Entering the year, there were few cryptocurrencies with the kind of potential that Solana had. The network has thrived as a key alternative to blockchains like Ethereum, operating at much faster speeds and having notably cheaper transactions. Yet, amid its sluggish performance over the last several months, can Solana (SOL) still aim for an all-time high mark in 2024?
New indicators have begun to place the prospect of a new record price in jeopardy for the fifth-largest crypto by market cap. With three months remaining in the year, however, all hope is not lost. The question is now regarding whether or not the market can propel SOL to unprecedented highs before the calendar changes to 2025.
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Is a New All-Time High Still in the Cards for Solana in 2024?
Nearly three years ago, Solana hit an all-time high price of $260. In November of 2021, it reached a landmark price point that many viewed as just the start of the Ethereum killer. Yet, with November 2024 approaching, the prospects of SOL breaking through that record are looking increasingly slim.
To start the year, Solana had a value below the $100 mark. Just three months into the year, it had already approached $200. Yet it had been increasingly volatile since then. Although it had immense potential to surge exponentially throughout this year, can Solana (SOL) still surpass its $260 all-time high in 2024? The answer is looking more and more like a no as December approaches.
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The increased price of Solana has often been connected to Open Interest (OI). When it surged early in 2024, it coincided with OI increases that signaled bullish positions increasing. That figure has fallen notably over the last seven days, putting into question the gaining potential for SOL.
Still, Solana has shown signs of a surge. Over the last 30 days, the token has increased more than 19%, according to CoinMarketCap. In the last seven days alone, it has increased 7% to reach $153 currently. The more than 41% jump needed to reach a new high may be too much. But either way, it does leave tremendous hope for the asset heading into the new year.