Solana has lately been ruling over the cryptocurrency market due to its dynamic price metrics. SOL is now up 3% in the last 24 hours, capitalizing on Bitcoin’s stellar price hike of $68K. The token is performing its best and is currently basking in bull season glory, projecting momentum that indicates its future price may exceed the $200 threshold.
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Solana’s Pioneering Stance
Solana is now trading at a record $180 level, which the token had claimed earlier for a brief period before plummeting to $140. Following Bitcoin’s footsteps, Solana is now breaking records, starting with Ethereum.
The token has surpassed all chains, including Ethereum, in the NFT dominance sector. The SOL ecosystem currently thrives in the weekly NFT user adoption metrics, projecting the token’s rising potential.
At the same time, Solana has flipped Ethereum in the global search index on Google, marking a new change in the narrative.
The token is currently rife with new activity, primarily due to the budding presale projects already queued on the blockchain. The SOL ecosystem has fostered and given birth to many new meme tokens ruling the crypto space this season. Such diverse projects on SOL have played a pivotal role in driving the token’s value up a notch this season.
Solana Price Forecast: What’s Next?
Per CoinCodex, Solana is now inching towards marking a new price high. The token may claim a new ATH by June 19, as predicted by the analytics platform.
According to CC, if all goes well, Solana may spike by 12% to reach a new price threshold of $206 by June 20.
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“Solana is predicted to rise by 12.27% and reach $206.86 by June 20, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 76 (extreme greed). Solana recorded 14/30 (47%) green days with 7.86% price volatility over the last 30 days.”
Coinpedia, another notable crypto analytics platform, echoes the same price sentiment for SOL. Per the platform, SOL can trade at a whopping $250 by the end of May 2024.
“If Solana manages to sail across the challenges of the cryptoverse while fixing the consensus issues, Continuing on the progressive road, SOL coin prices can end in 2024 at a high of $500. On the flip side, if the sentiments fail to improve, the altcoin could settle at $90.”