Why is Solana Price UP so High? Is Solana Back on Track?

Solana (SOL) has experienced a significant uptrend, with prices climbing from a low of $22 to a recent high of around $44 in the past month. This impressive performance almost 100% prompts the question: will Solana price continue to go up or is a correction on the horizon? In this Solana price prediction article, we analyze SOL from a technical perspective.

Solana Price Analysis: Why is Solana Price UP?

The crypto market was abuzz with the news of a potential Bitcoin ETF approval, and though it remained unconfirmed, the mere rumor was enough to inject optimism into the market. Solana’s price trajectory reflected this renewed hope, with its value increasing significantly. The market cap of Solana currently stands at approximately $18.12 billion, with a 94.33% increase over the past month and a 120.83% rise over the last 60 days. Despite a slight 0.397% dip in the last 24 hours, the overall trend has been overwhelmingly positive.

SOL/USD 1-day chart – TradingView

Is Solana a Good Buy Today?

After a period of consolidation lasting over two months, Solana’s prices took a hard hit, reaching a low point of $0.505 in 2024. However, with the crypto market now on an upward trajectory, Solana presents a compelling buy. Its current support levels of $38-40 offer a strategic entry point for investors looking to capitalize on the market’s bullish momentum.

Solana Price Prediction: What are Solana Targets?

While it may be ambitious to expect Solana to reach its all-time high (ATH) of $260.06 within the remaining months of 2023, the target plausible target of $50 seems well within reach. Investors are advised to consider buying around the support area of $40, positioning themselves to benefit from potential future gains as Solana aims for this realistic short-term price target.

SOL/USD 1-week chart – TradingView

How to Buy Solana?

Bitget stands out as a secure and user-friendly platform. Known for its robust security measures, Bitget provides a straightforward process for users to get started with cryptocurrency trading. To buy Solana on Bitget, simply create an account, complete the necessary KYC procedures, deposit funds, and execute your trade.


Recap: What is Solana?

Solana is a high-performance blockchain supporting builders around the world creating crypto apps that scale today. It is designed to facilitate decentralized app (DApp) creation, aiming to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain. With its ambitious goals and robust technology, Solana is not just a cryptocurrency but a platform for modern decentralized applications and marketplaces.