The price momentum of Solana SOL has recently been surprisingly fresh. Solana has been showing remarkable signs of success as of late, up 18% in the last month. The crypto’s positive price ascent has already compelled experts to predict its future trajectory.
Popular analyst Chris Burniske has come forward with his latest prediction, adding that SOL may reach an ambitious valuation of $750, given the fact that it continues its positive price ascent.
SOL’s recent price performance has been fueled by a variety of factors, including its robust network support and NFT use cases.
Here are three primary reasons why Solana (SOL) might be the new breakout star of 2024.
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Sturdy Ecosystem Support
Solana is known exclusively for its robust network support. The blockchain harbors a steady community of over 2500 network developers, keeping the blockchain thriving in the long run.
The blockchain further maintains a retention rate of 50%, offering a sense of balance in engagement.
Furthermore, its breakout trajectory is bullish, primarily due to the innovative solutions that the blockchain is exploring as of late. Solana is currently working on Firedancer, a validator client, which will considerably improve the blockchain’s processing power.
Solana’s recent alliance with Filecoin is also poised to play a critical role in its road to success.
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NFT Boom on Solana (SOL)
Solana has long been a popular choice for NFT development. In January 2024, Solana surpassed Ethereum in monthly sales, garnering nearly $365 million worth of money. The network has also documented a notable surge in user engagement and interaction.
Additionally, Solana’s NFT marketplace, Magic Eden, has also been playing a critical role in bolstering its success. The platform is also planning to launch a robust reward system to boost its following.
With Firedancer and NFT advancement ideas in the mix, SOL may soon solidify its position as one of the leading cryptocurrencies ever to engage with.
Market Support
Solana’s recent price surge has primarily been fueled by a positive industry outlook. Bitcoin’s stellar price performance has further boosted the cryptocurrency market, leading several altcoins to rise a notch.
BTC’s recent price surge has contributed significantly to Solana’s price ascent. Given the fact that the market remains green, we could soon witness Solana top the crypto charts with a price target of $130.