The digital asset sector has seen several tokens change course on Thursday. The market had seen losses across the board to start the week, with a shift taking place yesterday. Solana (SOL) has been predicted to rise to the $300 level in 2024 after its stark reversal.
Over the last 24 hours, SOL has been up almost, according to CoinMarketCap. However, that asset had reached gains of 10% throughout the day. Overall, it has been in the green over the last week and could be setting the groundwork for an ascension that would deliver an all-time high for the asset.
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Solana (SOL) May be Poised for 60% Jump Through the Rest of 2024
Just a few months in, 2024 has proven to be a crucial year for the digital asset sector. However, it has also proved to be increasingly volatile; perhaps no month shows that better than March. During this month, Bitcoin rose to $73,000, an all-time high landmark, and fell as low as $63,000.
However, the declines that plagued the market at to start of this week have seemingly reversed. Moreover, one asset that has reversed fortune immensely has been Solana (SOL), which could be eyeing a $300 price in 2024. Specifically, the token is up a remarkable 698% on the year, with 76% gains coming in the last month alone.
To increase, the asset would need to climb another 66% from its current $180 level and set all-time marks. Considering the market state this year, that appears to be a hefty goal, but several factors work in the asset’s favor.
Also Read: Can Solana (SOL) Hit $250 In April?
Firstly, the network has benefitted from the recent meme coin mania dominating the market. Assets like Dogwifhat (WIF), Book of Meme (BOME), and Bonk (BONK) have brought renewed excitement to SOL.
Additionally, the upcoming Bitcoin Halving Event should play a key role. As has long been the case with digital assets, BTC leads the way. The rising tide has carried other tokens this year, which should continue during the highly anticipated April occurrence.
Finally, the network as a whole has been the subject of much intrigue from the market. CoinGecko recently revealed that 50% of global investors are interested in the Solana network. For context, the second-highest blockchain in the survey was Ethereum, with a mere 12%. These ideas should be crucial in helping SOL surpass $300 quite handily by the end of the year.