Solana (SOL) is flashing green across the board. The asset is up by 14% in the weekly charts, 6.1% in the 14-day charts, and 8.4% over the previous month. SOL has also rallied by nearly 471% since July 2023. SOL has seen a boom in trading activity, which suggests aggressive buying amongst investors. This, in turn, is bullish news for the token and signals a potential rally incoming.
At press time, Solana’s SOL is back up to over $157. Over the past three weeks, Solana has been in an interesting position, as Solana ETFs being proposed sparked optimism around the token. The Solana Network has also had a very positive 2024, especially due to its meme coins.
SOL’s latest rally is in conjunction with a larger market recovery. Bitcoin (BTC) has reclaimed the $65,000 level recently and the global crypto market cap has climbed in 24 hours to over $2.52 trillion. While BTC has fallen back to $63,000, SOL still benefits from the temporary pump and has room to climb.
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Is Solana SOL On The Way To $180?
Recent patterns in SOL’s price have indicated a surge to over $175, perhaps even $180. Prominent cryptocurrency analyst Ali Martinez took to X and shared that SOL is forming a “W” pattern. Analysis of the pattern suggests that SOL could rise to $174. Hitting $174 from current price levels would require a rally of over 8.75%. SOL is more than capable of rallying 8.7%, given its performance in 2024 thus far.
If the bulls hold the reigns for Solana, the network’s token could blow up alongside Bitcoin. However, the difference between those two assets is that Bitcoin ETFs had their hype a few months ago. On the other hand, the hype around Solana ETFs has only just begun. Therefore, the SOL token could be headed for a $180 valuation in the coming months.
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Beyond July, August, and September, it could also be bullish if the SEC makes any decisions on the Solana ETFs. After $180, Solana Bulls may begin speculating a $200 value for the coin. Although extreme, the prediction isn’t impossible, as nothing is impossible in the crypto market. We watched Bitcoin explode to an all-time high following ETF approval in just over a month. Therefore, if a Solana ETF is considered and approved, Solana’s ATH of $259.96 can be tested.