Is Solana still going to launch a brutal attack to reach $1000? Here’s what you need to know

Bitcoin price has hit 6 figures and reached the $100k level, which is well predicted ahead of the 2021 bull run. Meanwhile, most of the tokens in the top 10 cryptos like ETH, XRP, ADA and DOGE are yet to mark a new ATH. Although Solana was able to record new highs, it was only a few dollars higher than the previous dollar. Therefore, market participants believe that these tokens have more room to swell and therefore Solana's top target is expected to be above $500.

SOL, the fifth largest brand, has gained popularity due to the increasing business activity of the Solana chain. Increase in DX volumes, volume of spot transactions, launch of new projects on the chain, etc. shed light on bullish prospects. Currently, the price of SOL is stuck in a descending parallel channel and has started to rise again from the lower support. With an 8% jump, SOL prices are close to maintaining levels above $230.

Does this suggest that the price will continue to rise higher and mark a new ATH of $300 before the end of 2024?

The long-term price action signal of the SOL price suggests that a bearish trend has begun in the near term. The token broke a new ATH but failed to clear the protection zone between $251.54 and $265.09 and caused a pullback near $200. Meanwhile, the bulls have jumped into the resuk, but the bears seem to be holding the rally. Therefore, the token could be primed for an extended pullback, which could pull the levels below $200.

The RSI showed a bearish divergence before entering the overbought zone, while the MACD indicated a reduction in the overbought volume. Moreover, the levels could make a bearish crossover in the short term, confirming the ascending support. In addition, the volume remains at a good level, which is expected to maintain the volatility of the token.

Bitwise, a popular asset management company that works with spot BTC and ETH ETFs, has predicted that they will form a new ATH with Bitcoin, Ethereum and Solana. The peak value of BTC is said to be around $200K, ETH at $7000 and SOL at around $750. While demand for the new ATH at $1000 is showing a big round, reaching $750 could be fair game for the 2024 close, which would mark the new ATH above $275. Otherwise, the price of Solana is expected to remain in the stock market for a long time.