Solana (SOL): Up Another 40% in March; When Could it Hit $500?

Joshua Ramos
Source – ByteTree

The digital asset market has seen a host of assets perform very well throughout March. However, few have been able to match Solana (SOL), which has increased 40% on the month, and is staring at a new all-time high; but when could it reach the crucial $500 level?

The asset’s previous record mark was $259.97 which was reached in November 2021. Currently, the asset is trading at $185, and is currently down less than 1% over the last 24 hours, according to CoinMarketCap. Yet, a combination of its technical indicators and its trend over the last several weeks could have it ready to surge even higher.

Also Read: SOL Flips BNB in the Daily Active Address Count: How High Can Solana Rise in April?

Solana (SOL) Preparing to Skyrocket to $500?


Although we are just a few months into the year, 2024 has proven to be a dominant one for the digital asset market. Led by Bitcoin’s ascension to $73,000 the market has been driven by positive sentiment. Now, all eyes are on just how high these various assets could increase over the next few months.

One of the most intriguing of those assets is Solana (SOL), which increased 40% in March and could be eyeing a trip to highs of $500. That mark may appear to be quite high considering its current position below $190. Yet, it has shown that its activity and trend could propel it to new heights.

Driven by the years of meme coin mania, Solana has seen its DEX volume continue to surge this year. With almost 6 million users driving its growth, it reached an all-time high on March 14th, hitting 7.86 million. Thereafter, the volume continued to remain above the 6 million level, which was a stark difference from late December.

Source – Forbes

Also Read: Solana: SOL To Reach $250 Before Bitcoin Halving?

That meme coin mania has yet to slow down and has only increased throughout the year. Moreover, the optimism for the asset is closely connected to the expectation of its Bitcoin Halving increase. Some platforms have predicted a new all-time high for the cryptocurrency before the event even happens.

One of these platforms is Changelly. Indeed, the price prediction blog has stated that Solana (SOL) could surpass the $500 threshold as soon as late April. Specifically, its prediction sets a target of $514 on April 19th. That figure would only increase to $516 on April 22nd, two days after the Halving takes place.

Currently, the asset is still looking at a possible correction. If that were to happen, a $167 support would be observed. Yet, there is the potential for it to break an all-time high if bullish momentum returns and consolidation takes place. ,