How Much Profits Can Solana Traders Make in 2024

The post How Much Profits Can Solana Traders Make in 2024 appeared first on Coinpedia Fintech News

With almost a 1000% jump in 2023, the turnaround for Solana stands strong in the crypto market and showcases the network’s resilience. Post-FTX drama, the SOL price dropped under $10 from the height of $267 in November 2021. Nevertheless, the bullish reversal projects a trend continuation and presents an even stronger bull run in 2024 as the overall market recovers. 

With traders and holders making a fortune from Solana in 2023, let’s find out how much profit Solana traders can make in 2024. Also, read our Solana Price Prediction for more long-term trend information in the coming years of 2024-2030.

Solana Price Jump Hits Pause 

With the bullish reversal in 2023 taking a short pause at $115 in the weekly chart, the SOL price struggles to find a weekly closing above it. Thus, the bull run in Solana finds a short pause that warns of a double top reversal in the weekly timeframe. 

Source: TradingView

Nevertheless, the bullish revival comes with a rounding reversal that teases an inverted head and shoulder pattern. With the crucial resistance at $115, the sideline traders have a breakout entry opportunity lined up, provided the bullish momentum surges.

Further, the declining trend in the trading volume during the pullback-cum-consolidation stage supports the breakout possibility as it reflects a weakness in selling pressure. 

As per the Fibonacci levels and the previous run of almost 1000% in 2023, the bullish breakout rally could outperform most of the altcoins. Coming to the profits that the traders can make in Solana in 2024, the altcoin will bring the $115 breakout as an excellent entry spot. 

Will the SOL Price Double In 2024?

Considering an average entry of around $115, the SOL price is suspected of reclaiming the peak of $250 and potentially crossing $300. In short, the underlying potential in Solana shows a likelihood of market value increasing three times this year. 

Disclaimer: This analysis is speculative and should not be considered financial advice. Market conditions are inherently unpredictable, and investment decisions should be based on individual research, risk tolerance, and financial situation. Conduct thorough due diligence and consult with a financial advisor before trading cryptocurrency.