Solana's Market Cap Surging to Record Highs as Bullish Sentiment Grows

Solana’s Market Cap Surging to Record Highs as Bullish Sentiment Grows

Nov. 18, 2024. 1 min. read.

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Solana (SOL) is hitting remarkable milestones in the 2024 cryptocurrency bull market, achieving a record-breaking market capitalization exceeding $117 billion on November 18, despite being somewhat overshadowed by Bitcoin (BTC) and meme coins on its own blockchain. The native token has surged 291.61% over the past year and 140.71% year-to-date, with its current price of $243.92 approaching the 2021 all-time high of $260.

The token’s meteoric rise isn’t limited to price gains. On November 13, Solana’s Real Economic Value, an indicator of blockchain use and demand, surpassed that of Ethereum (ETH), the world’s second-largest cryptocurrency. Market analysts are increasingly bullish on SOL, predicting potential price targets between $400 and $1,000. However, technical indicators suggest caution, with Solana’s relative strength index (RSI) recently crossing above 70, signaling an overbought status and hinting at a possible correction.

“Solana’s near-term price action will be critical,” said a market analyst. At its current price, SOL is near resistance levels of $248.01 and $258.58. A rejection could lead to a temporary dip, but the overall market sentiment remains optimistic. As long as SOL holds above its support near $220, another rally is possible.

Looking ahead, experts believe that SOL’s longer-term prospects are strong. MetaShackle, a TradingView analyst, noted on November 11 that Solana’s chart pattern suggests a major breakout is underway. This optimism is further supported by comments from VanEck’s digital asset research head, Matt Sigel, who anticipates a more crypto-friendly administration under President-Elect Donald Trump, possibly leading to the approval of a Solana spot ETF by 2025. While market movements are always uncertain, the potential for regulatory advancements and continued innovation may keep SOL’s momentum alive.

Source: Solana price prediction as SOL market cap hits all-time high

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