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Solana was one of the most bullish large-cap cryptocurrencies in 2023 and 2024 has been no different. The Solana price has rallied 80% year-to-date, compared to 55% for Bitcoin and 45% for Ethereum.
$SOL is currently trading at around $180, with a market capitalization of $80 billion. March turned out to be another extremely bullish month for Solana, with its price skyrocketing by over 61% and reaching a high of $210.
The question now becomes whether $SOL could continue the bullish momentum in April. Opinions amongst smart-money traders are split – while some are projecting a new all-time high in April, others are cautious about a strong correction.
However, analysts believe that Solana Layer-2 tokens will continue their price rally. New Solana meme coins such as Smog and Slothana are witnessing strong demand and are being backed to deliver significant returns.
Solana Price Prediction For April
The Solana price has had a bearish start to April, in line with the broader market outlook. $SOL’s value has depreciated by over 11% in the first two days of the month.
April is set to be a crucial month for Solana. The cryptocurrency’s prospects currently stand on a knife’s edge and Sol could see a strong move on either side.
Bullish Case For Solana In April
The bullish scenario for Solana is extremely simple. In his Solana price prediction, analyst Jelle – who has over 76k followers on X – reveals that the token needs to secure a weekly close above the $195 resistance level.
Another popular trader Ameba, who has over 42k X followers, reveals $197 to be the key resistance level. In either scenario, a flip of this resistance into support paves the way for the Solana price to hit a new all-time high in April. The current $SOL all-time high stands at $259, 42% higher than its trading price at press time.
However, the bearish Solana price predictions cannot be ignored.
Bearish Case For Solana In April
Analyst Nebraskangooner, who has over 338k X followers, projects that $SOL appears poised to hit $170 in the coming days.
Rekt Capital reveals that the Solana price appears to be forming a bull flag in the weekly time frame. However, it needs to continue to hold above the bull flag bottom, which currently stands at $184. Sol has already fallen below this level and a weekly close below it could lead to more correction.
$SOL
Solana is still consolidating inside this potential Bull Flag, recently rejecting from the Flag Top
Solana needs to continue to at least hold the Bull Flag bottom (~$184) as support to maintain bullish momentum
Any downside volatility via wicking into $173 (blue) is fine… https://t.co/TBzDevHvWr pic.twitter.com/jkW85Yr41w
— Rekt Capital (@rektcapital) April 1, 2024
Solana Price Prediction Beyond April
Despite short-term uncertainties, experts are in consensus and extremely bullish on Solana in the long run. Jelle reveals that the SOL price chart is extremely similar to that of Ethereum in 2021. This could see the Solana price hit a new all-time high of $600 this year.
Finance lawyer Scott Johnsson also reveals that futures and spot Solana ETF could become a reality if there is a change in the SEC leadership after the 2024 presidential election. This could lead to the $SOL price outperforming its $600 price target.
Solana Meme Coin Slothana Poised To Deliver 100x Returns While Smog Could Hit $1 Billion
Thanks to Sol’s bullish long-term prospects, experts believe that the combined market capitalization for Solana meme coins could go beyond $100 billion. Owing to their low trading fees, Solana meme tokens have outshined their Ethereum counterparts during this bull run.
For instance, Slothana – a new office sloth-inspired token – has captured the imagination of meme coin enthusiasts. Following in the footsteps of Slerf and Pundu, $SLOTH has quickly raised close to $6 million in its presale.
Similar to Slerf, interested buyers can simply send $SOL tokens to a wallet to partake in the presale. They will receive their tokens as an airdrop after the completion of the presale. Alternatively, investors can connect their Phantom wallets to the project website and swap $SOL for $SLOTH using the over-the-counter widget.
Popular crypto YouTube channel 99Bitcoins highlighted that Slothana could be the next 100x meme coin. After all, Rumors have it that the development team behind $SLOTH is the one that led Smog to over $250 million in market capitalization.
Smog is another Solana gem that analysts remain bullish on. It has already delivered close to 27,000% returns to the early buyers in just over a month, thanks to the hype surrounding its airdrop campaign.
Analysts such as Jacob Bury projected $SMOG to deliver up to 1000x returns after its launch, which could see the meme coin reaching a $1 billion market capitalization.
*Cryptonomist did not write the article or test the platform.
