The price of Solana has risen to $231 today, rallying by 3% in the past 24 hours as the cryptocurrency market enjoys a similar gain.
While SOL remains down by 4% in a week, it’s now up by 11.5% in a month and by 225% in the past year.
Such gains are likely only the beginning, with Bitwise publishing bullish price predictions for 2025 yesterday, including a $750 target for Solana.
This may be ambitious, but Solana’s momentum and the likely approach of SOL ETFs next year would suggest that it’s within the realms of possibility.
Solana Surges Past $230 – Is a $750 Price Target Now in Play?
Posting on X, Bitwise’s head of research, Ryan Rasmussen, predicted that Bitcoin (BTC) will reach $200,000 next year, while Coinbase’s growing market cap will push it into the S&P 500.
In the case of Solana, he predicted a top of $750, with his optimism stemming from the migration of serious projects and from ongoing meme coin usage.
Solana’s network has continued to witness significant transaction numbers in recent weeks, with Solscan data showing that non-vote transactions have risen to almost 60 million per day in the past month.
While this indicates a high degree of trading, it’s likely that it also points to rising use of the Solana network, including for the issuance of meme tokens.
Indeed, DefiLlama data shows that Solana’s total value locked in has risen by 915% in the past 12 months, whereas SOL’s price alone has gained by 225%.
As such, there are enough reasons to be optimistic about Solana, and with SOL-based ETFs becoming an increasing possibility once Trump takes office for a second time, the alt could see some real gains next year.
Looking at the coin’s chart today, it has rebounded strongly after entering an oversold position yesterday, with its RSI (purple) remaining at around 60.
More bullishly, SOL’s 30-period moving average (orange) has risen very close to the 200-period (blue) and looks like it will climb over the longer term indicator, meaning that a breakout could be coming.
Based on these technicals, and given Solana’s medium- and long-term momentum, it could reach $265 by the end of the year, before passing $300 within Q1 2025.
New Meme Tokens Could Bring Faster Gains
Solana has had a great 2024, but there’s no guarantee that it will perform quite as well next year, especially when it’s already so established.
In case of underperformance, some traders may like to diversify into smaller cap tokens, which can often outperform market averages during their initial growth phases.
One token shaping up to do well is Wall Street Pepe (WEPE), an ERC-20 token that has raised an impressive $7.2 million in its recently launched presale.
$7M raised. Over $2.5M in the last 24 hours
The frog army is built different.
pic.twitter.com/BEpsTozDgk
— Wall Street Pepe (@WEPEToken) December 12, 2024
WEPE is attracting investors because it’s more than a no-utility meme token.
Indeed, it comes with its very own trade intelligence platform, which will provide investors with real-time analysis and market insights.
Not only that, but holding the WEPE token will grant users of Wall Street Pepe’s platform with exclusive buying signals and insider trading strategies.
Its platform will have online community spaces and forums, where users can share tips and analysis, as well as compete in trading competitions.
Winners of such competitions will earn rewards in WEPE, while the token will also be open to staking, earning holders additional income.
Investors can join this exciting project’s sale by heading over to its official website., where WEPE is available at a price of $0.000212.
This will increase in just under four days, and numerous more times before the sale ends, so newcomers should act quickly.
The post Solana Surges Past $230 – Is a $750 Price Target Now in Play? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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