How much more upside potential do we see in Solana? SOL can move to new all-time highs in the period April/May 2024 provided the breakout level $118.88 is cleared.
Related – Can The Price Of Solana (SOL) Exceed $1,000 By 2030?
The chart of Solana (SOL) is an absolute beauty. While SOL has gone up a lot in 2023, it looks like it wants to move even higher in 2024.
This is especially true if/when the breakout level $118.88 is cleared which means that no daily candle touches it for 5 consecutive days. Moreover, there is one more hurdle to clear at $142.44 to pave the way for new ATH.
Solana (SOL) is breaking out
Solana (SOL) is breaking out.
What exactly does this mean?
It means that it is completing a consolidation, and turning a consolidation into a new uptrend.
When exactly do we know for sure that there is a new uptrend?
There are 3 answers to this question:
- The price point $118.88 should be cleared, convincingly.
- This means 5 daily candles above this price point without touching it.
- Ultimately, once this happens, also $142.44 should be cleared as well, it’s a small hurdle to overcome.
The SOL daily chart says it all – the importance of $118.88 is clear – the impact of clearing this level is huge.
March 1st, 2024 – SOL has one full daily candle above its breakout level $118.88 another 7 to go for a final breakout confirmation.
Will Solana (SOL) continue its breakout?
Most likely, SOL will continue its uptrend.
Solana (SOL) is breaking out – it will likely confirm its breakout.
The single most important driver for Solana’s breakout is the breakout of altcoins. Two weeks ago, we officially announced Crypto Alt Season 2024 Is Starting This Week in February, after we gave a heads-up early January Crypto Markets Ready For Alt Season 2024.
The altcoin chart says it all.
March 1st, 2024 – the alt coin breakout continues, it is clear that alts like SOL want to move so much higher in the coming weeks and few months.
Solana is bringing crypto into the real world
Another fundamental driver which might push SOL much higher is its fundamental value.
It is one of the few cryptocurrencies that is making it into the real world, particularly with Solana Mobile (X).
Solana Mobile to Sell Second Crypto Smartphone
The successor to Saga will have new hardware and a cheaper price point, according to a person familiar with the plans.
While it is true that it may not be an economically viable venture, it certainly is a breakthrough in terms of adoption. Remember, adoption is a fundamental driver for the blockchain world.
When could SOL hit ATH?
The question that comes up: if the Solana (SOL) breakout is confirmed, when will it hit ATH?
In order to answer that question, we look at the x-axis of the chart – time.
On the timeline, we have said many times that the period February-April of 2024 will be an intense period for markets. This implies that the end of April should come with a local top.
This implies that we have to monitor for confirmation whether the price of SOL moves to ATH by end of April. If it is attempting to break through its previous ATH well before April, it implies that SOL has more upside than its former ATH. However, if SOL it hitting ATH by end of April, it might be ultimately resistance for this current cycle.
A 100-bagger in Solana’s ecosystem?
While playing Solana on the long side is a justified idea, it remains a ‘safe’ play.
In our crypto research service, we identified a much higher risk/reward play than Solana, in its ecosystem.
In a way, it is a leveraged play on the SOL uptrend.
You can read our alert here (sign up first) – The Highest Risk Reward Solana Play (100x Candidate)
Remember, a 100-bagger is exceptional. While our Solana ecosystem token tip might go up 100x, it’s good practice to take the principal out once price doubles, to de-risk the position and let profits freely run, hoping and assuming the token will go up 100-fold in 24 months from now.
