Standard Chartered Forecasts Solana to Reach New All-Time High Above $260 by Late 2024
In a bullish forecast for Solana (SOL), Standard Chartered’s Head of Digital Asset Research, Geoff Kendrick, predicts that the cryptocurrency will reach a new all-time high above $260 before the end of 2024. This projection comes as Solana continues to gain traction in the digital asset market, driven by increasing adoption, network advancements, and growing institutional interest. As of November 11, 2024, Solana is trading at $210.3, with a 5.03% increase over the past 24 hours, according to CoinMarketCap, following a brief surge in its market cap above $100 billion.
Kendrick’s positive outlook on Solana aligns with Standard Chartered’s broader projections for major cryptocurrencies. The British banking giant anticipates Bitcoin (BTC) to reach $100,000 by year-end and potentially $125,000 by January 2025, with Ethereum (ETH) also set to challenge new record highs around the same timeframe. Solana’s forecast reflects the banking institution’s confidence in the crypto market’s growth, particularly for assets like SOL, which are emerging as key players in decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3.
Factors Driving Solana’s Rise Toward a New All-Time High
Several key factors underpin Standard Chartered’s optimistic projection for Solana, highlighting its potential to hit a record high in the coming months:
Expanding DeFi and NFT Ecosystem: Solana has become a central hub for DeFi and NFT projects due to its high throughput and low transaction costs. Projects building on Solana benefit from the network’s speed and cost efficiency, making it an attractive alternative to Ethereum for both developers and users.
Institutional Interest and Adoption: Institutional investors have shown growing interest in Solana, especially as blockchain technology gains recognition across financial and tech sectors. As more institutions consider Solana for partnerships and investments, this demand contributes to its price momentum.
Technological Advancements and Upgrades: Solana Labs has been actively working on improving network security, scalability, and functionality, including addressing past concerns about network stability. These improvements add confidence to the network and can attract further investment, potentially leading to a sustained price increase.
Broader Market Bullish Sentiment: The cryptocurrency market as a whole has shown bullish momentum, with Bitcoin crossing $80,000 and anticipated to hit $100,000. This positive sentiment often impacts altcoins like Solana, as investors diversify their portfolios with high-potential assets.
Kendrick’s Broader Crypto Forecast: BTC and ETH to Hit Record Highs
In addition to Solana’s forecast, Kendrick provided insights into the expected performance of Bitcoin and Ethereum. Standard Chartered predicts Bitcoin to “easily” surpass $100,000 by the end of 2024 and potentially reach $125,000 around Donald Trump’s anticipated inauguration date in January 2025. Meanwhile, Ethereum is also expected to break past its previous high of $4,866, potentially reaching record levels as demand for DeFi, smart contracts, and Web3 applications continues to grow.
This forecast aligns with the current bullish cycle in the crypto market, which has seen increased institutional interest, a growing user base, and more defined regulatory frameworks that make it easier for large players to invest.
Solana’s Price Performance and Market Capitalization Growth
Currently trading at $210.3, Solana has shown steady growth, with a 5.03% increase in the past day and a recent market capitalization exceeding $100 billion. This surge marks a milestone for Solana, reflecting investor confidence and sustained interest in the network. Solana’s growth trajectory, combined with its appeal as an alternative to Ethereum, has contributed to its increasing market share and appeal to both retail and institutional investors.
Technical Analysis: Key Levels for Solana to Reach $260
For Solana to achieve the projected new high of $260, it will need to surpass key resistance levels and maintain strong buying pressure:
Current Resistance at $220: Solana faces immediate resistance at $220, which, if surpassed, could set the stage for further upward movement.
Major Resistance at $240: Breaking past $240 would likely attract additional interest from both short-term traders and long-term holders, further driving up the price.
Target Resistance at $260: This level represents the anticipated new all-time high, a point where Solana may see significant profit-taking or consolidation as it establishes a new price base.
Solana’s momentum and high volume of transactions indicate strong buying interest, suggesting that it may be well-positioned to tackle these resistance levels if bullish sentiment continues.
What Solana’s Potential All-Time High Means for Investors
For investors, a potential all-time high for Solana signifies both opportunities and considerations in the evolving crypto market. As the asset approaches record levels, here are a few points for investors to consider:
Long-Term Growth Potential: Solana’s ecosystem growth, with its role in DeFi and NFTs, makes it appealing for long-term investors who believe in the potential of Web3 and decentralized applications. The $260 target could be a stepping stone for future gains as the network develops.
Increased Liquidity and Institutional Confidence: Solana’s market cap of over $100 billion and rising price position it as a more liquid asset, potentially attracting additional institutional capital. For investors, this can mean more stability and buying opportunities.
Risk and Volatility: While Solana shows strong upward momentum, crypto assets remain volatile. Investors may consider risk management techniques, such as setting stop-loss orders or diversifying holdings, to manage exposure as SOL approaches resistance levels.
Conclusion
With Standard Chartered’s forecast, Solana’s potential to reach a new all-time high above $260 by late 2024 underscores the growing demand and confidence in this leading blockchain network. As Solana continues to innovate and expand its ecosystem, the cryptocurrency is likely to remain a central player in the digital asset space, especially within DeFi and NFTs. For investors, the projection reflects not only an opportunity for potential gains but also the need to stay attuned to market trends, resistance levels, and evolving developments within the crypto market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
