Solana Price Prediction: Will SOL Price Break $202 and Surge Towards $1000?

The post Solana Price Prediction: Will SOL Price Break $202 and Surge Towards $1000? appeared first on Coinpedia Fintech News

Solana (SOL) price pumped more than 4 percent in the past 24 hours to trade around $191.72 on Monday during the London session. The top-tier layer one (L1) blockchain, with nearly $6 billion in total value locked (TVL), has attracted notable attention from institutional investors and retail traders.

Moreover, the Solana network offers higher throughput and cheaper transactions than the Ethereum network. With nearly $10 billion in meme coins market cap, Solana-based web3 projects, led by Raydium DEX, have registered a significant increase in on-chain activity.

Consequently, Solana (SOL) has again outshone Binance Coin (BNB) amid the ongoing mainstream adoption of digital assets and Web3 platforms. According to the latest data, Solana had a market cap of about $89 billion, whereas BNB trailed with $86.4 billion.

Is Solana Price Ready for ATH?

According to a recent study, most Solana holders believe the altcoin is well-positioned to reach $1000 soon. From a technical standpoint, Solana’s price has already broken out of the daily falling logarithmic trend. 

As with most altcoins, Solana’s price is awaiting the final signal of a Bitcoin dominance reversal on the weekly timeframe. The highly anticipated altseason will begin after a weekly reversal of the Bitcoin dominance.

Solana’s price could be trapped in a horizontal consolidation between $120 and $202. As a result, it is prudent for Solana traders to wait for the altcoin to consistently close above $202 in the coming weeks to enter for a ride towards $1000.

Bigger Picture

The Solana ecosystem has attracted notable attention since the launch of the U.S.-based spot Ether ETFs. Already, VanEck has led other institutional investors in filing for spot Solana ETF, which could be approved if a presidential candidate, Donald Trump, wins the upcoming election.

Meanwhile, the Solana web3 ecosystem faces immense competition from other layer-one chains led by Ethereum, Tron, BSC, and Toncoin (TON)