SOL, the native cryptocurrency of the Solana blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality, is on a bull rally as investors drive the price of the coin towards its all-time high. 

Solana’s price has soared nearly 20.06% in the last seven days and nearly 2.88% in the last 24 hours as a result of an overall rise in the crypto market. Other popular cryptos that made gains during this period include Ethereum and Bitcoin. 

The Solana price is currently trading at around $71.27. With a sharp rise in the last few days, crypto enthusiasts are expecting that Solana will touch $100 and will cross the landmark figure in the coming weeks. 

Solana Price Hits 19-Month High

Solana’s price is at its highest in not just the past one month or one year, but for the last 19 months. However, at around $77, Solana is still far from it’s all-time high. Solana’s ATH or all-time high was recorded in July 2021, when the cryptocurrency’s price crossed the $250 mark. 

While Solana’s current price seems to be pretty distant from its all-time high price, the current recovery in the coin’s price could push it above and closer to Solana ATH. 

Rise of Solana 

Solana was launched by Solana Labs in 2020. The cryptocurrency is popularly used to pay transaction fees and for staking. It has also been used to create NFT applications that allow users to mint and trade digital artwork. 

The Solana network improved quite a lot after facing multiple network outages in 2022. It rose from the criticism and is emerging to be the best viable blockchain for NFTs, DeFi, Web3 games, and other decentralized applications. Web3 smartphone release announcements and a 100% uptime in the first half of 2023 demonstrates the improvement of the network this year.

Solana, which reached its all time high in July 2021, saw a downfall in its price till March last year. Since then the cryptocurrency’s price has been following a downward price movement. From trading at around $21 in October, Solana price increased significantly and is floating at the $71 mark at the time of writing. The coin has gained more than 440% in the last 365 days, suggesting that there is further room for growth. 

Solana Price Prediction : Will $SOL reach $100 in 2024?

The daily trading volume of Solana is reaching news heights in the last quarter of this year. As per Santiment analytics, Solana’s daily trading volume crossed the $4 billion mark in the second week of November. Even though there was a dip in the trading volume by the end of November, it is picking up again in December.

Additionally, Solana price reached a peak of around $77 on December 9, 2023. This is the highest price at which Solana has traded throughout this year. The network improvement, increasing Solana DeFi projects, and an increase in its trading volume are leading to its price rise.

Solana has been breaking all the resistance levels in the past one year. However, the cryptocurrency appears to be facing new resistance levels that are not letting it surge further. So, having analyzed the recent charts, there is a strong possibility for Solana to reach $100 in the coming weeks. So, a short to the question whether Solana will reach $100, is a yes. 

Conclusion

Solana is popular among gamers in the metaverse as well as for making NFTs. While it faced a massive sell-off around the same time as the crypto market was witnessing havoc, it now appears to have stabilized a bit.

It seems like there is no stopping for the ongoing Solana price rally. Solana will definitely reach $100 if the current price rally and the trading volume keep up in the coming weeks. The Solana coin appears all set for the next bull rally that could help investors make profits from their Solana investments.