Solana (SOL) had an excellent 2023, shooting from $20 to above $120 in the second half of the year. And there has been considerable hype surrounding Solana-based coins.
The ecosystem is fast, low-cost, and scalable, making it a prime place for dApp development, and there has been a considerable amount of bullish Solana news regarding how the network is progressing in terms of partnerships and upgrades.
However, after a 6x bull run, the chart suggests that it needs a break. This is a great time to consider alternatives, in our own words ‘the next Solana.’ It’s not going to 6x again again time soon, while other coins might have a chance of doing so, even more than 6x.
A broad Solana outlook for 2024 and 2025
We at InvestingHaven have a bullish outlook on Solana for 2024 and 2025. The network fundamentals are very strong and there is a lot of development going on within the ecosystem. Many new projects are choosing to develop on top of the Solana infrastructure, it scores well in speed, scalability, and cost, and it has impressive on-chain metrics.
However, the price is exhausted in the short to medium term. We wrote about this extensively in the article about SOL being vulnerable to further downside. Within the article, we outlined how fundamentals are not always driving price and how a cooling period is inevitable for tokens that make rapid gains.
This is also precisely how we predicted the current Bitcoin price drop, as it had already experienced an increase and needed a cooling off period. This was to herald in a rising altcoin market over the next year. The charts back this view up – the graph below indicates an exhausted SOL price:
Most likely, Solana is going to continue to hover between $72 – $120. It needs a consolidation period after experiencing such rapid expansion. Solana also offers support levels at $64, $72, and $80. While the coin is likely to experience further upside as 2024 progresses, there are far better buying opportunities. The time to buy Solana was when we recommended it to premium subscribers between $20 – $30.
Three Solana alternatives with super upside
The following three charts indicate some of our top Solana alternatives that we give to dedicated subscribers. This is a 50x token by 2026, with a bullish falling wedge breakout followed by a bullish reversal:
This is a bullish rounded reversal followed by another wide bullish rounded reversal, with 10x potential by 2025.
Finally, this is a bullish W-reversal followed by a bullish rounded reversal. It has a 6x upside potential by 2024.
Only a very small number of analysts with experience in the field are capable of interpreting these charts correctly. We excel at identifying specific chart setups that are hard for the untrained eye to understand. This allows us to find specific entry and exit points. In contrast, most headlines are created in saturated bull markets where most investors buy at a high and sell at a low.
After all, hype is what sells – it’s difficult to attract readers with headlines telling them about a sideways trading coin. People want to believe in 10x coins, which are notoriously difficult to pick out without significant expertise.
The ‘next Solana’ – tremendous upside potential
There are certainly many coins that outrank Solana in terms of upside, think of the upside potential that Solana had back in the summer of 2023. While it can still do well, it won’t be 2024’s top-performing asset. With the recent SOL price rise, it’s entirely feasible that all the positive fundamental news is already priced in.
And the 2023 price rise could have been driven, in large part, by the Solana-based meme coin frenzy (SPONGE, BONK, WIF, MYRO, etc). Moreover, Solana outperformed major cryptos in 2023 and must have a period of consolidation before embarking on another breakout.
As we have continually reiterated, periods of boring consolidation are what demark a major breakout. Bull runs only have so much steam before needing to revitalize and consolidate. If you want to see our picks that have 6x, 10x, and 50x potential in 2024, 2025, and 2026, then you’ll need to join the premium service.
Upon signup, you’ll gain immediate access to top coins with alerts when a token is set to pump, based on what the charts are saying.
Disclaimer: This is not financial advice. Please consult with a licensed financial advisor prior to making any investments.