Solana Forecast: Overtaking Ethereum and SOL Price Targeting New All-Time Highs

With Solana outranking Ethereum as the top ecosystem for upcoming developers in 2024, the crypto scene has undergone a major change.

Solana Forecast: Overtaking Ethereum and SOL Price Targeting New All-Time Highs

Based on the most recent Electric Capital Developer Report, Solana hired 7,625 fresh engineers this year—a first occurrence since 2016—compared to Ethereum’s 6,456. Driven mostly by Asian developer growth, the Solana ecosystem showed an amazing 83% increase in activity over previous year. This rise coincides with numerous significant events, including brief network activity exceeding Ethereum and momentarily displacing the platform in daily network fee generating.

The ecosystem has also seen interesting developments in regulatory compliance. Chainalysis recently expanded its coverage to include Solana-based tokens, particularly those from Pump.fun, signaling increasing institutional interest and legitimacy.

Solana’s Technical Advantages Over Ethereum

Solana’s technical capabilities have been turning heads across the crypto industry. In 2024, the blockchain facilitated:

  • 81% of all decentralized exchange (DEX) transactions
  • 64% of NFT minting across blockchain networks
  • Attracted 1.7 million unique wallet users

The platform has dramatically increased its Total Value Locked (TVL) from 3% to 25%, handling an astounding $574 billion in DEX transactions this year. In recent trading, Solana demonstrated its growing strength by recording $4.13 billion in DEX trading volume in the past 24 hours, compared to Ethereum’s $3.17 billion.

SOL/USD Technical Analysis

SOL/USD

 

Currently trading at $223, Solana SOL/USD has shown resilience despite recent price fluctuations. Technical analysts are optimistic about its short-term potential, with several key observations:

SOL Price Structure

  • Recent peak at $264 followed by a corrective phase
  • Current support level at $209 (0.382 Fibonacci retracement)
  • Potential for consolidation before next significant move

Key Price Targets for SOL

  • Immediate resistance at $230
  • Major resistance at $245
  • Potential breakout targets include $264 and $311

Solana Price Predictions

Renowned crypto analyst Jelle notes the great momentum and market positioning of Solana and projects it could hit $300 before Christmas. Solana’s remarkable performance in 2024 positions it as a serious challenger to Ethereum’s long-standing dominance.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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