Solana Showing Impressive Ecosystem Expansion — Will SOL Reach a New All-Time High in 2024?

Key Takeaways

• A new report has shown the growth of developers on the Solana blockchain.
• The platform is overtaking Ethereum’s spot as NFT leader.
• SOL’s price surge has cooled off, but it could reach a new high 2024.

Solana has developed a diverse range of NFT projects, meme coins, and Web3 gaming applications, and its DeFi space has seen notable improvements. 

The platform released a report  entitled “The 2023 State of the Solana Developer Ecosystem”. This paper highlighted growth among the network’s developers. Indeed, over the last year, it has increased developer retention from 30% to more than 50%. 

This growth is attributed to active monthly developers, developer retention, experience level, and overall growth in the developer community. 

The above image, shared  by crypto Tweeter Altcoin Daily, shows some of the leading Solana meme coins, such as BONK and Dogwifhat (WIF). It also features some of the platform’s top NFT marketplaces, including Magic Eden, Tensor, and Metaplex. 

The ecosystem’s prominent NFT projects include Mad Lads, Tensorians, Claynosaurz, SMB, Degen Apes, CHADS, and Quacks. Additionally, Solana supports gaming applications, including Star Atlas, The Heist, STEPN, Genopets, Photo Finish, and Portals.

With these things in mind, can the price of SOL continue its upward journey and reach new highs in 2024? 

SOL Price Analysis 

The price of Solana fell to $8 on December 28, 2022, which was its lowest point since its Novemer 2021 all-time high of $260.06. This was where a new bull phase started, slowly getting traction initially. But finally, on November 2, 2023, it broke its $31 resistance and continued moving strongly to the upside, reaching $125 on December 27, 2023. 

Since then, it has made a minor retracement to $80, where it might find support and make another upturn. If it does, that would mean that another high is ahead, which is also implied by the wave structure. 

SOL could reach $166 on the next uptrend. That would mark the completion of wave three from the larger five-wave impulse, meaning it could enter a prolonged correction below its previous ATH. 

However, after this correction consolidates the price, we could expect another run-up. Its fifth wave has the potential to surpass its previous all-time high, but with the limited price history, we still don’t know where it could end. 

As it now stands, Solana could break past $300. However, this will depend on the momentum behind the move. In either case, SOL is only 118% shy of its all-time high. With the rest of 2024 expected to be bullish, the likelihood of Solana breaking its price record is a high one. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.