Can Solana (SOL) Reach $500 in 2024?

Sahana Kiran
Solana
Source – Bitget

The Solana (SOL) ecosystem stands out for many reasons. The altcoin has witnessed a rise of nearly 600% over the past year. SOL was trading at a low of $21 just a year ago, but the asset managed to surge beyond the $200 level.

Despite this, the asset failed to reach its all-time high of $260 and is currently 43% below this peak. At press time, however, SOL was trading at $146.53, with a 4% rise over the past 24 hours.

Potential for SOL to Reach $500

The asset could move beyond its peak of $260 and reach $500. An analyst recently revealed that SOL could move beyond the abovementioned levels. Curb noted that the price of Solana has been moving in a comparatively small range for 170 days.

Analyst Expectations

Once more, this would indicate that SOL ought to make a splash shortly, with Curb having relatively high expectations. Given that SOL has already increased by 500% in just a year, a price of $1,000 would imply a gain of over 600% from its current position.

Also Read: Solana Continues Fall to $143: Why Traders Still Expect SOL to Surge 12%

Can SOL Surge to $500 This Year?

A 600% rise is not unrealistic for the altcoin. However, data from websites like Changelly reveals that SOL will only manage to reclaim a new all-time high in 2026. The asset’s journey to $500 will take a while. According to Changelly, the altcoin will rise beyond $500 in 2027.

Regulatory restrictions may hold down Solana’s rise to $500.

Also Read: Solana ETF Filings Removed from CBOE Amid Denial Rumors

According to a source, the Cboe BZX’s 19b-4 petitions on behalf of two potential Solana ETF issuers were recently denied by the U.S. SEC following the agency’s reaffirmation to issuers that Solana is a security.