Solana, which received intense comments that it was over at the beginning of 2023 and then fully recovered, was moving towards the $200 level at the beginning of 2024 and exceeded this level once again, albeit for a short time. Whether SOL, which later hosted major declines, will be able to recover remains a matter of curiosity. While there are opinions that the meme coin craze that was effective in Solana’s rise could trigger a new rise with a possible bull, two different analysts emphasized important points for SOL.
Solana Analyst Comments
Solana has made significant progress in the massive meme coin craze of Q1 2024, and has captured the attention of the entire market. While the price action has not taken it to its ATH, it has helped it rise above $200, and in terms of volume altcoins, it has perhaps outperformed TON and all but a few others. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Today, although the price has fallen again, analysts’ optimism continues and two analysts made important comments about SOL’s future. First, Matthew Dixon’s When we look at his statements in X, it seems that he still acts with an optimistic perspective on the SOL.
Dixon explained:
I mentioned this morning that I have positioned DCA across multiple assets as part of my ‘buy the dip’ strategy. #SOL is a favored asset and has bounced back higher from a strong Regular Bullish Divergence. I am extremely bullish on the prospect of a push towards ATH from local highs.
After Dixon, another well-known name in the market Crypto Feras He was also seen sharing his comments about SOL on X. Feras commented that SOL has been moving in the same range for a long time.
The analyst explained:
$SOL has been ranging between $120~$190 for over 190 days. It has held up much better than many other #altcoins thanks to the meme coin mania. It is critical to hold and bounce this as losing this will open the door to a series of small drops towards $88 and potentially $75 and $59 as it will be more of a distribution range behavior.
A bounce off this support could take us back into the higher range; moving out of the range would mean going to $223, $239 and $259.
How Many Dollars is Solana?
While the optimistic outlook in the market continued, it was seen that the SOL price also made a positive move and increased, albeit small, after the small movement experienced in BTC today. SOL is finding buyers at $ 130.47 after a 2.47% increase in the last 24 hours.
After this rise, Solana reached a market volume of $61 billion again, which ranks it 5th. Despite the increase in price, the transaction volume seems to have decreased by 65% and dropped to $1.187 billion, which can be interpreted as low investor interest.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
