Bitcoin is struggling to surpass the $43,000 mark, currently at $42,900, while SOL Coin has seen an impressive rise in 2023, rewarding investors with over tenfold gains from prices below $10. The question now is how high SOL Coin can go in 2024.
At the time of writing, SOL Coin is battling to stay above $107, as Bitcoin aims to reclaim the $43,000 level. The week ahead is poised for significant macroeconomic developments, with expectations of a green light for spot Bitcoin ETF approvals by the end of the week. With the Fed entering a rate-cutting phase, an increased appetite for risk in the crypto market wouldn’t be surprising.
Over the past four months, Solana (SOL) has been in the spotlight, climbing from a support level of $17.3 in mid-September to a peak of $126.2, marking a 626% increase. Such gains for a significant altcoin by market value are rare in such a short period.
Solana’s recovery in value can be linked to key developments within its ecosystem. The growing interest in the DeFi space, with assets like JTO and BONK Token financially strengthening the community, has helped boost demand.
The SOL Coin chart features a notable morning star candlestick formation, having breached the $107 resistance level. This could indicate the beginning of a significant recovery in the short term, and it wouldn’t be surprising to see the $126 level retested for higher peaks if the optimistic scenario plays out.
For new investors to be convinced of the continuation of the upward trend, the key region at $134.3 needs to be reclaimed. If the price can secure this area, we may see new bullish candlesticks, especially since risk appetite is already high. The 20-day EMA dynamic support confirms the strong upward momentum. With Bitcoin in positive territory and the upcoming Fed minutes expected to support macro optimism, the next 48 hours look promising. However, the market could see a pullback on Friday. If SOL Coin can maintain above $134.3, it could potentially reach $200 and beyond, possibly testing its all-time high levels.