CandleFocus AI predicts Solana price for year-end
2024-11-02
Author: Content Editor
Solana (SOL) has been outperforming major cryptocurrencies, with a 17% monthly gain compared to Bitcoin's (BTC) 13%. This surge in price is due to increased network activity, including the recent memecoin boom and renewed institutional investment in Solana-native blockchain applications. However, Solana is currently trading around a critical support level of $160, and a failure to hold above it could prompt a deeper correction. Despite this, Solana's growth prospects remain positive, driven by institutional investment, increased user engagement, and a thriving DeFi ecosystem. In Q3 2024, Solana-native applications attracted $173 million, indicating institutional confidence. Solana has also seen strong network activity, with significant growth in fee payers and transactions. AI-driven projections suggest a target range of $180 to $190 by the end of 2024. However, maintaining the $160 support will be crucial for Solana's continued growth in the future.
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