Solana, one of the leading smart contract platforms, has seen a significant surge in the past 24 hours, reaching $118.1. This rise not only recouped the losses post-FTX collapse but also restored prices to levels seen in April 2024. The question arises: what are the expectations for Solana (SOL)?
Last year, around this time, Solana’s price on Binance plummeted to $8 due to a rapid fall from $32, largely attributed to the FTX collapse. However, Solana has since recovered strongly, with a previous week’s peak at $79 and now hitting $118.1.
Back in October, we predicted that closing above $45 could set Solana on a path toward $80 and $96, with a potential target of $120. Currently, SOL Coin has seen a 461% increase over 13 weeks, even though it has slightly retraced from $118.
Looking ahead, if SOL Coin can maintain above $108, we can talk about new peaks, with a target level of $140 in the next rally phase. However, investors should not be surprised by a pullback to $96 and $80 if it closes below $108. The next 14 days are crucial as a strong BTC price is expected due to ETF approval anticipation, which could help SOL Coin reach $140 if interest remains high.
The ultimate peak targets are set at $205 and $260, after which a new all-time high (ATH) region is expected. The price isn’t the only thing increasing; the network’s total value locked (TVL) needed to surpass $1 billion for the network to remain viable. As the SOL Coin price rally continues, the TVL has grown as expected, currently around $1.5 billion, indicating a strengthening network.
Another positive development is the introduction of PAXOS’s stablecoin on the Solana network, which is expected to support the surge and contribute to long-term growth. With ETF approval optimism and the anticipation of big news in the coming weeks, investor risk appetite is expected to increase further.