Solana Network Thrives, But SOL Price Struggles to Reclaim $100

Solana's SOL price experienced a notable setback during the first week of the new year, sliding by 10% to under $100. This decline marked a significant retracement from its recent peak of $115 on January 2.

Timeline of Solana

During the initial week of 2024, the digital currency solana experienced a sharp decline, shedding over 6% in value. This downturn has relegated the crypto asset to the fifth position in market rank, as it oscillates beneath the $100 threshold on Saturday, Jan. 6, 2024.

A number of technical analysis (TA) indicators make Solana (SOL) enthusiasts feel optimistic, but major announcements coming might affect SOL's performance. Here's who should be particularly vigilant, and what might be next for SOL's performance in the midterm.

A popular crypto analyst is singling out what he thinks will be “one of the hottest tokens of the year” in 2024. In a new YouTube video, the anonymous host of InvestAnswers tells his 464,000 subscribers to pay attention to when the decentralized exchange (DEX) Jupiter launches a token.

A cryptocurrency has managed to turn just 4 Solana (SOL) tokens into 2,250 SOL woth around $245,000 in just five days to make an impressive gain of over 56,000% after they spotted a meme-inspired cryptocurrency that had just started trading.

Popular crypto analyst Altcoin Sherpa names two altcoins he believes will soon soar to values last reached in 2022. The pseudonymous analyst tells his 204,300 followers on the social media platform X that Stacks (STX) could soon soar beyond its recent high of $1.73, a level it hasn't traded above in nearly two years.

Max Keiser's doom and gloom continue to roll in for altcoins like Solana (SOL). As per the Wall Street veteran and host of the Keiser Report, Solana topped out at $100 and is destined to fall all the way to $20.

As per local reports, the foundation intends to establish a local team and allocate more than $10 million for various Web3 sectors. These include tokenization, artificial intelligence, and art, showcasing a commitment to fostering development in these fields.

Right now, market sentiments about Solana are a bit of a mix. Some analysts are excited about its growth, but others are worried about some problems in the system. It's creating a bit of a debate about where things are headed for Solana.

The SOL cryptocurrency is off to a strong start in 2024, comfortably surpassing the $100 milestone after a bullish finish in 2023. Starting its upward journey from $10, Solana's growth is underpinned by the expansion of its network, which continues to fuel its impressive rise.

As the price of Solana (SOL) has skyrocketed by an astounding 722% year-to-date, the network's rapid growth has attracted both attention and challenges. Not only has the native token gained significant value, but the use of Solana-based meme coins such as Bonk Inu (BONK), which has grown over 854% year-to-date, and decentralized applications (dApps) have skyrocketed.