SOL, the native cryptocurrency of the Solana blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality, is on a bull rally as investors drive the price of the coin towards its all-time high.
Solana’s price in the last seven days has soared nearly 12% in the last day and nearly 15% in the last seven days as a result of an overall rise in the crypto market. Other popular cryptos that made gains during this period include Ethereum and Bitcoin.
Solana is currently trading at around $76.46. With a sharp rise in Solana’s price in the last few days, crypto enthusiasts are expecting that the coin’s price will touch $100 and will cross the landmark figure in the coming times.
Solana Price Hits 19-Month High
Solana’s price is at its highest in not just the past one month or one year, but for the last 19 months. However, at around $71, Solana is still far from it’s all-time high. Solana’s ATH or all-time high was created in July 2021, when the cryptocurrency’s price crossed the $250 mark.
While Solana’s current price seems to be pretty distant from its all-time high price, the current recovery in the coin’s price could push it above and closer to Solana ATH.
Rise of Solana
Solana was launched by Solana Labs in 2020. The cryptocurrency is popularly used to pay transaction fees and for staking. It has also been used to create NFT applications that allow users to mint and trade digital artwork.
Solana, which reached its all time high in July 2021, saw a downfall in its price till March last year. Since then the cryptocurrency’s price has been on the rise. The coin has gained more than 400% in the last 365 days, suggesting that there is further room for growth.
Solana Price Prediction : Will $SOL reach $100 in 2024?
Solana’s price is moving towards the $100 landmark. However, the cryptocurrency appears to be facing new resistance levels that are not letting it surge further. However, Solana has been breaking all the resistance levels in the past one year. So, having analyzed the recent charts, it appears that there is a strong possibility of Solana reaching $100 in the coming days. So, a short to the question whether Solana will reach $100 is a yes.
Conclusion
Solana is one of the popular cryptocurrencies in the ever-growing world of digital tokens. The crypto is popular among gamers in the metaverse as well as for making NFTs. While it faced a massive sell-off around the same time as the crypto market was witnessing havoc, it now appears to have stabilized a bit. The coin appears all set for the next bull rally that could help investors make more money from their investments in the cryptocurrency.
Source: https://coingape.com/blog/will-sol-price-reach-100/