Solana, like many tokens, saw a price dip in the aftermath of the FTX collapse and the crypto winter but seems to be on the road to recovery.
The overall outlook for crypto in 2024 appears to be positive. Along with the excitement about what the new Bitcoin spot ETFs will mean for it in the short and long term, there is also the belief that other tokens will make significant gains. Solana (SOL) is one of such crypto assets.
As of the pressing time, Solana is trading at $94.36, which represents a slight dip from its price of over $100 in the last week, as well as being a good while away from its all-time high of $260.06 which it saw back in November 2021. Not to be deterred by this, popular YouTube analyst Jake Gagain has predicted that Solana will cross the $750 mark this year, setting a new all-time price high.
His reasoning is that Solana, being one of the ‘Ethereum Killers’, has a leg up in the industry due to its speed and scalability. This has made it a go-to for D’App and NFT development and should those see a spike in 2024, the token will benefit as well. The NFT market saw a decline around the same time as the crypto winter but there have been whispers of the sector seeing a resurgence in 2024. If this happens, blockchains like Solana that serve as the foundation for NFTs will benefit immensely. We also have to consider the fact that Solana-based tokens like BONK saw runaway success in the latter half of 2023 and should continue to grow in 2024.
Solana, like many tokens, saw a price dip in the aftermath of the FTX collapse and the crypto winter but seems to be on the road to recovery. As the crypto market overall is more optimistic, it seems that Solana is as well. The Bitcoin spot ETF was highly coveted because it meant that Bitcoin’s price would go up because of it. And as we know, when Bitcoin does well, altcoins like Solana tend to as well.
And this is beside the fact that Solana is rumored to be getting its own spot ETF at some point. The Bitcoin spot ETF was always seen as a gateway to more ETFs of major tokens and should Solana get the same treatment, its price could increase as well.
Whale watchers will recall that in the last week, we’ve seen millions of dollars worth of Solana moved from one wallet to the other and this could be indicative of big investors bracing themselves for a massive price spike. Whether or not it will get as high as $750 per token, however, is left to be seen.