Solana Price Prediction Teases 50% Upside in SOL Price If This Level Breaks!

Solana Price Prediction Teases 50% Upside in SOL Price If This Level Breaks!

Story Highlights

• Solana price trend hints at an inverted head and shoulder breakout in the daily chart. 
• With a neckline at $115, the SOL price is teasing a bull run beyond $150.
• The 24-hour trading volume on the Solana coin is $1.55 Billion, indicating a 14% gain.

With the crypto industry standing at the gates of a trillion-dollar market cap, the altcoins are preparing the stage for the next bull run. As the poster boy of bullish turnarounds in 2023, Solana finds its SOL token price ready for an explosion in 2024. 

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Reclaiming the psychological mark of $100 and the remarkable growth of its network, the Ethereum-killer is rising ranks. Standing as the fifth-biggest crypto with a $49+ Billion market cap, Solana is the altcoin to watch in this phase of “Pre-Halving Rally.” Amidst such increasing bullish anticipations and the turnarounds reflecting remarkable growth, Solana’s price prediction hints at a rally to the $500 mark.

Will SOL Price Cross Past $115?

Source-Tradingview
With a bullish month and a rise in demand for Solana amidst the market recovery, the SOL price is sustaining dominance above $100. With an outstanding rise of 23% over the last four weeks and a remarkable jump in trading volume, Solana eyes a bullish breakout. 
Further, the weekly price trend showcases a strong resistance at the $115 mark, acting as the neckline of an inverted head and shoulder. Known for its trend reversal, the bullish pattern hints at the new high-powered bull run in Solana. 
Despite last week’s candle showcasing the 4.42% jump, the buyers fail to find a bullish closing above the neckline. Delaying the breakout run, the higher price rejection warns of a retest of $100. 
Nevertheless, with the market blasting off the bullish engines, the altcoin is setting the stage for a massive jump in the coming weeks or months. 
Also Read: Bitcoin Opens its Bull Market Doors With Highest Weekly Close: Here’s When BTC Price May Hit $100K

Is The Solana Network Bouncing Back?

Amidst the bounce back in the DeFi Space, the Solana network is displaying signs of revival and healthy growth. As it approaches the $2 Billion TVL, the rising number of active users on the Solana Network is a testament to a turnaround.
With 21.63 Million users in January 2024 and 12.59 Million till 18th February, it reflects a potential Month-on-Month growth trend continuation. 

How High Will Solana Go This Bull Run?

With the high anticipations around the inverted head and shoulder pattern, the SOL price is preparing for a bullish breakout. However, the sideline traders are awaiting a bullish closing above $115 in the weekly timeframe for a better confirmation. 
Solana can go as high as $158 in case of a positive outcome in the coming weeks.