Solana has been ruling the cryptocurrency market lately due to its dynamic price metrics. SOL is now up 3% in the last 24 hours, benefiting from Bitcoin's stellar price rise of $68,000. The token is performing at its best and is currently basking in the glory of bull season, projecting momentum that suggests its future price could cross the $200 threshold.
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Solana's groundbreaking attitude
Solana is now trading at a record high of $180, which the token had previously claimed for a brief period before plummeting to $140. Following Bitcoin, Solana is now breaking records, starting with Ethereum.
The token has surpassed all chains, including Ethereum, in the NFT dominance sector. The SOL ecosystem is currently thriving according to the weekly NFT user adoption metrics, which projects the token's rising potential.
At the same time, Solana has flipped Ethereum in the global search index on Google, marking another change in the story.
The token is currently full of new activity, mainly due to the burgeoning pre-sale projects already queued on the blockchain. The SOL ecosystem has nurtured and spawned many new meme tokens this season that are ruling the crypto space. Such diverse projects on SOL have played a crucial role in boosting the token's value this season.
Solana Price Prediction: What's Next?
Per CoinCodex, Solana is now heading to a new price level. The token may claim a new ATH by June 19, as predicted by the analytics platform.
According to CC, if all goes well, Solana could rise 12% to reach a new price threshold of $206 by June 20.
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“Solana is forecast to rise 12.27% and reach $206.86 by June 20, 2024. According to our technical indicators, current sentiment is bullish, while the Fear & Greed Index reads 76 (extreme greed). Solana recorded 14/30 (47%) green days over the last 30 days with a price volatility of 7.86%.”
Coinpedia, another notable crypto analysis platform, reflects the same price sentiment for SOL. According to the platform, SOL could trade for as much as $250 by the end of May 2024.
“If Solana manages to overcome the challenges of the cryptoverse while solving the consensus issues, and continues on the progressive path, SOL coin prices could end at a high of $500 in 2024. On the other hand, if sentiments do not improve, the altcoin could settle for $90.”