SOL has to confirm its breakout level $118.88 in order to move to ATH. It may exceed ATH depending where it trades in April of 2024. If these conditions are in place, Solana (SOL) will hit all-time highs.
Both time and price points mentioned above are crucial in understanding when we expect Solana (SOL) to hit all-time highs.
Related – Can The Price Of Solana (SOL) Exceed $1,000 By 2030?
Remember, the question “will Solana (SOL) hit all-time highs“, also WHEN will it do so, need to be evaluated against both the price and time axes of the chart. Moreover, the ongoing SOL breakout needs to be confirmed.
How to analyze the question ‘will Solana (SOL) hit all-time highs’
One frequently made mistake is to associate the answer to the question “will SOL hit all-time highs” with events. It does not work. It is a human and intuitive reaction, but not the right one.
Here are illustrations of what we mean:
- Bitcoin halving is nearing – how will this influence the price of BTC and SOL?
- SOL is releasing new features – will this push SOL to hit all-time highs?
- The Fed will make an interest rate decision – if they lower rates, SOL might hit all-time highs.
That’s not how price forecasting works.
That’s how the human mind intuitively looks for associations.
Two completely different things.
Momentum is what drivers markets, and fundamentals is what differentiates quality cryptocurrencies from crap.
Solana delivers great features, expanding its developments, ensuring progress across the board (integrations, partnerships, innovation). We need this info to understand that SOL is a quality token. It does not correlate to “will SOL hit ATH” though.
Solana (SOL) will hit all-time highs if it completes its ABCD pattern
Momentum is kicking in – that’s great news for quality tokens like Solana (X).
The price chart has a clear message: once $118.88 is cleared, the breakout level, with 5 daily candles exceeding this breakout point, it will be the ultimate confirmation that SOL wants to move to ATH.
Source – Tradingview
Will Solana (SOL) hit all-time highs in 2024?
Yes, the probability that SOL will hit ATH in 2024 is very high, even on the larger timeframe.
Below is the weekly SOL chart.
The reversal on its chart is very bullish. The last hurdle is here, particularly the 118.88 – 142.44 area will provide some resistance. Once past this area, the road to ATH in 2024 is almost guaranteed (whatever ‘guaranteed’ may mean in markets where nothing is ‘guaranteed’).
What if Solana (SOL) hits all-time highs?
Now, it is interesting to evaluate what happens with market cap of SOL assuming it hits ATH assuming the other tokens don’t change in terms of price (this not a realistic simulation of course).
SOL currently has a market cap of $57b.
I has to nearly double if it were to hit ATH – this gives us a market cap of approx. $110b.
Ceteris paribus, SOL would be the 3d largest token in terms of market cap, similar to USDT, well below Ethereum.
This is pretty realistic, nothing out of the ordinary. In reality, market cap of all tokens will move higher.
This simple mental exercise confirms that SOL can hit ATH in 2024, without being stretched valuation terms.
When will Solana (SOL) hit all-time highs – conclusion
Wrapping up this article, we conclude that SOL will hit ATH once the area $118.88-142.44 is cleared.
Now, on the WHEN question, there are a few additional points to make:
First, similar to what we said in Will Bitcoin Hit ATH In 2024, we need BTC to get close to ATH well before April 2024. That’s what’s happening right now – this opens the door for SOL to hit ATH in this ongoing bull run.
Moreover, it will be crucial to understand if SOL will find resistance at its former ATH or whether it will exceed ATH before summer of 2024. This is how we think of it:
- IF SOL hits former ATH in March of 2024, it might exceed ATH in April/May of 2024.
- IF SOL hits former ATH in April of 2024, we expect former ATH to act as resistance. In that scenario, we expect SOL to exceed ATH either late 2024 or in 2025.
Looking for a leveraged play on Solana’s uptrend? Please review this research note: The Highest Risk Reward Solana Play – A Potential 100-Bagger (create your log in here).
No financial advice. Do your own research.
