On December 25, 2023, Solana (SOL) surged to an incredible $124.02 price level, which was the highest price for the just concluded year, according to the price chart on Coincodex.
SOL’s rise to reach price levels above $120 was transient as the token retraced almost immediately. While SOL seems to be selling presently at $115, the last seven days saw about a 1% decline in value. On the price chart, SOL sold below $100 on December 28, selling around the $99.55 region.
Recap Of Solana (SOL) Exponential Rise In 2023
In 2023, SOL traded below $30 for over nine months before it picked up momentum in October, breaking above the $30 price mark and orchestrating an exponential growth that saw it ascend to incredible price levels.
In a nutshell, SOL saw a remarkable 1,033% increment in value over the past year. It is expected that the token will record even greater heights this year.
Having broken above $100 in 2023, crypto enthusiasts are confident about SOL’s potential to exceed the $200 price in 2024.
Meanwhile, the digital asset recorded an all-time price high in November 2021 when it sold for $259.92. It is left to see if SOL can revisit its price all-time high and possibly establish a new price peak. Solana (SOL) needs to spike by about 133% to reclaim its ATH.
Deductions From Solana (SOL) Daily Price Chart
Looking closely at SOL’s price chart on Coincodex, beginning from the point where it struck its ATH down to tracing an imaginary retracement curve, the formation of a round bottom curve was prominent.
A round bottom on any crypto asset price chart has always signified an upcoming bull run for the coin involved. For context, a round bottom curve implies a gradual market sentiment shift from bearish to bullish.
It was also apparent that there was an over a year-long downtrend after SOL’s ATH played out. The decline that occurred between November 2021 and December 2022 is currently in a recovery phase, having reclaimed a 38% loss per the Fibonacci retracement tool.
Before Solana (SOL) can be said to have assumed a sustainable uptrend, buyers must have broken above 50% which is around the $130 price mark.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Possible Catalysts For Further Expansion In Solana Ecosystem
Aside from the anticipated Bitcoin halving event, several other developments in Solana’s network are aiding the platform’s meteoric growth.
Solana’s Decentralized Finance (DeFi) sector remains one of its unique attributes that has been booming and has become a strong selling point for the coin.
In addition, the release of BONK, Solana’s meme coin, and the launch of its Saga phone have been crucial to the coin’s expansion. It is left to see how events unfold.
Follow us on Twitter, Facebook, Telegram, and Google News
