How much more upside potential do we see in Solana? SOL could move to new all-time highs in the April/May 2024 period, provided the breakout level $118.88 is cleared.
Related – Could the price of Solana (SOL) exceed $1,000 by 2030?
The chart of Solana (SOL) is an absolute beauty. While SOL rose a lot in 2023, it looks like it wants to move even higher in 2024.
This is especially true if/when the breakout level is $118.88 is cleared which means no daily candle touches it for 5 consecutive days. In addition, there is one more hurdle to clear $142.44 to pave the way for new ATH.
Solana (SOL) breaks out
Solana (SOL) breaks out.
What exactly does that mean?
This means that it completes a consolidation, and turns a consolidation into a new uptrend.
When exactly do we know for sure that there is a new uptrend?
There are 3 answers to this question:
The price point $118.88 must be convincingly explained. That means 5 daily candles above this price point without touching it. Finally, once it happens, too $142.44 also needs to be cleaned, that’s a small hurdle to overcome.
The SOL daily chart says it all – the importance of $118.88 is clear – the impact of clearing this level is huge.
March 1, 2024 – SOL has one full daily candle above its breakout level of $118.88 with 7 more to go for a final breakout confirmation.
Will Solana (SOL) continue his breakout?
SOL is likely to continue its upward trend.
Solana (SOL) is breaking out – this will likely confirm its breakout.
The single most important driver for Solana’s breakout is the breakout of altcoins. Two weeks ago, we officially announced that Crypto Alt Season 2024 starts this week in February, after giving a heads-up about Crypto Markets Ready For Alt Season 2024 in early January.
The altcoin chart says it all.
March 1, 2024 – the alt coin breakout continues, it is clear that alts like SOL want to move that much higher in the coming weeks and few months.
Solana brings crypto into the real world
Another fundamental driver that could push SOL much higher is its fundamental value.
It is one of the few cryptocurrencies to make it in the real world, especially with Solana Mobile (X).
Solana Mobile to sell second crypto smartphone
The successor to Saga will have new hardware and a cheaper price point, according to a person familiar with the plans.
While it is true that this may not be an economically viable venture, it is certainly a breakthrough in terms of adoption. Remember, adoption is a fundamental driver for the blockchain world.
When could SOL hit ATH?
The question that arises: if the Solana (SOL) breakout is confirmed, when will it hit ATH?
To answer that question, we look at the x-axis of the graph – time.
On the timeline, we have said many times that the February-April period of 2024 will be an intense period for markets. This implies that the end of April should come with a local top.
This implies that we should monitor by the end of April for confirmation if the price moves from SOL to ATH. If it tries to break through its previous ATH well before April, it implies that SOL has more upside than its former ATH. However, if SOL hits it’s ATH by the end of April, it could end up being resistance for this current cycle.
A 100 dredger in Solana’s ecosystem?
While playing Solana on the long side is a justified idea, it remains a ‘safe’ play.
In our crypto research service, we identified a much higher risk/reward play than Solana, in its ecosystem.
In a way, this is a leverage play on the SOL uptrend.
You can read our warning here (register first) – The highest risk reward Solana Play (100x candidate)
Remember, a 100 bagger is exceptional. Although our Solana Ecosystem Token tip can go up 100x, it is good practice to cash out the principal as soon as the price doubles, to reduce risk and let profits flow freely, hoping and assuming that the token will 100x rise in 24 months from now.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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