Solana (SOL), a blockchain platform designed for decentralized applications and crypto projects, has been making waves in recent months. With its price currently hovering around $116, the question arises whether it could be on its way to hitting $140.
Solana’s recent performance
At press time, Solana is trading at $116.72, representing a modest increase of 0.56% in the past 24 hours, accompanied by a market cap of $51 billion.
What is particularly noteworthy is traders’ growing confidence in SOL, with the coin inching toward its yearly highs. This surge in confidence is indicative of a potential bull run, setting sights on forming a new all-time high (ATH) in 2024.
Over the last month, SOL has demonstrated impressive growth, with its price against the U.S. dollar soaring by 19.64%. While it is up 8.08% against Ethereum (ETH), it has seen a slight dip of 1.89% against Bitcoin (BTC) in the same period.
However, this slight decline against Bitcoin may not be a cause for concern, especially if Bitcoin maintains its strength amid major resistance levels, potentially kickstarting rallies for major altcoins like SOL.
Solana’s road to $140
Crypto educator Koroush Khaneghah recently suggested that SOL has a strong chance of reaching $140. With Bitcoin leading the current market upsurge and setting new cycle price highs over $51,000, SOL could follow suit with a surge of over 30% to hit the $140 mark.
Indeed, SOL has seen substantial growth over the past 30 days, surging by over 20%. Analyzing SOL's long-term chart suggests a parabolic recovery underway, potentially reaching the next resistance level at $130 shortly. Despite interim bearish actions, the buying pressure remains evident, with the Relative Strength Index (RSI) signaling bullish dominance in the rally.
Looking ahead, SOL appears well positioned to maintain its healthy upswing, aiming to approach levels close to $150 before the end of the first half of 2024. A recent development that further highlights SOL's bullish trajectory is the surge in open interest, which has surpassed a remarkable $1.75 billion.