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Solana, one of the leading DeFi blockchains, has seen exponential growth over the years. According to cryptocurrency analysts, the price of its native token, $SOL, is expected to change in 2024. In this article, we will explore the current performance of $SOL, with a focus on its closing price for the third quarter of 2024.
Current Price of Solana ($SOL)
As of today, $SOL is trading at approximately $133.10. Solana has a massive market cap, nearing $60 billion. However, its price has fluctuated over the past few months. In the last 24 hours, $SOL’s price has dropped by 2.91%, and over the past 30 days, it has decreased by 16.60%. Despite these declines, cryptocurrency traders remain hopeful that SOL will rebound.
Solana Market Statistics
Here are some key statistics about $SOL that provide a quick overview of Solana’s performance over the years and its future expectations:
Q3 2024 Expectations for $SOL
The price of Solana’s native token, $SOL, could rise to $160 by the end of Q3 2024. However, with a 4-hour time frame, the price is at $135, facing strong resistance. This means $SOL must break through this resistance to see a sustained rise to $160. Failure to break the $135 resistance could lead to a drop below $126.
Using the MACD technical analysis tool, we can see that sellers or short traders are exhausted. The red candles are fading, both in color and size. This could indicate an upcoming upward trend, with buyers or long traders starting to dominate the $SOL market.
Will Solana’s Price Reach $160?
If Solana continues its current upward trend and the token can break through the $135.45 resistance, bulls might push $SOL’s price to $160 or even higher. However, it’s important to remember that failure to break the current resistance could lead to a drop below $126.
Bearish vs. Bullish Sentiment
Currently, the bearish market sentiment for Solana is 27%, while the bullish sentiment within the Solana community is 73%. This means a minority of cryptocurrency traders believe $SOL will see a bearish trend, while the majority expect a bullish trend.
Conclusion
As of the time of writing, Solana’s native token, $SOL, is trading at approximately $133.20 and is expected to rise above $160 by the end of Q3. Based on market sentiment and technical analysis, most cryptocurrency traders are optimistic about the token’s future. However, it’s important to do your own research (DYOR) before investing in any cryptocurrency project.
Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.
Sentiment: Positive
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