Solana ($SOL) Price Prediction for Q3 2024 Closing: Will It Get to $160?

Solana native token, $SOL, could rise in price to $160 by the closing of Quarter 3, 2024. However, at $135 using the 4-hour timeframe, a strong resistance level awaits the price movement of the token.

Solana (CRYPTO: SOL) Native Token Might Hit $160 by Q3 2024 Closing

Solana's (CRYPTO: SOL) native token is expected to change in price, according to predictions from crypto analysts. In this article, we will explore the current SOL performance, and our main focus will be on its closing price for Quarter 3, 2024.

Solana's ($SOL) Current Price

As of today, SOL is trading around $133.10. The Solana market is huge, with close to $60 billion in total value. However, in the past months, Solana has been changing prices. In the last 24 hours, the price of $ SOL has gone down by 2.91% and 16.60% in the previous 30 days. Although the price drop is discouraging, crypto traders still hope that SOL will rise again.

Solana Market Stat

We will show you some important figures on $SOL in the Solana Market stat. This information will give you a quick overview of how the Solana blockchain has been performing over the years and what to expect over time.

What's Expected of $SOL in Q3 2024 Closing

Solana native token, $SOL, could rise in price to $160 by the closing of Quarter 3, 2024. However, at $135 using the 4-hour timeframe, a strong resistance level awaits the price movement of the token. This means SOL has to break the resistance level to see a continuous price movement towards $160. Failure to break the $135 resistance level could lead to a pullback below $126.

Using the MACD technical analysis tool, we can see that the sellers or short traders are getting exhausted. The red candles are fading and reducing in color and size. This could mean a possible uptrend is starting soon, and buyers or long traders are beginning to take over the $SOL market.

Will Solana Price Get to $160

If Solana continues with the current uptrend, and the token can break the $135.45 resistance level, the bulls might be able to push the price of $SOL towards $160 and beyond. However, it’s important to keep in mind that $ SOL’s failure to break the current resistance level could lead to a price crash below $126.

Bearish Vs. Bullish Sentiments

Currently, bearish market sentiment towards Solana stands at 27%, while bullish market sentiment is at 73% in the Solana Community. This means a small number of crypto traders believe $SOL will make a bearish move. And the majority of people in the crypto market believe that $SOL will make a bullish move.

Solana (CRYPTO: SOL) is one of the top blockchain choices for many developers and crypto investors due to its cheap and fast transactions. Also, the blockchain can handle larger transactions than other top blockchains like Ethereum and Bitcoin.

Solana's native token is called $SOL, and it's used to pay for transaction fees on the Solana blockchain. Also, people who own $SOL can stake their tokens to help secure the Solana blockchain and earn rewards in return.

Solana (CRYPTO: SOL) Growing Fast: Here's Why

Solana is a proof-of-stake (PoS) blockchain that was created to be scalable, secure, and user-friendly. Here are some key factors contributing to Solana's growth:

Fast and Low-Cost Transactions: Compared to other blockchains, Solana boasts lightning-fast transaction speeds and extremely low fees, making it attractive for applications that require high throughput and affordability.

Proof-of-History Consensus: Solana employs a unique consensus mechanism called Proof-of-History (PoH), which generates a verifiable record of events in chronological order, enhancing transaction efficiency.

Smart Contract Capabilities: Developers can build and deploy decentralized applications (dApps) on Solana using its powerful smart contract functionality.

NFT Support: Solana is renowned for its support of non-fungible tokens (NFTs), facilitating the creation, trading, and ownership of unique digital assets.

Solana's native token, SOL, has seen significant price fluctuations. At the time of writing, SOL is trading around $133.20 with a total market cap of close to $60 billion, making it one of the top cryptocurrencies by market capitalization.

Solana's price is influenced by various factors, including supply and demand dynamics in the cryptocurrency market, regulatory developments, and the overall performance and adoption of the Solana blockchain.

Solana (CRYPTO: SOL) is expected to rise in value, but crypto investment comes with high risk. If Solana fails to break the $135 resistance, its price could crash. Both gains and losses are possible in the process for traders and investors. Therefore,

The above is the detailed content of Solana ($SOL) Price Prediction for Q3 2024 Closing: Will It Get to $160?. For more information, please follow other related articles on the PHP Chinese website!