At the beginning of 2023, Solana faced intense speculation about its decline but fully recovered and was moving towards the $200 level as 2024 approached, even surpassing it briefly. The question of whether SOL can recover from subsequent significant drops remains a topic of interest. Some believe that the meme coin craze, which played a role in Solana’s rise, could trigger another surge with a potential bull market, while two different analysts highlighted key points for SOL.
What Are Analysts Saying?
In the first quarter of 2024, Solana made significant progress during the meme coin craze, drawing attention across the market. Although the price movements did not bring it to its all-time high, they helped it surpass $200, and it performed better than most altcoins, except perhaps TON and a few others.
Despite the recent price drop, analysts remain optimistic, and two analysts have made important comments about SOL’s future. First, looking at Matthew Dixon’s statements on X, he still maintained an optimistic outlook on SOL.
Dixon stated, “This morning, I mentioned positioning DCA in multiple assets as part of my ‘buy the dip’ strategy. #SOL is a preferred asset and has returned to a higher level from a strong Regular Bullish Divergence. I am extremely positive about the expectation of a push towards the ATH from local highs.”
Can SOL Maintain Its Position?
Following Dixon, another well-known market figure, Crypto Feras, also shared his comments on SOL on X. Feras noted that SOL has been moving within the same range for a long time.
Feras explained, “$SOL has been fluctuating between $120 and $190 for over 190 days. Thanks to meme coins mania, it holds up much better than many other altcoins. Holding and bouncing from this range is critical because losing it opens the door to a series of small declines towards $88, potentially $75 and $59, as it would behave more like a distribution range. Bouncing from this support could take us back to the high range, and breaking out of the range means going to $223, $239, and $259.”
Key Takeaways
Solana’s price trends and analyst insights reveal several key points:
- Solana surpassed the $200 threshold in early 2024.
- Matthew Dixon remains optimistic, highlighting a ‘buy the dip’ strategy.
- Crypto Feras emphasizes the importance of Solana maintaining its range between $120 and $190 to avoid further declines.
- Bounce from support levels could push SOL to new highs, potentially reaching $223, $239, and $259.
While the optimistic outlook continues in the market, it was observed that SOL’s price also made a positive move following a small movement in BTC today, experiencing a slight increase. SOL is trading at $130.47 after a 2.47% rise in the last 24 hours. After this rise, Solana reached a market cap of $61 billion again, positioning it as the 5th largest. Despite the price increase, the trading volume dropped by 65% to $1.187 billion, indicating low investor interest.