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Solana has recently reclaimed its $160 price mark after briefly dipping below $150. The token had previously been on a path to reach $200 but faced bearish market sentiment, causing it to trade in the $140-150 range.
However, SOL is now regaining its momentum, trending upwards and aiming for new price highs. The resurgence is partially fueled by new meme coin projects within the Solana ecosystem, contributing to the recovery of its valuation.
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SOL Spike: Recent Developments
SOL’s recent price increase can be attributed to several developments. Robinhood has introduced a SOL staking system in Europe, enhancing Solana’s market presence.
The platform is also launching a rewards program to further popularize SOL, solidifying its position in the market. Robinhood announced that users can stake their Solana holdings through the app and earn rewards, with the flexibility to unstake at any time. Additionally, new users can earn a 10% bonus on their net purchases during their first 30 days on the platform.
According to CoinMarketCap, Solana has seen a 12% increase in the last 24 hours, trading at $162 at the time of reporting. Over the past month, the token has risen by 21%, building momentum towards achieving new price milestones.
Future Price Projections: Can SOL Hit $250?
A trend analysis indicates that Solana is currently “compressing” within a triangular formation, suggesting a potential price increase.
This bullish pattern could lead SOL to reach the $200 mark again. Additionally, a demand cushion at $112 may support a rebound, offering dip-buying opportunities for traders. The anticipated post-halving rally could propel SOL to $250 in the upcoming weeks.
Coinpedia projects that if market sentiment remains favorable, SOL could potentially exceed the $500 price mark in the long term. Optimistically, sustained growth could see SOL reaching this target by 2024, depending on overall market conditions and breakthroughs above key resistance levels.
