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Solana (SOL) Gains 17% This Week

Cryptocurrency Solana (SOL) has made incredible gains this week, but will it stay bullish?

The coin is up 3.12% for the day so far to $101.49 (SOL/USD), but that is just the tip of the iceberg. The coin has experienced a 17% growth over the last week. It has not been bullish all month, and in fact has only been trending upward since the 23rd. Before that, Solana dropped from $101.09 to $79.37. It’s recovery since then has been incredible to watch.

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Solana hit a high point this month, reaching higher than it has in years in transaction volume. That was $738.8 billion, and the last time it reached that high was back in September of 2022. This means we have a very healthy cryptocurrency here that has the potential to go much higher. Because it has been going bullish for over a week, there is a risk that it will start to recede or at least slow down.

Moving past the psychologically crucial $100 mark is great for the coin and could cause it to be propelled even higher. The last time Solana was there was January 18th, just before the price began to fall. If SOL does slow down now, it could easily drop below $100 and hurt the coin’s chances of staying in the public consciousness among casual investors.

Can Solana Repeat 2023’s Success?

Solana had a good 2023, finishing much higher than it started. Will it do it again in 2024? Ome estimates put Solana’s 2024 high point at $140, while others are calling it to hit as low as $40.

The crypto market is in a healthy place right now, but there is no telling how long that will last. The fact that the US is coming out of a recession will help, though, allowing people to spend more disposable income on crypto. Solana could really take off this year, but it will need a few factors to work in its favor. If investors see it is a functional, useful coin, and cryptocurrency bills pass in the market’s favor, this could be a fantastic year for SOL.

 

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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