- Solana ended October 2023 at around a 78% increase.
- Solana’s 50-day and 200-day EMAs are showing promise.
With the hope of the crypto market moving towards the approval of the spot Bitcoin ETF approval, things are already looking good. So, in the latest Solana Price Prediction for 2024, this token is looking set for a bullish Q1 of 2024. Note that this is just a mere opinion and not financial advice.
Solana Price Prediction for 2024: Can It Surpass $100?
- According to a new analysis, there are more than enough chances that the Solana token will cross over to the $100 level. However, this is a Solana price prediction for 2024, as it is when this chance appears more feasible. According to the chart image above, Solana is having a very good time in the market with a lot of bullish rallies. So, there was a bounce back from the 50-day EMA and an inclination of nearly 70% in a very short span of around two weeks.
- Another thing to note in the charts above is that there was an increase in Solana’s price without any pullback. So, Solana ended the month of October by being more than 78% up in the monthly charts. This occurrence in October shows the formation of a strong bullish candle after a consolidation of over eight months. What this means is that there’s optimism in Solana Price Prediction for 2024 due to new resistant levels. So, the Solana token currently has a resistance near the round level of $50. What this means is that in the Q1 of 2024, there are chances of this token breaking this resistance level. So, this could see the price skyrocket to $100.
Improvements in Fundamentals Metrics Key in Solana Price Prediction for 2024
Image from beta-analysis.solscan.io
- According to new data, the improvement of some fundamental metrics on the Solana ecosystem will help in the price increase. So, new data is showing that there is a massive increase in the number of active wallet addresses. This simply shows more people are showing more interest in this token. So, according to data, there was an increase in the total number of active wallets from 200K to 260K in October.
Image from analytics.solscan.io
- Another thing to look at is the 50-day and 200-day EMAs of this token. So, they are currently showing a bullish outlook. This is key for the Solana price prediction for 2024, as it means there are chances of this token reaching $100. However, it is important to note that sellers might try to drag down the price of this token. But, the RSI lines are showing an optimistic crossover of the SMA line. So, this provides an even more optimistic outlook for Solana Price Prediction for 2024.
Conclusion
There’s already a Solana price prediction for 2024 as the token continues to show signs of a massive breakthrough. So, this token was one of those ending October with a high note of more than a 78% increase in price. Moreover, by surpassing the 50-day and 200-day EMAs, the Solana token is showing massive positive promises.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
