Solana monthly volume exceeds $6 billion, supporting ongoing SOL price rally.
Crypto analyst Altcoin Sherpa predicted a massive surge in SOL price in 2024.
SOL price could retrace to sub-$50 level, before another leg up.
Solana, one of the largest competitors of Ethereum, is currently experiencing a surge in its price. SOL rallied to $68.21, its highest level in 2023 and the altcoin is primed for further gains, according to a pseudonymous crypto analyst.
Solana price hits 2023 peak in November
Solana price is in an uptrend that started in mid-October 2023. The altcoin's price climbed steadily in the past month, hitting its 2023 peak of $68.21 on November 16, before commencing a correction.
At the time of writing, SOL price is $58.07, the altcoin is trending sideways close to the $60 psychological level. The breakthrough past $60 was key to SOL price rallying to a yearly high. SOL price is above its three long-term Exponential Moving Averages (EMAs), 10, 50 and 200-day at $56.53, $43.25 and $29.51.
If SOL price sustains above the 10-day EMA, the altcoin is likely to continue its climb. A decline below the 10-day EMA could invalidate the bullish thesis for Solana.
If SOL price sustains above the 10-day EMA, the altcoin is likely to continue its climb. A decline below the 10-day EMA could invalidate the bullish thesis for Solana.
SOL/USDT 1-day chart
Analyst predicts SOL price rally to three digits in 2024
Crypto analyst behind the X handle @AltcoinSherpa is bullish on SOL. The analyst evaluated the SOL price trend and commented that they expect the SOL price to correct and a sub-$50 entry would be ideal.
According to @AltcoinSherpa, SOL price is likely to hit three digits in 2024, a massive surge in the Ethereum-alternative token.
SOL/USDT 4-hour chart
