According to CryptoPotato, Solana (SOL) has been showing a strong performance recently, with analysts predicting new peaks before the end of 2024. Despite being in the red on May 8, Solana has been one of the best-performing cryptocurrencies recently, registering a 20% increase on a weekly scale. Analyst CryptoJack, who has hundreds of thousands of followers, noted its positive trend. He believes the token has formed a rounding bottom pattern over many weeks and is poised for a price explosion in the short term. CryptoJack has entered a long position on SOL, expecting it to reach an all-time high before the end of 2024.
Another analyst, Inmortal, also outlined a bullish prediction, describing Solana’s cryptocurrency as the fastest horse of the cycle. He envisioned a new peak as early as this summer. Crypto Tony was slightly less optimistic, forecasting a consolidation at around $137, followed by a resurgence above the $170 mark.
The success of Solana in the past year has coincided with the launch and subsequent price explosion of numerous meme coins built on its network. Some examples include dogwifhat (WIF), Bonk Inu (BONK), Book of Meme (BOME), Popcat (POPCAT), and many others that now stand among the top 10 assets in their realm. WIF’s progress is undoubtedly most impressive. Its market capitalization exploded to almost $5 billion at the end of March before retracing to its current level of approximately $2.9 billion. The price is up a staggering 5,600% since December last year, bolstered by support from leading crypto exchanges, increased investor interest, and backing from prominent figures. WIF has also built a solid community. Earlier this year, fans of the token raised $650,000 to put its logo on the Sphere – a famous entertainment arena in Las Vegas, Nevada.