The cryptocurrency Solana (SOL) appears to be recovering after the recent market decline, rallying over 20% in the past week and reclaiming the $100 price level. SOL is up over 320% since January 2023, indicating positive momentum.
According to analyst Michaël van de Poppe, the low point for SOL may be over, and it is poised for further gains. He predicts SOL could reach $140 soon, a 38% increase from current prices. SOL has performed well in 2023 so far after plummeting due to FTX’s collapse, rising nearly 1000% at one point earlier this year. Analysts expect the positive trajectory to continue through 2024.
Forecasts for SOL in 2024 are mixed. Changelly estimates SOL will peak at $104.7 in January and then decline for the rest of 2024, ending the year around $37. However, Telegaon is more optimistic, projecting SOL could reach $165 in 2024 without specifying a timeline. Both agree SOL is likely to reclaim its all-time high of $259.96 at some point in 2026.
The upcoming Bitcoin halving event in April 2024 could potentially kick off a new crypto bull market this year instead of 2026. If that happens, SOL may regain its all-time high much faster than predicted. But for now, analyst projections indicate SOL is recovering from recent lows and could see 38% gains to $140 soon, though long-term forecasts for 2024 vary.
