Solana is under strict investor scrutiny as the blockchain continues to thrive in the long run. The network has surpassed expectations this bull season to trend at a record high.
According to CoinMarketCap, Solana has noted a spike of nearly 40% in the last month, along with minor downswings in its wake. However, the crypto is still holding steady, trading at $179 at press time.
Also Read: Solana (SOL) Price Prediction After Bitcoin Halving
How Profitable is Solana?
Solana is currently experiencing stunning bull market momentum. With its user base expanding across all verticals, the network is rife with booming investor activity, catapulting its price to new highs. The month of March was incredibly fortunate for Solana, as it helped the crypto breach the ambitious $200 mark.
However, since then, the token has documented a notable price breakdown, retracing its steps back and trading at a new price low of $179.
The new price threshold is still a low metric for SOL to trade in, considering the large amount of liquidity influx that the network is currently experiencing. April becomes crucial for Solana as the network awaits a massive liquidity injection, launching eight new tokens on Solana.
Solana Future Price Momentum
Solana is expected to regain some of its lost fortunes by the end of April 2024, according to CoinCodex. Investors can anticipate a surge in SOL token prices around the Bitcoin Halving event, known as a credible booster and boon for altcoins in general.
“According to our current Solana price prediction, the price of Solana is predicted to rise by 227.12% and reach $596.99 by May 5, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 79 (extreme greed). Solana recorded 19/30 (63%) green days with 11.23% price volatility over the last 30 days.”
Around April 20-22, Solana is anticipated to be trading in the price range of $320 to $340.
Changelly, another crypto platform predicts Solana to trade between $182 and $530 price ranges in April 2024.
“Based on the price fluctuations of Solana at the beginning of 2023, crypto experts expect an average SOL rate of $$356.61 in April 2024. Its minimum and maximum prices can be expected at $$182.46 and $$530.76, respectively.”
The platform expects SOL to continue moving ahead while encountering slight volatility and resistance at certain price levels. Solana is expected to break into a bullish streak after crossing these price thresholds. The development will help SOL establish its market dominance again.
Solana has support levels of $ 180.02, $ 176.32, and the strongest at $ 171.57. Similarly, Solana resistance levels are at $ 188.48, $ 193.23, and $ 196.93.”