Getting into the yr, there have been few cryptocurrencies with the sort of potential that Solana had. The community has thrived as a key different to blockchains like Ethereum, working at a lot quicker speeds and having notably cheaper transactions. But, amid its sluggish efficiency during the last a number of months, can Solana (SOL) nonetheless intention for an all-time excessive mark in 2024?
New indicators have begun to put the prospect of a brand new file worth in jeopardy for the fifth-largest crypto by market cap. With three months remaining within the yr, nonetheless, all hope just isn’t misplaced. The query is now relating to whether or not or not the market can propel SOL to unprecedented highs earlier than the calendar adjustments to 2025.
Is a New All-Time Excessive Nonetheless within the Playing cards for Solana in 2024?
Almost three years in the past, Solana hit an all-time excessive worth of $260. In November of 2021, it reached a landmark worth level that many considered as simply the beginning of the Ethereum killer. But, with November 2024 approaching, the prospects of SOL breaking by way of that file are trying more and more slim.
To begin the yr, Solana had a price under the $100 mark. Simply three months into the yr, it had already approached $200. But it had been more and more risky since then. Though it had immense potential to surge exponentially all through this yr, can Solana (SOL) nonetheless surpass its $260 all-time excessive in 2024? The reply is trying an increasing number of like a no as December approaches.
The elevated worth of Solana has typically been related to Open Curiosity (OI). When it surged early in 2024, it coincided with OI will increase that signaled bullish positions rising. That determine has fallen notably during the last seven days, placing into query the gaining potential for SOL.
Nonetheless, Solana has proven indicators of a surge. Over the past 30 days, the token has elevated greater than 19%, based on CoinMarketCap. Within the final seven days alone, it has elevated 7% to succeed in $153 at the moment. The greater than 41% leap wanted to succeed in a brand new excessive could also be an excessive amount of. However both method, it does go away large hope for the asset heading into the brand new yr.
