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 23^rd. Before that, Solana dropped from $101.09 to $79.37. It’s recovery since then has been incredible to watch.

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 18^th, 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.