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Solana ($SOL), a blockchain platform designed for decentralized applications and crypto projects, has been making waves in recent months. With its price currently hovering around $116, the question arises whether it could be on its way to hitting $140.
Solana’s recent performance
At press time, Solana is trading at $116.72, representing a modest increase of 0.56% in the past 24 hours, accompanied by a market cap of $51 billion.
What is particularly noteworthy is traders’ growing confidence in $SOL, with the coin inching toward its yearly highs. This surge in confidence is indicative of a potential bull run, setting sights on forming a new all-time high (ATH) in 2024.
Over the last month, $SOL has demonstrated impressive growth, with its price against the U.S. dollar soaring by 19.64%. While it is up 8.08% against Ethereum (ETH), it has seen a slight dip of 1.89% against Bitcoin (BTC) in the same period.
However, this slight decline against Bitcoin may not be a cause for concern, especially if Bitcoin maintains its strength amid major resistance levels, potentially kickstarting rallies for major altcoins like $SOL.
Solana’s road to $140
Crypto educator Koroush Khaneghah recently suggested that $SOL has a strong chance of reaching $140. With Bitcoin leading the current market upsurge and setting new cycle price highs over $51,000, $SOL could follow suit with a surge of over 30% to hit the $140 mark.
Indeed, $SOL has seen substantial growth over the past 30 days, surging by over 20%. Analyzing $SOL's long-term chart suggests a parabolic recovery underway, potentially reaching the next resistance level at $130 shortly. Despite interim bearish actions, the buying pressure remains evident, with the Relative Strength Index (RSI) signaling bullish dominance in the rally.
Looking ahead, $SOL appears well positioned to maintain its healthy upswing, aiming to approach levels close to $150 before the end of the first half of 2024. A recent development that further highlights $SOL's bullish trajectory is the surge in open interest, which has surpassed a remarkable $1.75 billion.