Can Solana’s Surge Make Millionaires in 2024? SOL Price Analysis
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Solana’s native coin ($SOL) has outpaced the two market leaders by flying colours this last year, despite the fact that its fortune is often closely pegged to the price movements of Bitcoin ($BTC) and Ethereum ($ETH).
Looking at this week’s performance, Solana appears to be struggling. In the last 24 hours, the token dropped 5%.
At its current price of $143, $SOL is 6% cheaper than it was seven days ago.
These losses are steeper than those recorded by Bitcoin, which fell 3% overnight and 0.6% over the last seven days to change hands at $62,705 as of this writing.
Ethereum holders also felt their bags deflate 3% overnight, but around 5% over the seven days to trade at $2,432.
However, when we compare the three biggest coins over the course of a year, we get a very different story.
Diamond-handed Ethereum holders are only up 49% from this time last October.
Bitcoin HODLers post a chunkier 124%, but Solana more than quadrupled that.
Hardcore loyalists have increased their bags by a sweltering 514% this last year.
While $SOL is underperforming relative to the market leaders, its price chart suggests the token could be in line for some further upward action this week.
Solana is currently trading about $15 short of its $160 resistance level, which it has failed to capture three times since August began.
Steady rising support for the token (as indicated by the diagonal green line), together with a rising relative strength index (RSI) of 45, suggest the dip may lose steam overnight.
If Bitcoin begins to post green candles again, Solana will likely follow it, which should give $SOL a firm foothold on $160 to climb to a higher leg.
Solana
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