Solana has emerged as one of the most promising crypto tokens to rule the current bull season. The network has become one of the most used chains to communicate with, allowing SOL to soar to new heights.
Amid multiple price corrections and rebounds, the token was earlier reached $260 but has since pulled back slightly and was trading at $150 at the time of writing.
According to CoinMarketCapSolana is up 4% in the past 24 hours, followed by a 14% increase the week before. This is when the token can reclaim and break through its previous price high of $250.
Also read: Solana Meme Coins BONK, DogWifHat and Maneki Price Analysis for May
Solana's unparalleled popularity
Solana's recent price rises and gains have taken the market by storm, helping the token emerge as one of the most successful crypto tokens to rule the crypto space. SOL has documented a tremendous increase in its pre-sale projects, to give birth of new meme coins sweeping across the crypto vertical.
According to Solanafloor, Solana's flagship blockchain-focused phone, called the Solana Chapter 2, has already surpassed 130,000 in pre-orders, further adding to its growing popularity.
Similarly, SOL also surpasses Ethereum in terms of 24-hour DEX volume metrics, further solidifying its foundation.
Solana Prediction: When Will SOL Reclaim Its $260 ATH?
According to CoinCodexa notable crypto analytics platform, Solana could rise 14% to trade at $176 by the end of May 2024.
“According to our current Solana price forecast, the price of Solana is predicted to increase by 14.36% and reach $176.33 by June 6, 2024. According to our technical indicators, current sentiment is bullish, while the Fear & Greed Index shows 68 (greed). Solana recorded 15/30 (50%) green days over the last 30 days with a price volatility of 9.76%.”
The platform later predicts that SOL will cross the $200 mark by the end of 2024, gaining almost 144%.
Also read: Solana (SOL) Price forecast for the weekend
“SOL is expected to trade within a range of $150.52 and $378.76. If the upper price target is reached, SOL could rise 144.75% to reach $378.76.”
However, the sudden volatility and movement of the crypto market also plays a crucial role in determining the price pace of a token. SOL could gain significant momentum sooner than forecast timelines if market flow favors the token more aggressively and rigorously.