As cryptocurrency market capitalization reaches trillions of dollars, altcoins are gearing up for the next bull run. As a representative of the bullish turn in 2023, Solana’s SOL token price has attracted much attention, indicating an explosion in 2024. Ethereum Killer has recaptured the psychological $100 mark, with significant network growth and a rise in the rankings. As the fifth largest cryptocurrency with a market capitalization of over $49 billion, Solana’s price prediction hints at a possible rally to $500 amid a shift in expectations for bullish and significant growth.Will the price of SOL exceed $115?
With the bull run this month and the market recovering, demand for Solana continues to increase and SOL price remains dominant above $100. Solana is up 23% over the past 4 weeks with a significant increase in trading volume, signaling an imminent bullish breakout.
Furthermore, the weekly price trend shows strong resistance at the $115 level, which is the neckline of the inverted head and shoulders pattern. This bullish pattern is known for its trend reversal, signaling another strong bull run for Solana.
Despite last week's candle showing a 4.42% gain, buyers failed to find a bullish close above the neckline. Higher prices have temporarily delayed the breakout run, signaling a possible retest of support at $100.
Nonetheless, altcoins are setting the stage for significant gains in the coming weeks and even months as the market’s bullish engine kicks into gear.
Is the Solana network rebounding?
Amid the rebound in the DeFi space, the Solana network is showing signs of recovery and healthy growth. With TVL approaching $2 billion, the increasing number of active users on the Solana network is evidence of an improving situation.
As of January 2024, the number of users was 21.63 million, and as of February 18, the number of users had reached 12.59 million, reflecting the continuation of the underlying sequential growth trend.
How brilliant will Solana’s future be?
Right now, SOL price is primed for an inversion head and shoulders pattern to rise higher. However, OTC traders are looking for a bullish close above $115 on the weekly time frame for more solid confirmation.
If there is a positive trend in the coming weeks, Solana’s price could surge to as high as $158!
