For the digital asset market, April is set to be one of the most important months. Indeed, it will see Bitcoin’s circulating supply split in half, heavily impacting its price and the market that it leads. With Solana emerging over the last several months, could SOL be headed for a new ATH following the Bitcoin Halving Event?
The latest countdowns have the development taking place on April 19th. Subsequently, Solana could be preparing to build on its 21% increase over the last 30 days to catapult it to new heights. However, its status could be facing some opposition considering its recent network struggles. So, let’s explore its potential price performance, and what could be in store for the end of April.
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Solana (SOL) Remains Dominant in 2024
Throughout the last month, the Solana network has increased in popularity quite immensely. That has not slowed down either, with CoinGecko noting that Solana-based DEX exchanges led the industry in trading volume over the last 24 hours. Moreover, that has denoted the fourth consecutive month that the network has outperformed the dominant blockchain, Ethereum.
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Yet, the biggest question is if that performance could continue throughout this crucial month. Specifically, Solana (SOL) could be headed for an all-time high amid the Bitcoin halving event. However, the native token is facing a potential surge amid what has been concerning network congestion, severely impacting users.
According to a report from The Block, Solana developers have collaborated to put an end to the network issues that have affected users. Last week, it was reported that 75% of all transactions on the blockchain had failed. That situation could affect the price, but it may not stand in the way of a landmark ascension.
Is Bitcoin Halving Set to Bring New ATH?
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At the start of the year, Solana was trading at $102, and it is currently trading at $180, according to CoinMarketCap. Subsequently, that indicates an increase of more than 75% since the year started.
However, in March, SOL reached a high of $202, which is an even greater increase. Still, to reach an all-time high, it would have to increase another 31% to pass the $260 level. Considering its increase throughout March is more than 24%, that figure does not seem unattainable.
Solana has undoubtedly been an asset, facing a meteoric rise throughout this year. With the halving event approaching, it should only continue to grow in prevalence. Although nothing is certain, the asset does have a good chance of ending April boasting a new milestone price amid what is bound to be positive sentiment facing the market as a whole.