With the conclusion of the year 2023 drawing near and 2024 approaching, the cryptocurrency market is still in a relatively optimistic mood, and several finance and cryptocurrency specialists have offered their predictions for the price of Solana (SOL) at the year’s turn.
As it happens, their expectations for the price of the currently sixth-largest crypto asset by market capitalization are rather optimistic, ranging from the lows at around $100 (albeit predicting a correction to $60 later during the year) to the highs of $300.
Nathan Jacobs, Senior Researcher at The Money Mongers
One of the experts who shared his predictions for the price of Solana in early 2024 is Nathan Jacobs, senior researcher at the crypto industry think tank The Money Mongers, who believes that this digital asset could reach between $250 and $300. As he explained:
“If Solana stays on its hot streak and dodges tech troubles, I reckon it could hit between $250 to $300 when 2024 rolls in. Its appeal to the [decentralized finance (DeFi)] and [non-fungible token (NFT)] scenes is a huge plus, given its tech chops with fast and cheap transactions.”
Derek Rodriguez, founder and CEO of Gridlock
At the same time, Derek Rodriguez, the founder and CEO of a distributed mobile crypto wallet app Gridlock, is more cautious about forecasting the price of Solana, seeing it at around $100 in early 2024, which is still 66% higher than its price at press time. According to Rodriguez:
“I suspect that Solana will continue to climb until it hits resistance at $100 around January or February of next year. Then I expect it will plummet to mid to low $60s before climbing well over $200 later in 2024.”
Mohamad Abdulrazak, Head of Marketing at Asic Jungle
Finally, Mohamad Abdulrazak, the Head of Marketing at crypto mining hardware reseller Asic Jungle, shared his company’s optimism regarding the future of Solana, placing its price at around $270 or even higher in 2024, as it gives Ethereum (ETH) a run for its money. In his words:
“Given its lower market cap, the project might experience significant price growth if it keeps gaining ground on Ethereum in terms of usability, aiming to capture a larger share of the decentralized applications [dApps] market.”
Solana price analysis
As things stand, the price of Solana at press time amounted to $60.24, which indicates an increase of 0.34% in the last 24 hours, in addition to advancing 4.44% in the previous seven days and gaining an impressive 106.04% across the past month, according to the latest data retrieved on November 20.
All things considered, Solana indeed seems set for success as the year 2024 begins and unfolds, particularly against the foreground of ARK Invest’s CEO Cathie Wood lauding its network for its speed and cost-effectiveness in a November 15 interview with CNBC.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.