- Solana (SOL) could see a short-term rally to $135.65 by mid-April, but a full recovery to $150 remains uncertain due to market resistance.
- While SOL has shown resilience, external economic factors and Bitcoin’s performance will play a key role in its price movement.
Solana (SOL) has been on a rollercoaster ride in 2024, reaching a staggering all-time high of $293.31 in January before plummeting nearly 60%. With the broader crypto market experiencing volatility, investors are now wondering: Can SOL reclaim the $150 mark by mid-April?
Market Downturn: Crypto Struggles Continue
The cryptocurrency market has been in a slump, facing resistance on multiple fronts. Bitcoin (BTC), the market leader, soared to $88,000 in late March but has since fallen to $83,000, dragging altcoins like Solana down with it.
A key factor impacting the market is the recent U.S. tariff hike, which has sparked concerns among investors. As economic uncertainty looms, risk assets, including cryptocurrencies, have been affected. SOL’s price is currently in the red, reflecting the broader market sentiment.
Also read: Why Solana Could Outshine Ethereum for Years to Come
SOL Price Forecast: A Recovery in Sight?
Despite the current downturn, analysts at CoinCodex predict a short-term recovery for Solana. Their projections suggest SOL could reach $135.65 by April 15, marking a 14.2% increase. However, the platform also anticipates a subsequent correction, with the asset potentially dipping to $122 by early May.
Historically, Solana has demonstrated resilience. After the FTX collapse in 2022, SOL dropped below $10 but managed to rebound impressively. Its increasing adoption, strong developer ecosystem, and institutional interest make it a formidable player in the crypto space.
Will Solana Hit $150?
While a full recovery to $150 by mid-April seems unlikely given current market conditions, a short-term rally could be in store if Bitcoin breaks its resistance. However, traders should remain cautious as external economic factors continue to influence the crypto market.
As always, investors should conduct thorough research before making any financial decisions. SOL’s long-term potential remains promising, but short-term fluctuations are inevitable in the ever-volatile world of cryptocurrency.
