Solana (SOL), a blockchain platform designed for decentralized applications and crypto projects, has been making waves in recent months. With its current price floating around $116, the question arises as to whether it could be on track to hit $140.
Solana (SOL), a blockchain platform designed for decentralized applications and crypto projects, has been making waves in recent months. With its current price floating around $116, the question arises as to whether it could be on track to hit $140.
Solana’s recent performance
At the time of publication, Solana is trading at $116.72, representing a modest 0.56% increase in the last 24 hours, accompanied by a market capitalization of $51 billion.
What is particularly noteworthy is traders’ growing confidence in SOL, with the coin inching closer to its yearly highs. This increase in confidence is indicative of a possible bull run, with a view to forming a new all-time high (ATH) in 2024.
Over the past month, SOL has demonstrated impressive growth, with its price against the US dollar rising by 19.64%. While it is up 8.08% against Ethereum (ETH), it has seen a slight drop of 1.89% against Bitcoin (BTC) in the same period.
However, this slight drop against Bitcoin may not be a cause for concern, especially if Bitcoin maintains its strength amid major resistance levels, which could fuel rallies for major altcoins like SOL.
Solana’s path to $140
Crypto educator Koroush Khaneghah recently He suggested that SOL has a good chance of reaching $140. With Bitcoin leading the current market surge and setting new cycle price highs above $51,000, SOL could follow suit with an increase of over 30% to reach the $140 mark.
In fact, SOL has seen substantial growth in the last 30 days, rising over 20%. SOL long-term chart analysis suggests that a parabolic recovery is underway, which could reach the next resistance level at $130 soon. Despite the tentative bearish actions, buying pressure remains evident, and the Relative Strength Index (RSI) indicates bullish dominance in the rally.
Looking ahead, SOL appears well positioned to maintain its healthy rally, aiming to approach levels near $150 before the end of the first half of 2024. A recent development that further highlights SOL’s bullish trajectory is the increase in open interest, which has exceeded an extraordinary 1.75 billion dollars.
