As January 2024 approaches its end, Solana‘s (SOL) value has shown a resurgence, with a 7.38% increase over the past week. The cryptocurrency community is keenly observing whether this uptrend will persist.
Expert Opinion on Solana’s Trajectory
Market analyst Ali Martinez suggests that SOL is on the verge of a significant breakout from a descending channel, with potential to reach $113 if it maintains above $94. This pattern is identified by connecting the token’s lowest and highest price points, forming parallel trend lines that indicate resistance and support.
Despite a bearish start to the year with SOL around $100, it spiked to $116 on January 2nd. However, a subsequent market correction saw it drop to $79 by January 23rd. The current market conditions have reignited demand for SOL.
Senior analyst Michael van de Poppe echoes Martinez’s sentiments but with a more bullish outlook, suggesting SOL could soar to $140. The Solana network is attracting new participants and bulk purchases, indicating a growing interest in the platform.
To sum up, The Block’s data shows a record high in new addresses joining the Solana blockchain, coinciding with the token’s price rise at January’s end. Analysts believe that SOL’s sustained value above $94 may lead to a rise to $113 or even $140, driven by increased demand and fresh market entrants.