPORT by laganicapobeda99 on TradingView.com
Another trading idea from the TradingView community presents a short-term bear case with support around the $60-70 range.
While it would be surprising to see $SOL hitting that level any time soon, it’s always smart to DYOR (do your own research) and understand the risks involved with crypto.
Will the Bitcoin Spot ETF affect SOL?
Arguably the biggest storyline in crypto right now is the anticipation of BlackRock’s BTC spot ETF.
Recent reports suggest that the BTC spot ETF will be funded with $10,000,000 on Jan. 3, 2024.
The $10M figure is significant because it’s a large bump up from the initial seeding of $100,000 in Oct. ’23.
Pending approval, this could mark the sign of true institutional adoption within the crypto space.
This, by in large, should prompt good tailwinds for a crypto bull run in 2024.
Now, what does this have to do with Solana?
If institutions are seeing the value in crypto — it could benefit the landscape as a whole, which includes Solana as a prominent name.
SOL – Trading in nice Executed Head and Shoulders End Pattern ! by TiDu1981 on TradingView.com
Summary
We’d expect a minor drawdown when the hype of the BTC spot ETF wears off, but we have 2024 forecasted for a big year in crypto.
Solana remains one of the most intriguing names in blockchain, and if they continue to execute on their project, we expect investor sentiment to remain high throughout 2024.
$250 is certainly in sight for Solana, but we wouldn’t expect this price target to be hit until 2025.
For more detailed follow ups, but also for top crypto tips, we recommend to follow our premium crypto charting alerts in which we share much more details across 35 tokens, with timely insights combined with perfectly timed buy alerts.
Disclaimer: this is not financial advice. InvestingHaven uses technical and fundamental analysis to attempt to forecast market trends. Please consult with a licensed financial advisor prior to making any investment choices.
