Solana (SOL) had a decent market performance in the last 24 hours. Its price was at $128.66 last night before bouncing off to its current level of $134.53.
However, SOL managed a 13% price loss in the past month and a massive 104.53% trading volume increase in the past 24 hours.
YouTuber “Mr. Legend Crypto,” who has over 23k subscribers, just posted a high-quality video today on how high Solana could pump in 2024, and we would like to cover it.
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Solana’s Price History and Market Performance
The crypto analyst said Solana became popular quickly after its launch in 2020. Its price rose from $1 to over $260 by the end of 2021. Like other cryptocurrencies, Solana’s price dropped a lot during tough times in the market. It fell by 96% over 413 days.
The expert pointed out that Solana’s price has consistently outperformed Bitcoin and Ethereum in recent months, growing faster despite these challenges.
He said that SOL’s ability to recover from big drops has kept people interested. The network’s fast transactions and low costs have also made it a rival to Ethereum, attracting both regular people and whales.
Over the past year, Solana has grown by 600%, which is more than Bitcoin’s 119% gain and much faster than Ethereum.
Read Also: XRP Price Could Hit $28: Ripple Analyst Shares Timeline
Solana Price Prediction: Can SOL Reach $1,100?
The YouTuber mentioned that Solana could go up to $1,100, based on Fibonacci retracement levels. Right now, it’s trading around $134, so this prediction suggests a potentially huge increase in the coming months.
He also warned about how well Bitcoin and Ethereum do greatly affect Solana’s price. If these big cryptocurrencies drop a lot, Solana’s price could fall too.
Image Source: TradingView
Investment Strategy and Market Outlook
Mr. Legend Crypto said that while Solana could go up, it’s risky because prices can change a lot. He advised people to be careful and remember that the market can be unpredictable, especially given how much SOL’s price has changed in the past.
Finally, while many people are excited about Solana because it’s been gaining so much, its important for investors to stay informed and think about the risks before making any decisions.
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