Solana ecosystem continues to grow every day. In addition to this growth, Solana coin usage areas are also expanding. This being the case, #Solana continues to add value and grow. According to experts, Solana may double its price in 2024. Here is the 2024 Solana ($SOL price prediction, will it go higher, will it surpass Ethereum?
Will Solana Go Higher?
As of writing, Solana is trading at $115.95. Sol Coin experienced a significant price increase, increasing almost 10x within 1 year from this date. The ecosystem pioneer, which was around $11 a year before the article, seems to grow even further.
According to analysis shared on TradingView, there appears to be a potential buying opportunity to accumulate more SOL in the short term. Although it is difficult to recommend establishing a significant position after the recent gains, there appears to be further upside potential for SOL.
From a broader perspective, SOL successfully surpassed the critical $113 level without facing any significant resistance. In Solana's 2024 projection, $143 stands out as an important resistance level. Investors should anticipate selling, especially in areas of price resistance. The downside is that $100 will present a better buying opportunity for Solana.
Next year 2024 could be more attractive for the crypto market with the arrival of Bitcoin ETFs. This could also lead to a new influx of institutional funds into the market. The chart below shows a realistic expectation for Solana price of $250 by the end of 2024.
Solana Outperforms Ethereum
According to CoinMarketCap data, Solana reached an impressive transaction volume of 5.56 billion USDT, surpassing Ethereum's 4.68 billion USDT. This change in market dynamics coincides with the Solana price increasing by 7.51% in the last 24 hours.
Perpetual futures, a type of derivative contract with no expiration date, allow investors to speculate on future cryptocurrency prices. These tools play a vital role in crypto market liquidity and price discovery. Solana's lead in this metric is particularly notable given Ethereum's historical dominance in this space.
Recently, Solana surpassed #BNB in terms of market capitalization and rose to the fourth place among all cryptocurrencies.
