The cryptocurrency markets have started off the new year on a high note, with the majority of major digital assets seeing notable gains in the first few days of 2024 trading. One standout has been Solana (SOL), which has pierced through key resistance levels and surged over 15% within the past 48 hours.
SOL has been one of the top performing crypto assets over the last quarter of 2023, skyrocketing more than 864% and giving bulls a solid foundation coming into the new year.
After facing some selling pressure on January 1 that brought its price back down near the $100 level, enthusiastic buyers have quickly stepped in and pushed the token back above $108 at press time.
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Will Solana hit $130 soon?
As seen in the price chart below, SOL has firmly held support around the $100 area for over a week now, finding dip buyers even amid bearish conditions in the broader crypto market.
Of course, risks still remain for the volatile cryptocurrency. Some analysts point to deteriorating on-chain fundamentals, including decreasing network activity and token circulation on Solana, as potential headwinds. However, with positive sentiment clearly driving prices as 2024 kicks off, SOL seems poised to continue its parabolic rise.
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After its blistering rally over the past few months, a lot will likely need to go right for SOL to maintain its momentum. According to Changelly experts, Solana is likely to hit $130 on January 30, 2024. However, prices can fluctuate unpredictably depending on the whole market condition.