Altcoin Sherpa Projects Bullish Solana Surge in 2024
Renowned cryptocurrency expert Altcoin Sherpa recently shared an optimistic forecast for Solana, the digital asset currently ranked fifth by market capitalization. In a recent social media discussion, the experienced analyst offered his insights on SOL’s trajectory for 2024, referencing the token’s impressive rally at the close of the previous year.
The analyst highlighted a chart detailing Solana’s performance, which shows a significant surge in value beginning in late December 2023, marking its highest price point since early 2022. From this analysis, the expert anticipates SOL to break through crucial resistance levels. He notes, however, an expectation of a pullback as the market potentially sells off at these high points.
According to Altcoin Sherpa’s predictions, Solana’s price could climb above $120 before encountering a retraction. This cycle is expected to repeat, allowing the cryptocurrency to revisit the pinnacles of December before a modest correction sets in. Subsequently, the token is predicted to surpass the $126 threshold after this minor downturn.
Despite anticipating these short-term corrections, the analyst remains unconvinced that a substantial market drop is on the horizon, dismissing the possibility with a nonchalant “meh for now.”
Echoing the sentiments of a community member who pointed out Solana’s recovery from a 35% plunge, which saw it dip from $125 to $80, the expert contends that SOL’s price will be significantly higher before another major correction takes place.
The current stance seems to favor bullish investors, as the analyst suggests that buying Solana now may prove more profitable than waiting for a 20% market correction. In his own words: “Bullish on this one bigly going into 2024, and I think most would make more money just buying here and sitting on it for months instead of trying to wait for the 20% correction.”
Solana’s journey has been marked by successes and setbacks. February saw its DeFi ecosystem outpace Ethereum in daily trading volume across decentralized exchanges for the second occasion. However, this milestone was somewhat overshadowed by Solana’s 11th system outage, spanning a five-hour duration, raising concerns among cryptocurrency investors. Nevertheless, SOL’s price demonstrated resilience, bouncing back promptly from the resultant decline.
On February 14, SOL momentarily claimed the fourth spot in cryptocurrency market cap rankings, overtaking BNB. Although it has since retreated to fifth place, the market capitalization holds at a robust $49.7 billion, reflecting a 19.34% increase within the last month.
Trading activity has waned slightly, with a 9.20% drop in volume over the last day, as reported by CoinGecko, pointing towards a downturn in recent market movements. At the time of writing, the crypto market overall is cloaked in green, and SOL is sharing in the collective uplift. The token’s current trading value sits at $112.4, enjoying a 1.0% rise over the past 24 hours and a commendable 7.8% growth over the preceding week.
